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Tradestation: The good, the bad or the ugly?
By
timokrates, in Brokers and Data Feeds
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Posts
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A custom Better Daily Range indicator for MT5 is now available on the Metaquotes website and directly in the MT5 platform. https://www.mql5.com/en/market/product/103800 The Better Daily Range indicator shows the previous trading day's price range on the current day's chart. Many traders mark out the previous day's high, low, and the current day's open before trading. This is not an average true range indicator (ATR). This is not an average daily range indicator (ADR). This is a daily range indicator (DR). This indicator shows horizontal maximum and minimum range lines. If your broker-dealer's MT5 platform shows Sunday bars, Sunday bars are not included as previous days. In other words, Monday uses Friday's price data (skips Sunday). This indicator also shows two 25% (of range) breakout lines: one that is 25% higher than the maximum range line, and one that is 25% lower than minimum range line. A middle range line is also shown. Immediately after the daily close of your broker-dealer, all five range lines update to the new daily values. Many traders only trade during times of high volume/liquidity. The Better Daily Range indicator also shows five adjustable time separator lines: A local market open time line (a vertical line), A local market middle time A line (a vertical line), A local market middle time B (a vertical line), A local market middle time C (a vertical line), A local market close time (a vertical line), and A local market open price (a horizontal line). The location of the local market open price depends on your input local market open time. In other words, you input your desired market open time according to your local machine/device time and the indicator automatically shows all five session lines. When your incoming price bars reach your input local market open time line, the indicator automatically shows the price to appear at your input local market open time. If your broker-dealer's MT5 platform shows Sunday bars, the time separator lines do not show on a Sunday. Immediately after midnight local machine/device time, the five session time lines (vertical lines) are projected forward into the current day (into the future hours) and the local open price line is erased. The local open price line reappears when the price bars on the chart reach your input local open time (your local machine/device time). The indicator has the following inputs (settings): Chart symbol of source chart [defaults to: EURUSD] - Allows you to show data from another chart symbol other than the current chart symbol. Handy for showing standard timeframe data on an MT5 Custom Chart. Local trading session start hour [defaults to: 09] - Set your desired start hour for trading according to the time displayed on your local machine/device operating system (all times below are your local machine/device operating system times). The default setting, 09, means 9:00am. Local trading session start minute [defaults to: 30] - Set your desired start minute. The default setting, 30, means 30 minutes. Both the default hour and the default minute together mean 9:30am. Local trading session hour A [defaults to: 11] - Set your desired middle hour A for stopping trading when volume tends to decrease during the first half of lunch time. The default setting, 11, means 11:00am. Local trading session minute A [defaults to: 00] - Set your desired middle minute A. Both the default hour and the default minute together mean 11:00am. Local trading session hour B [defaults to: 12] - Set your desired middle hour B for the second half of lunch time. The default setting, 12, means 12:00pm (noon). Local trading session minute B [defaults to: 30] - Set your desired middle minute B. Both the default hour and the default minute together mean 12:30pm. Local trading session hour C [defaults to: 14] - Set your desired middle hour C for resuming trading when volume tends to increase. The default, 14, means 2:00pm. Local trading session minute C [defaults to: 00] - Set your desired middle minute C. Both the default hour and the default minute together mean 2:00pm. Local trading session end hour [defaults to: 16] - Set your desired end hour for stopping trading. The default setting, 16, means 4:00pm. Local trading session end minute [defaults to: 00] - Set your desired end minute for stopping trading. Both the default hour and the default minute together mean 4:00pm. High plus 25% line color [defaults to: Red]. High plus 25% line style [defaults to: Soid]. High plus 25% line width [defaults to 4]. High line color [defaults to: IndianRed]. High line style [defaults to: Solid]. High line width [defaults to: 4]. Middle line color [defaults to: Magenta]. Middle line style [defaults to: Dashed]. Middle line width [defaults to: 1]. Low line color [defaults to: MediumSeaGreen]. Low line style [defaults to: Solid]. Low lien width [defaults to: 4]. Low minus 25% line color [defaults to: Lime]. Low minus 25% line style [defaults to: Solid]. Low minus 25% line width [defaults to: 4]. Local market open line color [defaults to: DodgerBlue]. Local market open line style [defaults to: Dashed]. Local market open line width [defaults to: 1]. Local market middle lines color [defaults to: DarkOrchid]. Local market middles lines style [defaults to: Dashed]. Local market middles lines width [defaults to: 1]. Local market close line color [default: Red]. Local market close line style [Dashed]. Local market close line width [1]. Local market open price color [White]. Local market open price style [Dot dashed with double dots]. Local market open price width [1]. -
A custom Logarithmic Moving Average indicator for MT5 is now available for MT5 on the Metaquotes website and directly in the MT5 platform. https://www.mql5.com/en/market/product/99439 The Logarithmic Moving Average indicator is a moving average that inverts the formula of an exponential moving average. Many traders are known to use logarithmic charts to analyze the lengths of price swings. The indicator in this post can be used to analyze the logarithmic value of price on a standard time scaled chart. The trader can set the following input parameters: MAPeriod [defaults to: 9] - Set to a higher number for more smoothing of price, or a lower number for faster reversal of the logarithmic moving average line study. MAShift [defaults to: 3] - Set to a higher number to reduce the amount of price crossovers, or a lower for more frequent price crossovers. Indicator line (indicator buffer) can be called with iCustom in Expert Advisors created by Expert Advisor builder software or custom coded Expert Advisors: No empty values; and No repainting.
