At least 10-50 pips a day - page 2
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This Float indicator is completely useless for the trading you want to do.
On the image you see many red vertical lines. Each of the vertical lines was a bar were the float indicator was saying to go short.
Even if one would wait for 1 confirmation bar then you still see that this would not help.
What the indicator does, you can do this for yourself. If price is going up after each bar you say: this was the top. Everytime when that top is broken you say again: oops sorry but this is the top. If you will say this long enough you will see that at some point you will be spot on (if you forget all the times that you were wrong).
This indicator is showing nothing more and nothing less then the low over a period of time and the high over a period of time. To build a strategy on this for scalping is impossible.
The only use I can see for this indicator is more the opposite.
For example: if you would place this indicator on a day chart and if price or the close of bar would break the previous low or high go long or short (ex. if price breaks true the high of the last 3 days then go long)
Or as a stoploss or trailing stop. When you are in a long position based on a day chart and price would fall down true the low of the last 3 days then exit.
The zig-zag indicator can tell you the same as what the float indicator tells you (light blue line). The last leg of the zig-zag indicator is dynamic and for thse reason useless for trading or for timing entrys. The same goes for the float indicator.
friendly regards..iGoRThis indicator did paint the past, so u have to use it with other indicator as well. Dont use it on 1M. Use at least 5M with a confirmation of 30M/15M
I am using it with MACD and Stochastic to make it confirm.
See my GBPUSD image
Self Corrected Signal
This Float indicator is completely useless for the trading you want to do.
On the image you see many red vertical lines. Each of the vertical lines was a bar were the float indicator was saying to go short.
Even if one would wait for 1 confirmation bar then you still see that this would not help.
What the indicator does, you can do this for yourself. If price is going up after each bar you say: this was the top. Everytime when that top is broken you say again: oops sorry but this is the top. If you will say this long enough you will see that at some point you will be spot on (if you forget all the times that you were wrong).
This indicator is showing nothing more and nothing less then the low over a period of time and the high over a period of time. To build a strategy on this for scalping is impossible.
The only use I can see for this indicator is more the opposite.
For example: if you would place this indicator on a day chart and if price or the close of bar would break the previous low or high go long or short (ex. if price breaks true the high of the last 3 days then go long)
Or as a stoploss or trailing stop. When you are in a long position based on a day chart and price would fall down true the low of the last 3 days then exit.
The zig-zag indicator can tell you the same as what the float indicator tells you (light blue line). The last leg of the zig-zag indicator is dynamic and for thse reason useless for trading or for timing entrys. The same goes for the float indicator.
friendly regards..iGoRHi iGoR
Just wanna to ask your opinion, is there valid to use self corrected signal such as zig zag family, float as a pointer to making an Expert. I try using SS, Zigzag pointer and mtf zig zag to make it realy strong signal as a first signal.. then using silvertrend as enter signal base on mtf stochastic.. any suggestion from your.. thanks
Hi iGoR Just wanna to ask your opinion, is there valid to use self corrected signal such as zig zag family, float as a pointer to making an Expert. I try using SS, Zigzag pointer and mtf zig zag to make it realy strong signal as a first signal.. then using silvertrend as enter signal base on mtf stochastic.. any suggestion from your.. thanks
Hi Jerami,
It is very dangerous to use these kind of indicators to build EA's on. Unless you write a formule were the EA's knows that the last signal that is given is valid and can not change anymore. For the float indicator that is impossible because it shows you only the high over a period and the low over a period. And those highs can be broken within that period. For the zig-zag formule it is possible because programmers succeeded to do this in metastock professional. But when zig-zag is used in a default way one can not use this indicator to rely on entrys in any way.
This is what one can read in Metastock professional about the zig-zag indicator:
The Zig Zag indicator is useful to filter out "noise" in a security's price and indicators. It is primarily intended to aid in the visual inspection of a chart.The Zig Zag indicator can be useful for those concerned with Elliot Wave counts since it helps identify significant turning points.
Be forewarned, that the last leg (i.e., segment) of the Zig Zag is dynamic, meaning that it can change. Therefore, be careful when designing system tests, experts, etc. based on the Zig Zag indicator.
For additional information on the Zig Zag indicator, refer to Filtered Waves by Arthur Merrill.
It is attempting to use those indicators because it gives you the feeling that it can predict very fast (even spot on) were a top or bottom occured but it is a false feeling because it can show you 20 times a top before it is spot on.
The float indicicator is the very same as the peak and trough indicator in Metastock professional. It shows you peaks and bottoms over a period of time.
This is what Metastock professional write about this indicator:
FUNCTION: Plots the value of DATA ARRAY Nth peak(s) ago. This uses the Zig Zag function (see Zig Zag) to determine the peaks. N=1 would return the value of the most recent peak. N=2 would return the value of the 2nd most recent peak. Etc.
FUNCTION: Plots the value of DATA ARRAY Nth trough(s) ago. This uses the Zig Zag function (see Zig Zag) to determine the troughs. N=1 would return the value of the most recent trough. N=2 would return the value of the 2nd most recent trough. Etc.
In this calculation it uses also a zig-zag or in other words, the last part of the indicator is dynamic and for this reason can not be used in EA's or programming formulas. It is helps you in a visual way...nothing else.
friendly regards...iGoR
PS. If you will use it with other indicators to confirm (because most of the time it is wrong--aspecialy in a trending market) then you will see that the other indicator will always be the major indicators. Meaning that they don't confirm but that they are the true engine of your system and that in this way, the float or zig-zag have no reason of existance.
In other words: EVERY TIME when I ask you a question and before you give me the answer you need to ask your friend first (because most of the times you give the wrong answer)...after a while I will not ask you these questions anymore but I will go straight away to your friend....
is it possible for someone to write a float , psar, or zigzag indicator which doesnt rewrite the past or at least only writes the previous bar?
Thanks iGoR
Realy good explanation from you, i has past a few from corrected form. Good 4 me coz I use it just to point a stop loss. From the high/Low movement, it hlp in visual of market.
is it possible for someone to write a float , psar, or zigzag indicator which doesnt rewrite the past or at least only writes the previous bar?
What you ask is impossible....
Your question is the same as you would ask : can someone write or publish the wallstreet journal of tomorrow, today...
regards..iGoR
PS. A Parabolic Sar does not repaint the past.
Just for sharing
I think the ind just for visual. To make thing clearly and give good phsycology. Maybe we need to discuss more futher about this method.
I know that some people getting confuse by using the Float indicator. Also it is working for me.
I have another technique that work very nice. I am using 5M 15M and 1H TF (see the image attached). I am using Trend band that I changed a bit and added another indicator to show when the price reached the edges.
When the 5M 15M and 1H agread about the direction (all three reached the upper/lower edge) u can expect for a big move, if only 5M and 15M agrea u can expect a small movement.
Eli
I know that some people getting confuse by using the Float indicator. Also it is working for me.
I have another technique that work very nice. I am using 5M 15M and 1H TF (see the image attached). I am using Trend band that I changed a bit and added another indicator to show when the price reached the edges.
When the 5M 15M and 1H agread about the direction (all three reached the upper/lower edge) u can expect for a big move, if only 5M and 15M agrea u can expect a small movement.
EliI am a bit confused with this one, on that last big down on eu I got lots of signals on the three time frames but all on the bottom line and none on top line
Is the bottom line buy as in your example and sell should appear on the top or is it just all 3 and follow the trend?