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Originally Posted by Chris29
Hello,
I tested Derk's indicator the whole day and I didn't found any mistakes. It really works very well.
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Thank you.
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I think the numbers at the exit signals are the profits or losses, right? Does the yellow number "3065 pips" the whole profit when trading the last 2089 Bars?
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Yes, that is correct. While the individual trade pips seem to be correct, I am not sure the total is. I believe this is because of something I have never been able to explain: When you scroll back far enough on a chart, the plotting of many an indicator (including this one's arrows), becomes erratic and certainly inaccurate.
That being said, I am currently making some improvements to make sure that the running total will at least increment correctly as the chart moves forward.
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Looking through the last signals I can't overlook that there are many false signals generated by the system. Especially in trading ranges and time's of low volaility the system doesn't work as well as when the market is trending.
Derk, you already upgraded the indicator with the "UseVolExpanding" option. I think, that means that only an entry signal is generated when volatility is expanding. Do you use the bollinger bands of the TDI?
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Yes, correct again. But when activated, it does not seem to help to profits. Another option would be to simply require the volatility bands to be a certain distance apart to enter a trade...
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Let's have a look at the CompassFX website again. The advanced Synergy method consists of four additional indicators:
Continuation - Follows the underlying trend of the market. Used to keep a trader in a trade longer to potentially capture more profits.
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This one looks interestingly like a proprietary indicator from the WSS system. But upon finishing the Synergy webinar and seeing it "in action", it seems to only mirror the color of the HA candles (with maybe a couple exceptions(?)). But what might be very useful is some indicator
like the WSS one (which looks similar, but draws blue for strong buy, light blue for weak buy, red for strong sell, rose for weak sell), which could do a better job of predicting when there is enough push on the trend. What I am thinking about is all the trades we see where it, for example, gets in long, then has a red HA candle, or a tiny one, or one that closes in the channel, and closes the trade. Then, one or two later, it's back in the long trend and back in the trade. Sometimes this repeats 3 or 4 times, for several tiny profits (often with alternating losses); where if it had just stayed in, past those hiccups, it would have made a lot more than it did losing it's momentum.
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Price Action Volatility - Determines how strong or weak a potential trade is...and when an existing trade is losing its momentum.
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This looks great, if we only had it.
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Range Factor - Automatically adjusts with price movement to show which side of the market to trade...and when not to trade.
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This looks also looks interesting, but I don't know of it being available.
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Dynamic Support & Resistance - Daily Support and Resistance levels are no match to Support and Resistance levels that move dynamically with Price Action. Also, it can be used as an indicator for adding to an existing position.
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I'd love to find this one and test it, for synergy and other things. There may be something out there like this... anyone?
I tested the posted DynamicRS_Channel. But it just has an input, and if you put in 20, it keeps S & R each 20 pips from a mid line. Therefore it is certainly no good test of S & R. Attached are two I use at times, but they are certainly not the Synergy one.
CONCLUSION: I still think the indicator needs some additional filtering. I may go ahead and put in a min Bollinger width, but I've had problems in the past with that filtering out too many good trades, where it was narrow, but breaking out.
So far it seems it might just be you and I, Chris, looking at this with my indicator. Might be up to us to find improvements. Either way, I will be creating an EA to trade it soon, and it will have its own settings with which to experiment.
-Derk