Level Advanced Trading - page 3
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Linuxser... I see you are angry that I am praising your work... okay... I am taking all back... sorry that you are offended by it...
Now I am not sure if I can comment even on your "decoding" of the indicator's settings... well, all what I can say... thank you for sharing...
PS: I told you when you first dropped by to ERIDU... I am just a beginner... and was/am impressed whit what you know... the same way you are impressed with the work of Igorad, Kalenzo or MrPip... you praise them on these pages as well... and they are not offended by it...
Linuxser...
Could you please post what you think are the default settings for...
level_trading_123.mq4
and, from your experience... what overall settings would you say yopu are most comfortable with...? -tks
Thank you
PS: Perhaps you would consider using this thread as your Level Trading Journal with screen-shuts and commentaries... this way you would teach us all...
Linuxser... would you know how to extend Level Lines that are not broken... started a week or week-and-a-half ago... but are ending the trajectory FOUR to SEVEN days ago without reaching to today... -tks
PS: the original setting...
looks good... it appears horizontal lines are giving you more precise CPPs... what's puzzling to me is why the originator would start drawing LL under angle and not horizontal, the way you do...
Being still the beginner in the art of building a TS... not to mention trading... I can not be considered your "team partner"... do not have enough expertise to be like one, and to talk trading the way you do... a student, yes... and... like I suggested, this may become your journal... a good learning thread for "to-be" traders... the way you are putting your info forth is very clear... hope you will not get upset again, if I will say... thank you.
Now, I started to play with the setup as well... I am only learning the workings of one pair GBP/JPY... here is what I think is the meaning of settings... please give your thoughts...
IndicatorNumber=1;
TrendUpColor=Blue; // 123 North Arm
rendDownColor=Tomato; // 123 South Arm
LevelColor=DarkGray; // color of LevelLines
Width2LevelConfirmation=3; // "style/thickness" for the LL
Width3LevelConfirmation=5; // "style/thickness" for the LL
Width4LevelConfirmation=7; // "style/thickness" for the LL
Width5LevelConfirmation=10; // "style/thickness" for the LL
SnapExtremumsToLevelOnChar=True; // brings the nearest CPP to the LevelLine [LL]
FractalBarsOnEachSide=7; // every 7th fractal? [CPPs]
ProceedMaxHistoryBars=2000; //
LevelActuality=200; // trajectory length for LevelLines
RestDefaultTimeframeValues=True; // to MN timeframe... false; makes LevelLines horizontal
ExtremumToLevelMaxGap=15; // distance from CPP to LevelLine
PriceDeltaFor1Bar=0.4; // =0.0; makes LevelLines horizontal
My guess would be that LevelLines under angle are just easier to work with and... they should follow the inclination of MN time-frame... however, when you check the inclination on MN... it only holds down to H4... draw the trend line on MN parallel to MN LevelLine and see... H1 inclination is not the same... and MN trend line, on H1. seams almost horizontal... so... your setup is just it...
Also, your setup may be good for smaller time frames... marking all the fractals... I am trying to see longer trends with every 7th fractal or so... and combination of H4 and H1... am still working on it...
angle of levels
I respect the opinion on level lines. But I'd like to share my opinion on the matter. After visiting the Russian forum and seeing the statements from the system when trading properly, it seems most beneficial to stay as true to the system as possible. Otherwise we could just stick to using daily pivot points or something of similar nature.
The advantage of this level trading system is, if the strongest lines are level then theoretically this system would be able to draw them as level. Am I correct in that theory? This system is increased in potential however due to it's own capabilities of capturing angled trend channels. Trend channels are themselves, easy to draw. But the MTF nature of this system as well as being able to gauge trend channels by their significance, are where this system shows it's edge.
What seem to be the most important goals:
1. Drawing the correct angles down through the time frames.
2. Drawing the correct thickness for each time frame.
3. Defining the trading rules.
Where are we at on each of these in accordance with the original methodology?
From my observation, the correct angles, seems like the easiest problem to fix in terms of logic, but I'm no coding expert, so there in lies my biggest weakness. This strategy is definitely worth the time and effort of this trading community, with experienced and novice traders alike. Accurate support and resistance is the one constant of the market. If this system can be transposed accurately.. The results would be uncanny.
Level Trading System - LTS...
Newdigital... we have learned about Level Trading System [LTS] from your post... and you posted the indicator(s) as well so I think we should continue here... I will be updating this post as I go... I can only read from English translation and need to use some creativity to come up with the meaning of what's there... so...
This is so far what I came to understand about the LTS from "English" translation... it is a Multi Time Frame [MTF] System...
============================
LEVEL TRADING SYSTEM - LTS [from TRANSLATERDurl ... this text should be red with the charts from there]
*** Basic Terms... the angle/slop of lines is set by the highest time frame... MN>W>D1>H4>H1...
- CONTROL PRICE POINT [CPP]... is a Price Minimum or Maximum (peak or hollow)... marked on the chart by price...
- 123 ARMS... going North Arm [NA]... and going South Arm [SA]... that connect CPPs...
