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I did test this indicator a few months ago,IT WORKS very similarly to the Chandelier stops and is based on similar guidelines,though IMHO this is slightly better and more flexible..see picture with both Chand stops and Prosource..and check,practically same entries and exits(reverses)
We created and discarded a(private) EA that used Chandelier stops as main filter for entry/exit..jointly with adding positions trough oscillators..it is safe and profitable(and boring like hell ),so,I presume that creating the right EA with this indicator should be too...we almost decided to adopt this indi to replace Chandelier stops,but frankly,with the right settings the differences were minimal..at least from visual checking for several markets and tfs
If you can get somebody to do this EA for you,it will probably work very well in MN1,W1,D1,4H..and 1H..and if you apply it to a wide enough portfolio of tradables(so that you have enough trends running to compensate for the low rangetrade periods) will make you serious money..don`t expect it to be the Holy Grail..it is the kind of 40% av W EA...with 3 to 1 ratio between avW and avL..and very contained drawdowns
Regards
Thanks for the feedback, Simba. I definitely am writing an EA based on this indicator. Just registering some observations I've made about it's behavior.
I did test this indicator a few months ago,IT WORKS very similarly to the Chandelier stops and is based on similar guidelines,though IMHO this is slightly better and more flexible..see picture with both Chand stops and Prosource..and check,practically same entries and exits(reverses)
We created and discarded a(private) EA that used Chandelier stops as main filter for entry/exit..jointly with adding positions trough oscillators..it is safe and profitable(and boring like hell ),so,I presume that creating the right EA with this indicator should be too...we almost decided to adopt this indi to replace Chandelier stops,but frankly,with the right settings the differences were minimal..at least from visual checking for several markets and tfs
If you can get somebody to do this EA for you,it will probably work very well in MN1,W1,D1,4H..and 1H..and if you apply it to a wide enough portfolio of tradables(so that you have enough trends running to compensate for the low rangetrade periods) will make you serious money..don`t expect it to be the Holy Grail..it is the kind of 40% av W EA...with 3 to 1 ratio between avW and avL..and very contained drawdowns
Regards
Yeh exactly no holy grail but on the right tradeables it works well.Look at it since 11th april on the dow emini, massive returns.
I dunno why people always trade silly crazy cross pairs though, with huge spreads, it works well enough on the standards, its just simply hard to get signal on time because you have to sit there glued to the screen its almost impossible to get into the market quick enough without an EA.Thats all the EA would be good for is getting you in and out at the right time.I couldnt care about all the rest of the fancy stuff people try and put in EA's, somewhat I believe this is why they fail because they have to many variables.
As for the repainting I wouldnt of called it repainting, I thought repainting was classified as it turning one colour, you enter market, then it turns back to the previous?.This certainly doesnt do that, but as for the arrow dissapearing and coming back sometimes, could that not be some kind of MT4 bug?
Because it makes no sense why it would go away theres nothing in there to remove arrows.
Bluto, what are your favorite indicators to address the issue in your point #2?
Quote:
Originally Posted by bluto
I've been studying this indicator for the past several days and attempting to build an EA based on it. It definitely is an effective indicator, but here are a couple of glaring issues I'm looking for a way to resolve:
1. The indicator repaints. The signal arrows appear/dissappear/reappear with price action, even on higher timeframes, and across multiple bars. It reminds me a lot of the "SuperSignals" indicator. This wreaks havoc on an EA trying to read the values of the underlying indicator data buffers for the correct signal to fire an order.
2. Like any other indicator, you can't just arbitrarily take every signal. In ranging periods, you'll get killed. An additional filter or two are needed to qualify the indicator signals and help avoid jumping into chop zones.
Having said that, I still think the indicator has a lot of potential and the visual signals seem to coincide nicely with swings. I'd be reluctant to use it on any TF lower than H4.
Bluto, what are your favorite indicators to address the issue in your point #2?
I've messed around with a bunch of indicators before, but for me, a simple moving average angle usually does the trick. MA rate of change also works pretty well.
What do you think of # of ticks per 5 min as a measure of market activity?
Can you please post the angle indicators you mentioned or pm me with them and info on settings and how used? Thanks
Quote:
Originally Posted by bluto
I've messed around with a bunch of indicators before, but for me, a simple moving average angle usually does the trick. MA rate of change also works pretty well.
What do you think of # of ticks per 5 min as a measure of market activity?
Can you please post the angle indicators you mentioned or pm me with them and info on settings and how used? Thanks
Well, I'd imagine tick count might be more suited as a gauge of near-term price volatility than anything else, but it's not going to necessarily tell you anything concerning ranging vs. trending conditions which is what we were discussing. If volatility was my concern, I'd use something like a standard deviation measure of near term price action or ATR. You can have volatile price action and still be in a consolodation pattern. If we had REAL volume in our Fx data, that would open up a lot of doors. Just my 2 cents worth.
Ok This is my first contribution . (I found it in a forum). A guy is selling an EA made with this indicator in eBay (ProsourceEA). It looks amazing..!!!
Greetings..!
Gustavo Cardenas
P.D. Please if someone has the source code post it
I saw this indciator over at eBay that guy is selling an EA Prosource, but I heard from a friend of mine that he purchased from him and tried it out with EA. It doesn't work??
The custom prosource indicator seems works fine, but EA indicator doesn't work. Does anyone have tried it? Do you have an idea of why it doesn't work?
And no, it does not work -- not well anyways.
The strategy tester shows incredible gains with the 'control' points settings, but do a more realistic test using 'all possible ticks' and the profit drops significantly.
The read-me says:
Quote:
Make sure it stays connected 24/7, it trades conservatively so be patient. Could trade as little as 5 times a month, or as much as 15.
Try on Demo account first.
When you first start trading Live, it is recommended to change MaxLot size to 1 with standard account or .01 with mini. This way it will reduce the risk until you are comfortable with going up in lot size. To do this go to the EA properties, and it’s under the Inputs tab.
Change the other settings at your own discretion.
We recommend EUR/USD or GBP/USD 30min. time frame.
And no, it does not work -- not well anyways.
The strategy tester shows incredible gains with the 'control' points settings, but do a more realistic test using 'all possible ticks' and the profit drops significantly.
The read-me says:
Hi,
I am doing a 6 year test with 90% quality,GBPUSD D1 TF,this EA slows system considerably,for the moment 17 trades 17 profitable,if I do not get fedup with waiting I will attach the complete results..
If you use it as it is,it is not profitable,you have to increase the evaluation periods from 7 to a higher figure,I use 14 eval periods and 15 max eval,they work very well for Chandelier stops and should work for this Prosource too,since their logic is similar..and then ,you have to disable all the stops,trailing etc,that are in the EA as secondary measures,you just let it trade with its pure logic,in the beginning of my test,on D1 tf,I realized that the EA was being stopped out every 20 pips or so..because there was one of the stops set on true,so,I disabled all the additional stops and this is what I have,for the moment..And it is not leaving any open trades behind,nor following any kind of Martingale logic,the results seem too good to be true..let`s see
),so,I presume that creating the right EA with this indicator should be too...we almost decided to adopt this indi to replace Chandelier stops,but frankly,with the right settings the differences were minimal..at least from visual checking for several markets and tfs
Linear Mode
