Crystal Ball Interface

While most people focus on Signals, Confirmations, Take Profits, and Stop Losses, many overlook the perhaps most important factor...  Precision

My good friend Markus tends to trade like he's got a "Crystal Ball Interface".  That is he has some pretty long term "predictions", "feelings", and "analysis" however he rides the Crystal Ball Rollercoaster when he enters trades.  That is, he makes perhaps the right long term decision but the market takes it turns and valleys in the short term, which leaves his position going from positive to negative, often several times.   That makes for some stressful trading.

Now he is comfortable with that style of trading, and if you are too, and you are successful at it then kudos to you.

My preference is to pick the low hanging fruit (short term market direction) and pick the tougher fruit (long term direction) later, that is I will look for precise entries on lower timeframes, (M1, M5, M15) keeping in mind what the overall long term picture (H1, H4, D1) looks like.   Furthermore I will look for Take Profits using the lower timeframes.   Sure I will make less pips (low hanging fruit) but while you're climbing the ladder to get to the top, I will pick many times over.   That is your trade will go up and down while I'm consistently entering and exiting several times over.

There are far too many Crystal Ball Expert Advisors and Automated Trading Services that in my opinion are attempting to pick the hardest fruit while leaving the low hanging fruit rotting.

So next time you find yourself in a trade that has turned on you, perhaps several times, ask yourself if you would like to pick low hanging fruit or go for the pie in the sky.

Auto Trendline Indicator

Here is a handy MT4 indicator to auto-color your trend lines AND make them visible only in the timeframe drawn or lower.

• Applies Bearish Color to trendlines drawn downward
• Applies Bullish Color to trendlines drawn upward
• Applies Bullish Color to lowest horizontal line
• Applies Bearish Color to highest horizontal line
• Makes trendlines and horizontal lines visible only in timeframe drawn and below
• Higher timeframes have thicker lines
• Object Description updated with Timeframe Short Name
• You must enable "Show Object Descriptions" on the chart properties to see the timeframe text.

For example, if you draw trendlines in the M15 time frame, they will not appear in higher timeframes such as Daily. This allows for "cleaner" charts as trendlines/horizontal lines from lower time frames do not clutter up the higher timeframes. You also save time not having to change colors and widths.

 

 

 

 

Attached Files

 FTAutoTrendlines.ex4   9 KB 

 FTAutoTrendlines.mq4   8 KB

MT4 News Calendar Indicator

For those of you that have been using Metatrader 4 for a while, you will remember there were many MT4 News Calendar Indicators. With MT5 of course there is a built in function to show news.

The most popular MT4 News Calendar was the FFCal News Indicator.

What made it really stand out is that it's an indicator, so if you are crafty, you can modify the indicator and use it in your expert advisors, scripts, or just modify the indicator to your liking.

Unfortunately with the new release of Metatrader 5, the folks at MetaQuotes Software started modifying the MT4 builds and broke this indicator.    Support for it stopped and there was one other choice that surfaced, the NewsCal-v107.  It was good but source code was not available, so you had to use it as is, with it quirks and short comings.  Don't get me wrong, it's a GREAT indicator.

The good news is that thanks to rod178 at ForexFactory, I got my hands on source code for a working MT4 FFCal News Calendar called "CalendarFX-I" and started making enhancements.

You can find the MT4 News Calendar mq4 and ex4 files here:

 CalendarFX-I-A16.ex4  

 CalendarFX-I-A16.mq4  

 

For the latest release check this Foum for new versions of CalendarFX-I:

http://www.forexfactory.com/showthread.php?p=8256565#post8256565

Kudos to traderathome, deVries, qFish, atstrader, rod178 for creating and keeping the FFCal News Indicator alive!

Handy MT4 Script - Drop Price Label

A simple yet handy script to quickly drop a price label on the current chart.

Download the Script here:
Drop Price Label.ex4   Drop Price Label.mq4  

For the latest version check here:
http://www.forexfactory.com/showthread.php?p=8156303

Handy MT4 Indicator - NewsCal-AddOn

If you are using the NewsCal-v1.07 Indicator then like me you might be frustrated that the source code is not available.

Here is a sample NewsCal-AddOn Indicator that you can use to read the NewsCal-v1.07 display.  It creates a label for upcoming important news like ECB, FOMC, and NFP.

Feel free to modify the indicator or add to your own code.

Download the Indicator here:
NewsCal-AddOn.ex4    NewsCal-AddOn.mq4

For the latest version check here:
http://www.forexfactory.com/showthread.php?t=326551&page=15

Handy MT4 Script - Auto Color Trendlines

Here is a handy script that I have written to auto colors trendlines.

Simply place this in your "Scripts" directory and then draw trend lines.  When done, go to your scripts and attach to the chart. 

Bearish Color is applied to any trendlines drawn downwards.
Bullish Color is applied to any trendlines drawn upwards.

Bearish Color is applied to top horizontal line.
Bullish Color is applied to bottom horizontal line.
Horizontal Trendline color is applied to all other horizontal lines.

Download the Script here:
Auto Color Trendlines.ex4   Auto Color Trendlines.mq4

For the latest version check here:
http://www.forexfactory.com/showthread.php?t=536082

Handy MT4 Script - Draw Ellipse

Here is a handy MT4 script that I've written to draw an Ellipse to wherever you drop it.

Just drag and drop the script and voila.  You have an Ellipse.

The script automatically sizes the Ellipse regardless of time frame and currency pair.
Much easier than using the built in draw ellipse functionality.

Here a sample screenshot:

Download the Script here:
Draw Ellipse.ex4   Draw Ellipse.mq4  

For the latest version check here:
http://www.forexfactory.com/showthread.php?t=532055