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I've tested the #00MM-TimeFrame indicator live @ 1min along with the labelLvels indicator....set Period on both to 32....works fine....bear in mind it's the candles close that #00MM-TimeFrame indicator uses....both charts did change frame automatically when candle closed beyond the frame.
I had three good trades on the 1hr chart last night...works fine
If you want, change the period to 64
Xard777
enc charts.
ps I also ran the Hi-Close/Lo-Close figure through AMM.exe - they matched up even when the chart moved into a larger frame.
I didn't notice YET that ##00MM-TimeFrame64 really changes when it closes above 2/8th. But I assume it will do.
However to my humble opinion 'we' have to change the calculation. I think we use values too high and too low if the period calculates 64 bars from the current bar.
Only if the current bar -/-1 closes above 2/8th or below -2/8th a recalculation is needed. (Because it's the first occurence). But based on 64 bars back from current -/- 1, because the current bar is still 'building'. It is not said that it will close above current -/- 1
So the script looks like: if the close of the previous bar > +2/8th, recalculate V2 (using the close of the previous bar for 64 period backwards.
Something similar applies to -2/8th and V1 too.
Are you able to do the scripting (I'm not YET)
Or correct me if I'm wrong
Last edited by Trading MM; 08-15-2006 at 03:34 PM.
I've tested the #00MM-TimeFrame indicator live @ 1min along with the labelLvels indicator....set Period on both to 32....works fine....bear in mind it's the candles close that #00MM-TimeFrame indicator uses....both charts did change frame automatically when candle closed beyond the frame.
I had three good trades on the 1hr chart last night...works fine
If you want, change the period to 64
Xard777
enc charts.
ps I also ran the Hi-Close/Lo-Close figure through AMM.exe - they matched up even when the chart moved into a larger frame.
[quote=Trading MM]I didn't notice YET that ##00MM-TimeFrame64 really changes when it closes above 2/8th. But I assume it will do.]
View from a one min chart and see for yourself.....it will change after the close is greater than +/-2/8ths
MM uses Three Time Trading Frames. 16, 32 and 64 days
also mm uses above Frames multiplied by 1.5 + 1 Day
therefore next period up from 32 and down from 64 would be 49
(32 x 1.5) +1 = 49....so if 32 is too tight to trade and 64 too large, why not try 49. Simply right click on the chart select indicators list - double click on #00MM-TimeFrame and change value of P from 32/64 to 49.
MM uses Three Time Trading Frames. 16, 32 and 64 days
also mm uses above Frames multiplied by 1.5 + 1 Day
therefore next period up from 32 and down from 64 would be 49
(32 x 1.5) +1 = 49....so if 32 is too tight to trade and 64 too large, why not try 49. Simply right click on the chart select indicators list - double click on #00MM-TimeFrame and change value of P from 32/64 to 49.
Let me know how you get on...
Xard777
I always use 64. E.g. 64 frames on 15 minutes = like 32 on 30 minutes
About the calculation:
if we calculate the close during the period the last bar still moves there is a possibility the calculated value is too high IF it trades above the prior bar at that moment. Current price = Close AT THAT MOMENT Not said the bar will close above the prior bar. In that case calculation is not 100% correct
I always use 64. E.g. 64 frames on 15 minutes = like 32 on 30 minutes
About the calculation:
if we calculate the close during the period the last bar still moves there is a possibility the calculated value is too high IF it trades above the prior bar at that moment. Current price = Close AT THAT MOMENT Not said the bar will close above the prior bar. In that case calculation is not 100% correct
Thanks for your help, I have been using #00MM-TimeFrame64 with success for a couple of days, on M5, this morning when I open MT4 the lines are all cramped up so you cannot see the divisions, any comment on what to do, or why?
I changed to zoom and could read them, but I wondered why it suddenly changed
Duh, looks like it was beause I added a couple of indicators below in seperate windows, that compressed MM
Thanks for your help, I have been using #00MM-TimeFrame64 with success for a couple of days, on M5, this morning when I open MT4 the lines are all cramped up so you cannot see the divisions, any comment on what to do, or why?
I changed to zoom and could read them, but I wondered why it suddenly changed
Duh, looks like it was beause I added a couple of indicators below in seperate windows, that compressed MM
First of all it's not my indicator, I only suggested the script for calculation on the close i.s.o. the high. All credits are for Vladislav Goshkov, cja and xard7777
Anyway, don't know what you are trading? But on Eur/USD last days the range during the day was extremely small on the short timeframes causing MM to cramp up on these timeframes.
Thanks for your help, I have been using #00MM-TimeFrame64 with success for a couple of days, on M5, this morning when I open MT4 the lines are all cramped up so you cannot see the divisions, any comment on what to do, or why?
I changed to zoom and could read them, but I wondered why it suddenly changed
Duh, looks like it was beause I added a couple of indicators below in seperate windows, that compressed MM
I have used MM for 18 months and use only the 64 setting. I generally trade off the 5 min while checking out the 1 & 15 min, with a brief check now and then on the 60 min just to see where the support/resistance ( MM Levels ) is and what MACD & RSI are up to.
I confirm MM support/Resistance with MACD/RSI and pick entry off 1 min.
15 min MM Levels & MACD/RSI give me the short term trend strength.
On the 5 min chart when price reaches a potential MM reversal level wait for MACD to start turning RSI Oversold/Bought & where RSI is in relation to the 50 level ( The 50 level can provide support/resistance & help confirm trend ) also look for Pos/Neg divergence on MACD/RSI ( MACD Histogram often gives early warning of price direction changes with Divergence )
Check 1 min to see where price is in relation to MM levels and enter after RSI has turned ( from above 70 or below 30 )up/down and just as MACD Crosses
Works real well in a consolidating market or a trending market
Tonight made 3 good trades all worth 30 plus pips just by trading the short term shifts, the more you use MM levels the better you get to know what price is going to do next.
OH and you have to be really aware of up coming NEWS because that can throw a real curve ball into the proceedings if you are not ready for it.
See the attached 5 minute chart for my trading setup
I have used MM for 18 months and use only the 64 setting. I generally trade off the 5 min while checking out the 1 & 15 min, with a brief check now and then on the 60 min just to see where the support/resistance ( MM Levels ) is and what MACD & RSI are up to.
Linear Mode