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A custom Semi-Log Scale Oscillator indicator is now available for MT5 on Metaquotes website and directly in the MT5 platform. https://www.mql5.com/en/market/product/114705 This indicator is an anchored semi-logarithmic scale oscillator. A logarithmic scale is widely used by professional data scientists to more accurately map information collected throughout a timeframe, in the same way that MT5 maps out price data. In fact, the underlying logic of this indicator was freely obtained from an overseas biotech scientist. A log-log chart displays logarithmic values on both the x (horizontal) and y (vertical) axes, which generally produces a straight line that points up, down, or remains flat. A straight line is not very useful for trading markets because such a straight line is so smoothed that actual price values that appear over time are very far away from the line study. In contrast, a semi-log chart is only logged on one axis--generally, the y axis. Such a semi-log chart is well suited for trading markets because the time (x) axis is preserved in its original form while at the same time, providing a graduated y scale where the distance between price increments progressively increases as price rises higher (and decreases as price falls lower). This allows us to establish a zero level for a low price, clearly view trends on straighter angles, and clearly observe amplified price spikes at high prices. Accordingly, this indicator employs a semi-log scale on the y axis only. This indicator is anchored because it allows you to specify a start time for calculation of price bars. The settings are as follows: Year.Month.Day Hour:Minute - defaults to 1970.01.01 00:01 - if left on default setting, the indicator automatically detects the earliest price bar in chart history--even where the year 1970 is not in history. Notes appear in the indicator settings window. Size of first pip step to log - defaults to 135 - this default is suitable for higher timeframes such a MN1 (monthly), while 5 is suitable for lower timeframes such as M1 (minute). Ultimately, optimal settings will depend on the timeframe that you attach the indicator to, the level of price volatility within that timeframe, and start time that you choose. Remember... The semi-log formula calculates from low to high, so your start time must always be a major swing low. Again, notes appear in the indicator settings window. The standard (built-in) MT5 indicators that can be applied to the "Previous indicator's data" can be applied to this indicator. Indicator lines (indicator buffers) can be called with iCustom in Expert Advisors created by Expert Advisor builder software or custom coded Expert Advisors. The log scale Open, High, Low, and Close prices are buffers: No empty values; and No repainting.
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A custom Gann Candles indicator is now available for MT5 on the Metaquotes website and directly in the MT5 platform. https://www.mql5.com/en/market/product/126398 This Gann Candles indicator incorporates a series of W.D. Gann's strategies into a single trading indicator. Gann was a legendary trader who lived from 1878 to 1955. He started out as a cotton farmer and started trading at age 24 in 1902. His strategies included geometry, astronomy, astrology, times cycles, and ancient math. Although Gann wrote several books, none of them contain all of his strategies so it takes years of studying to learn them. He was also a devout scholar of the Bible and the ancient Greek and Egyptian cultures, and he was a 33rd degree Freemason of the Scottish Rite. In an effort to simplify what I believe are the best of Gann's strategies, I reduced them into one indicator that simply colors your preexisting price bars when those strategies are in-sync versus out-of-sync. This greatly reduces potential chart clutter. Also, I reduced the number of input settings down to only two: FastFilter, and SlowFilter Both FastFilter and SlowFilter must be set to 5 or more, as noted in the Inputs tab upon attaching the indicator to your chart. Gann Candles works on regular time-based charts (M5, M15, M20, etc.) and custom charts (Renko, range bars, etc.). The indicator does not repaint. When using the default settings, blue candles form bullish price patterns, gray candles form flat (sideways) price patterns, and white candles form bearish price patterns. The simplest way to trade Gann Candles is to buy at the close of a blue candle and exit at the close of a gray candle, and then sell at the close of a white candle and exit at the close of a gray candle.
