heey m8. Can you discuss that tick chart indi?
Cheers
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heey m8. Can you discuss that tick chart indi?
Cheers
Good idea for a thread!
I am not trading sub-M1 just now, but I used to and I had been decently profitable in it. For charting I had been using Dukascopy's JForex -- gorgeous charts, you wont find anything near as great on Metatrader. Recently I have been considering it again.
For short term scalps, when you reevaluate spreads, commissions, slippage and losing trades, the pips/trade isn't all that much, it ends up being a pip or two. I found that employing sub-M1 charts I could improve my entries and exits by about half a pip normally, which makes a significant difference at the main point in the end of the day.
hey alien, its a paid tick indior..you can find it simple with a google search or you can find it here too https://www.forexforum.co.za/general...-question.htmlQuote:
Originally Posted by ;
nice could u talk a bit about egies? Im curious about the various ones with tick trading.Quote:
Originally Posted by ;
Well, when scalping, I am really just interested in holding a position open so long as price keeps moving in my way. The instant it shows signs that its going to retrace, I am out. in the profit quick, since experience has taught that in the event that you try to wait out any period of money, that winning commerce quickly turns into a losing trade. So I will use 10 second bars or whatever sub-M1 bars are working well that day, and draw a trend line as soon as a trend becomes discernible. The minute that price breaks through that trend line, that I take profit.Quote:
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On M1 charts its hard to pick out where the areas of congestion are, and difficult to see when a retrace begins. On sub-M1 charts its laid out and very plain to see.
I have been thinking of buying the Rainwood indior. When you are a professional carpenter you buy an excellent hammer, you don't quibble over the price and maintain pounding nails in with a stone.Quote:
Originally Posted by ;
Would you write a small review -- what you enjoy, what you don't like, etc?
Can you use range bars in .1 pip Is that the same?
I strongly suggest it..its the most effective available. . I see no flaws in it..and its cheap in my opinion.Quote:
Originally Posted by ;
Thanks. I've completed a lot of my own coding in years past and have a small number of free tick chart indiors previously, but my favorite one has ceased working because of a change that MetaQuotes made.Quote:
Originally Posted by ;
Never tried it. In case you have range bars setup why not try it and post some screen shots of how it seems?Quote:
Originally Posted by ;
It probably won't look the same as time-based bars or equivolume bars, but who knows you may find it has its benefits.
This is a 1 second chart with range bars in 0.5 pips per pub. Think it's rather similar. I can go down to 0.1 pip per pub, but difficult to link to the 1 min chart.Quote:
Originally Posted by ;
Regards
Razor
https://www.forexforum.co.za/attachm...2168579736.jpg
What is entrance for this particular egy?
Hey monster, this thread isn't directed to a particular egy AFAIK. If you're asking me about what entrance egies I'd use, I will speak to that.Quote:
Originally Posted by ;
Tick charts and sub-M1 charts are of most value when trading quite short time frames - scalps. Normal time in a trade might be 5 minutes, but it can vary from over a minute to more then ten minutes. So clearly, when you're trading for short periods, the kind of market activity you're looking for is a short rapid move, lots of pips in a short moment. You would look for setups that provide you a quick knee-jerk or a pop up or down. There are probably a hundred distinct setups.
By way of instance, a lot of traders prefer to put stop-loss orders at particular places on a chart, such as just above or just below the day's high or low respectively. When price breaks higher or lower into a bunch of SL, it moves as though it hit a banana peel, plunging through that area relatively fast (let's state it moves 10 pips in 3 minutes, for the sake of the instance). When those SL orders are exhausted the movement stops and quite often will retrace back to the point of breakout. Therefore, if you're confident enough, you may also exchange the yield transfer, though I typically have not done this.
As another example, you might sometimes find a chart peacefully meandering sideways and then with no news release or other clear reason the price will abruptly spike ten or fifteen pips. If you're pretty sure that this is a random spike rather than because of a significant market moving occasion then you know its going to retrace. So you watch the spike grow on the tick chart and when the spike is finished and the retrace has started, then choose your posture and then ride the retrace back down/up.
What is sweet about scalping like this is it's actually fairly low risk. You don't sit around hoping for price to go your way, possibly it's actively going your way or you get out. I use an SL of 5 pips typically or less, and move it up as soon as I can. You're in the market for just a few minutes at a time, thus you're minimally exposed to surprise news events such as a number of Saudi oil minister announcing outcome reductions, earthquakes, etc..
The down side of these trading is that commissions and spreads become big relative to your profit size. You want to decide on a broker that has exceptional spreads and commissions that are razor-thin.