- PRICE LEVEL LINE [PLL]... is the minor line which runs through one CPP [may be R or S line]
- CONFIRMED PRICE LEVEL LINE [CPLL]... is the PLL that runs through 2 or more CPPs
- CPLL will loose its significance when it is crossed by the Price... from above DOWN, and then back from below UP, or vice versa... without setting new CPP [a min 30 PIPs distance]...
*** LTS Development Format
- MAKING OF THE PRIMARY, BASE CPLL...
Design of the system starts on a Price Chart of the MN frame... initially, as we know, we need first 3 CPPs [2 Max CPPs and 1 Min CPP, or vice versa] to be formed... thereafter, we run a line through the picks of CPP #1 & #3... this gives us our 1st minor Max PLL... the angle of departure and position of this line will be adjusted to fit the, to-be-build, Principal/Base CPLL of the MN time-frame...
IMAGE #1
Fig.1 Initial construction of the 1st 3 CPPs... 123 lines... and... 1st minor Max PLL...
123 lines shall connect exact pick and valleys of CPPs #1, #2 and #3 running across candles and shadows... the 1st minor Max PLL is run through the picks of CPPs #1 & #2...
IMAGE #2
Fig.2 Construction of the 1st minor Min PLL...
The 1st minor Min PLL shall be drawn, parallel to the Max PLL, through the pick of CPP #2...
IMAGE #3
Fig.3 First adjustment to the departure angle of Min PLL...
When CPP #4 is marked... a new departure angle for Min PLL is set in place...
IMAGE #4
Fig.4 Next, after marking CPP #5... we draw line between the pick CPP #1, through CPP #2... to the pick of CPP #5... this line gives us the 1st CPLL [three CPPs]... we balance the lower Min PLL to be parallel with the top CPLL...
IMAGE #5
Fig.5 We mark here CPP #6... draw a new, parallel to CPLL, local Min PLL through the pick of CPP #6... and mark CPP #7... as we mark more CPPs... we adjust the departure angle and position of Level Lines to reflect the most predominant Level trend-lines and CPPs...
IMAGE #6
Fig.6 A completely marked and done MN time-frame... provide as with the vital information as to the price movement and the departure angle of Level Lines... the revealed and set in place, Base CPLL departure angle, is now passed on down to all the lower time-frames...
IMAGE #7
Fig.7 The same departure angle Level Lines, as well as, a construction method for CPPs, PLL/CPLLs of MN is imposed on the lower W1 time-frame... showing the structure, MN is build-up from...
IMAGE #8
Fig.8 Further, by analogy, the lower D1 time-frame is populated... the departure angle is imposed down from W1 time-frame... the Level Lines construction methodology is as per the higher time-frames... the constructed structure present us with more detailed price formations...
IMAGE #9
Fig.9 Time-frame H4 is made the same way... subset of D1...
IMAGE #10
Fig.10 H1 time-frame... a subset of H4... same Level Lines departure angle as on MN...
[... ...]
===========================
Chanel Formation... depth of no less than 30 PIPs... [this is from the pdf file]... this text should be red with the charts from there...
*** 3 CPP... say, 2@Max and 1@Min... draw the channel... channel depth [CHD] measured along a vertical line...
*** draw the Chanel's Center Line [CCL]...
*** if the Price cross the Min PLL [minor, not confirmed]... we may anticipate...
1. false breakout [FB]... price runs down less than half of the CHD... price will return to the channel ..
2. price will continue down to the point equal approximately to the CHD...
Possible Action to Take...
1. Sell at the bottom Min PLL... S/L at the CCL level... [anticpated profit = CHD... S/L @ 50% of CHD = CCL]
2. Do nothing
Observation...
1. After FB... price attempts to return to the channel... the minor Min PLL has now changed from S to R... and the price bounce of R going down to the distance equal approximately to CHD... new CPP and PLL are formed... TAKE PROFIT...
2. The distance from the new PLL to the last PLL is more than 30 PIPs...
3. Price bounce back UP from the new minor PLL as far as the CCL... forming a new local Max CPP... the original CCL becomes the new Max PLL...
4. Price bounce back DOWN from the new local Max PLL... to the bottom Min PLL... almost 30 PIPs...
NOTE: Typically, price making the 2nd run at the Min PLL, does not reach earlier-set local minimum [Min PLL], but rather starts to reverse from, approximately, the price level of closed candle for the last Min CPP [as discussed in Thomas R. Demark book "The Technical Analysis - a New Science" ...This fact should be considered while opening a new position....
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WISH LIST / NOTES...
[1] It appears that on the originator's charts... the 1st 123 arm on the right side of the screen is a LEADING line, which, the price "follows"... the UP 123 arms are parallel to each other [same with DOWN]... at the indicator AS-IS, the price is well ahead, before any 123 line is drawn... may they be using a different 123 allogarithm...?
======================
LTS files attached... will update them as we go... the two posted are drawing different Level Lines... we may not have the right code... Newdigital if you have a different version pls post and I will update it here... levelTrading2 file is a translation from the Russian Forum... "English" needs to be translated to English... -tks
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-more to come...