Hi to all.
Welcome to my blog on Forex TSD forum. I hope you can find here some help to your trading way.
You will find a widely classes of posts here; from the critics to the "miracle" trading systems or indicators, stopping on lessons about how to trade or daily recommendations and more.
Because I personally make the test of every strategy, indicator, EA's, book, magazine and sometimes some broker's I hope I can help you to run out where the problems are.
PD: If you need something special adding me as a Friend to contact. On Facebook too
Disclaimer:This is Linuxser's personal blog. Thus, everything reflected here, explicitly or implied, is the personal opinion and observation of the author.
The opinions of the author expressed herein do not necessarily state or reflect those of the Forex-TSD team and shall not be used for advertising or product endorsement purposes.
Welcome to my blog on Forex TSD forum. I hope you can find here some help to your trading way.
You will find a widely classes of posts here; from the critics to the "miracle" trading systems or indicators, stopping on lessons about how to trade or daily recommendations and more.
Because I personally make the test of every strategy, indicator, EA's, book, magazine and sometimes some broker's I hope I can help you to run out where the problems are.
PD: If you need something special adding me as a Friend to contact. On Facebook too
Disclaimer:This is Linuxser's personal blog. Thus, everything reflected here, explicitly or implied, is the personal opinion and observation of the author.
The opinions of the author expressed herein do not necessarily state or reflect those of the Forex-TSD team and shall not be used for advertising or product endorsement purposes.
Non Re-Painting ZigZag
Posted 09-13-2008 at 03:34 PM by Linuxser
One of the last articles on MQL4 website refers to (in)famous ZigZag indicator.
Beyond you have some knowledge about MQL4 coding or not it's interesting to take a little read. Dismiss the myth of the repainting indicators is key to approach to a successful trading.
In fact, most of newcomers to trading feels confusion with repainting indicators.
By dropping some "crystal ball" onto the charts they feel that have discovered a secret to make money on every market swing. Is one of the worst newbies problems.
Every week somebody writes a post or design some trading system based on indicators like solar wind, supersignals, or Zig Zag which includes many derivatives like ZigZag Dots, ZigZag Pointer and endless list. And some of then decide to try on live accounts just to get screwed.
Zig Zag history is not short. It have developed long time ago as an approach to count market swims and/or elliot waves. And is the nature of the indicator that "should" repaint unless you ignore the last arm draw. But for most is not funny to ignore last arm because they're looking history charts and discovering how well this indicator works predicting turning points.
But, people with years on this business know that even non repainting indicators works lovely on past data. Could you imagine if indicators like RSI or MACD fails meanwhile working in real time, what could you expect from repainting indicators
I encourage you to test the indicators attached on the article because the code just discarded the last arm available. If you drop the standard one that comes with MT4 on the same screen to compare, better.
Then make you tests and write your own conclusions.
ZigZag could be a helpful tool to count Elliot waves or decipher patterns like pennants, triangles or ABC formations. However by being used looking for tops and bottoms, and worst, being enclosed in a "not open mind" position when somebody tells you that the indicator repaints just could bring the ruin to your trading account.
It's impossible to predict high and lows before they happens and as general rules you could be sure that a top/bottom is underway several bars later.
Until tomorrow...
Beyond you have some knowledge about MQL4 coding or not it's interesting to take a little read. Dismiss the myth of the repainting indicators is key to approach to a successful trading.
In fact, most of newcomers to trading feels confusion with repainting indicators.
By dropping some "crystal ball" onto the charts they feel that have discovered a secret to make money on every market swing. Is one of the worst newbies problems.
Every week somebody writes a post or design some trading system based on indicators like solar wind, supersignals, or Zig Zag which includes many derivatives like ZigZag Dots, ZigZag Pointer and endless list. And some of then decide to try on live accounts just to get screwed.
Zig Zag history is not short. It have developed long time ago as an approach to count market swims and/or elliot waves. And is the nature of the indicator that "should" repaint unless you ignore the last arm draw. But for most is not funny to ignore last arm because they're looking history charts and discovering how well this indicator works predicting turning points.
But, people with years on this business know that even non repainting indicators works lovely on past data. Could you imagine if indicators like RSI or MACD fails meanwhile working in real time, what could you expect from repainting indicators
I encourage you to test the indicators attached on the article because the code just discarded the last arm available. If you drop the standard one that comes with MT4 on the same screen to compare, better.
Then make you tests and write your own conclusions.
ZigZag could be a helpful tool to count Elliot waves or decipher patterns like pennants, triangles or ABC formations. However by being used looking for tops and bottoms, and worst, being enclosed in a "not open mind" position when somebody tells you that the indicator repaints just could bring the ruin to your trading account.
It's impossible to predict high and lows before they happens and as general rules you could be sure that a top/bottom is underway several bars later.
Until tomorrow...
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