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A custom Anchored VWAP with Standard Deviation Bands indicator for MT5 is now available on the Metaquotes website and directly through the MT5 platform. https://www.mql5.com/en/market/product/99389 The volume weighted average price indicator is a line study indicator that shows in the main chart window of MT5. The indicator monitors the typical price and then trading volume used to automatically push the indicator line toward heavily traded prices. These prices are where the most contracts (or lots) have been traded. Then those weighted prices are averaged over a look back period, and the indicator shows the line study at those pushed prices. The indicator in this post allows the trader to set the daily start time of that look back period. This indicator automatically shows 5 daily look back periods: the currently forming period, and the 4 previous days based on that same start time. For this reason, this indicator is intended for intraday trading only. The indicator automatically shows vertical daily start time separator lines for those days as well. Both typical prices and volumes are accumulated throughout the day, and processed throughout the day. Important update: v102 of this indicator allows you to anchor the start of the VWAP and bands to the most recent major high or low, even when that high or low appears in your chart several days ago. This is how institutional traders and liquidity providers often trade markets with the VWAP. This indicator also shows 6 standard deviation bands, similarly to the way that a Bollinger Bands indicator shows such bands. The trader is able to set 3 individual standard deviation multiplier values above the volume weighted average price line study, and 3 individual standard deviation multiplier values below the volume weighted average price line study. Higher multiplier values will generate rapidly expanding standard deviation bands because again, the indicator is cumulative. The following indicator parameters can be changed by the trader in the indicator Inputs tab: Volume Type [defaults to: Real volume] - Set to Tick volume for over-the-counter markets such as most forex markets. Real volume is an additional setting for centralized markets such as the United States Chicago Mercantile Exchange. VWAP Start Hour [defaults to: 07] - Set according to broker's or broker-dealer's MT5 server time in 24 hour format. For example, in the New York, United States time zone, 07 is approximately the London, United Kingdom business open hour. VWAP Start Minute [defaults to: 00] - Set according to broker's or broker-dealer's MT5 server time in 24 hour format. For example, 00 is on the hour with no delay of minutes within that hour. StdDev Multiplier 1 [defaults to: 1.618] - Set desired standard deviation distance between the volume weighted average price line study and its nearest upper and lower bands. For example, 1.618 is a basic Fibonacci ratio. Some traders prefer 1.000 or 1.250 here. StdDev Multiplier 2 [defaults to: 3.236] - Set desired standard deviation distance between the volume weighted average price line study and its middle upper and lower bands. For example, 3.236 is 1.618 (above) + 1.618. Some traders prefer 2.000 or 1.500 here. StdDev Multiplier 3 [defaults to: 4.854] - Set desired standard deviation distance between the volume weighted average price line study and its furthest upper and lower bands. For example, 4.854 is 1.618 (above) + 3.236 (above). Some traders prefer 3.000 or 2.000 here. VWAP Color [defaults to: Aqua] - Set desired VWAP line study color. This color automatically sets the color of the start time separators as well. SD1 Color [defaults to: White] - Set desired color of nearest upper and lower standard deviation lines. SD2 Color [defaults to: White] - Set desired color of middle upper and lower standard deviation lines. SD3 Color [defaults to: White] - Set desired color of furthest upper and lower standard deviation lines. Just to clarify, popular standard deviation bands settings are: 1.618, 3.236, and 4.854; or 1.000, 2.000, and 3.000; or 1.250, 1.500, and 2.000. Examples of usage *: In a ranging (sideways) market, enter a trade at the extremes of the standard deviation bands (SD3) and exit when price returns to the VWAP line study. Trade between SD1Pos and SD1 Neg, alternately buying and selling from one standard deviation line to the other. In a trending (rising or falling) market, enter a buy when a price bar opens above the VWAP line study, and exit at the nearest standard deviation band above (SD1Pos). Optionally, repeat the same trade but substitute SD1Pos for the VWAP, and SD2Pos for SD1. Reverse for sell; or Trade all lines (VWAP, SD1Pos, SD2Pos, and SD3Pos) in the same way. Again, reverse for sell. Indicator lines (indicator buffers) can be called with iCustom in Expert Advisors created by Expert Advisor builder software or custom coded Expert Advisors: No empty values; and No repainting.
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