A simple but effective Forex strategy requested by user @pipcollector.
Suggested chart timeframe is 5mins.
Indicator marks potential long/short entries based on the following conditions:
LONG ------
Price above pip median ema on daily, 4 hour and 1 hour timeframe. These 3 timeframes and median EMA lengths are configurable.
Background color is set to GREEN (if option is enabled).
As soon as price touches or crosses the median ema, a GREEN arrow is shown to mark potential long.
SHORT ------
Price below pip median ema on daily, 4 hour and 1 hour timeframe. These 3 timeframes and median EMA lengths are configurable.
Background color is set to RED (if option is enabled).
As soon as price touches or crosses the median ema, a RED arrow is shown to mark potential short.
NO SETUP -----------
Moving averages do not align on the 3 timeframes.
Background color is set to GRAY (if option is enabled)
I have noticed that this works well on other instruments too (anything trending), also on higher time frames. Feel free to leave any questions/comments on this below.
Hi Lazybear,
Are you aware that this indicator is repainting really badly. I tried to test it live and it's not a pretty Picture when Applied to real market. The background colors are shifting constantly back in time. Impossible to back test.
Do you have any idea of how to fix the problem?
lucky0309
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@Henroy, It has to repaint...it is using closing prices
lucky0309
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@Henroy, use the OHLC4 or Open setting to reduce or remove repainting. It will effect the profitability and effectiveness of the strategy.
FaithonFire
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@lucky0309, Thanks for the heads up and I changed my settings to open !! see how that works!! Have a great week!
justnifty
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@LazyBear is it true? than its none of use? please guide us.
I have 2 questions for you if you might be so kind to answer! On charts that are less that one day periods the sell arrows show up as buy arrows, and why don't the buy or sell arrows show prior to dates in 2014? How could I correct these issues if possible? Thanks for you're time!
justnifty
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@LazyBear is it possible to make a strategy here?
BUY when BG changes to green
SELL when BG changes to red
CLOSE when BG changes to gray...either long/short.
can you help?
thanks.
Pine-Labs
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@justnifty, Sure, that would be easy. Except that it repaints badly, making a strategy like this worthless.
Are you aware that this indicator is repainting really badly. I tried to test it live and it's not a pretty Picture when Applied to real market. The background colors are shifting constantly back in time. Impossible to back test.
Do you have any idea of how to fix the problem?