Final pointer, and this is definitely the most significant: take your profits too soon. You have probably heard the advice cut your losses short and let your profits run. Maybe its accurate when holding positions for longer duration, but it is not accurate when scalping. Before shutting the trade, the distinction between a winning commerce along with a trade is a few moments of hesitation. If you're fast to bank profits you will keep your win rate high and your account will grow. But trying to hold a trade for longer hoping it's going to turn into a larger winner is a path to ruin. Been there, done that, it was a very hard lesson to learn.
Much like any trading egy you want to spend time working together, getting acquainted with the way the market behaves and figuring out exactly what works and what doesn't.
Hey scalpers,
I'm discussing a tick chart creator for MT4. Its very useful to get insight into what is going on inside an M1 bar, and I receive about half a pip better returns per trade utilizing it. Note this is actually an Equivolume chart creator, as every bar contains an equal number of ticks.
How to Install and Use it
Place it in your MQL4/Indiors folder and restart MT4 or compile it with Metalanguage Editor. Note: you will observe some compiler warnings regarding possible loss of information due to type conversion, these ought to be ignored. Fake news.
To use it:Create a new M1 chart for the symbol you would like a tick chart for (you may resize it to be very small). I suggest running this indior onto a separate M1 chart which you leave undisturbed (different in the chart that you use for trading), so the data stream doesn't get bothered by your actions such as changing the time frame. Grab the TickChartMaker indior from the Navigator on this new chart. On the frequent tab in the dialog box which opens, place a check in the box beside Allow DLL imports. Very significant, otherwise it won't run. On the Inputs tab, then set how many ticks per bar you want. That opens up the indior to function as a host, which makes a data file containing your custom pubs. Just leave it operating.
To open a tick chart for seeing:About the menu bar in the top left of MT4 click File, then click Open Offline from the dropdown menu. Scroll down to loe your symbol from the list. The indior (host) will create a file with a name which reflects the emblem and number of ticks per bar. So for example if your chosen emblem is EURUSD, and you've set the host to make bars comprising 27 ticks per bar then the name will be EURUSD_27t,M1. Do not ask the M1 is there -- it's an MT4 limit. Highlight the file and click Open and you have a sign chart! The chart updates in real time with each tick received and you can add any indiors and drawing items to the chart as you would with any other chart.
Tips and PointersI discover a fantastic way to use it's to place an M1 chart at the upper half of this MT4 workspace and the tick chart at the underside. I love to set unique colours and chart settings for tick charts. As soon as you get settings you like, save it as a template. When its not working, first check for messages from the Pros tab or the Journal tab to help identify the reason. It should be clear, but bears mentioning the custom made bar data file is updated while this indior is operating and while ticks are being received. So in the event that you quit the indior for a while and then restart it again, your tick chart will have a gap for the time the indior was off, and there is no way to find that gap filled in again. If you alter the number of ticks per bar, another data file with another name will be generated and the old file will no more be added to (again, this ought to be obvious). This indior does not purge or delete the data files it generates, it merely adds to them. Eventually you might want to go into the history area of your MT4 information and delete files which are not needed or which have grown too large. (Be careful not to delete the normal MT4 data files which share the exact same folder) Running multiple copies of this indior on the exact same symbol with the very same bars per chart setting could lead to difficulties so the server attempts to detect and stop that with a global variable. If the indior won't run and reports second copy in the log but you're certain there are no other copies running then some prior glitch might have left a global variable behind. Press F3 and determine whether a global variable exists for the emblem and ticks-per-bar price. It may be necessary to manually delete it. If you would like to concurrently create multiple charts with various numbers of ticks per bar on the exact same emblem, just put multiple duplies of this indior on your own server chart, one for every unique ticks-per-bar value desired. You can not trade directly from an Offline Chart. To place orders, adjust stops, do it on a normal live MT4 chart (M1 or higher). Okay, I have tried to anticipate and answer most of the questions and problems that may develop. For any others, post them here.
Important Note
I will try to fix bugs, but please do not ask me to add attributes or do free programming for you. I created this tool to match my wants and https://hackernoon.com/i-thought-i-u...g-cf54999c097b I'm sharing it with the community. Feel free to use it any way you like, modify or improve it to match your own preferences and requirements, and to discuss your work too.
https://www.forexforum.co.za/attachm...5211921869.mq4
Id like to encourage tick chart traders to socialize within this thread.
My illuion below 1min chart on the top and 30 tick below with moving average as an indior.
https://www.forexforum.co.za/attachm...4774496336.jpg