Suggestion for best indicator to be used for trade and why - page 2
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I think they are a surface nuisance.
The fact that people are suggesting strategy's in stead of indicators should tell you something.
You may be walking a dead end.
Now you tell me what are you looking for ?
Because i do not understand this, someone provides all you ever need, and you want something else, what are you looking for ?
I have certain equations which I guess certain indicator or combination may satisfy. Which is what I think. Hence, I wanted to know what indicators people used most often.
The top 10 what you think can be helpful.
Even 5 would do.
I am willing to know the names of the indicator apart from the general indicators. Something which are derived indicators.
This question was asked two days ago.
Have you not seen the topic ?
There was even a poll.
Here: https://www.mql5.com/en/forum/279218
My answer is as always, zero, none, nada,
But maybe someone else has success with them.
This question was asked two days ago.
Have you not seen the topic ?
There was even a poll.
Dear moderator, thank you for the reply and sharing information. But what kinda a poll? I wanted to know the names. I already do not have some. Then how I can go to poll for a check?
Please let me know some names from your side if you used any.
I do not sorry.
Thank you for your answer.
I have certain equations which I guess certain indicator or combination may satisfy. Which is what I think. Hence, I wanted to know what indicators people used most often.
The top 10 what you think can be helpful.
Even 5 would do.
I am willing to know the names of the indicator apart from the general indicators. Something which are derived indicators.
Your question makes no sense at all. Instead of being in a trial-and-error Mode, go back to the drawing board and start asking WHAT EXACTLY do you need, i.e., a Momentum indicador, or an Impulse indicator, or a Price Action indicator, or a Volatility indicator, etc... etc... etc... Or, NO indicator at all... Why an indicator in the first place?
Asking this type of question will lead you to a dead end as stated here before...
;)
Thank you for your reply again. Please do not tell me what I have to be or what I should be or what I should say or do. I know you are thinking I am a newbie and from my profile you assumed that "Trade Analyst" title is for show.
Please do not misinterpret anything unless you know the reality. Secondly, the question that I have asked here is not for the usage of mine. I have different concept altogether. I will reveal when it will be the right time.
Well, regarding the question that I have asked is for my own knowledge purpose what people are trying right now. Most of the time I have found people using indicators. Hence, thought of asking suggestion what they are purposely or non- purposely using the indicators for.
Its like a survey kinda stuff what I am attempting and asking people to contribute so that I will know. Then it will be an awesome stuff to tell regarding what I am attempting. But here I guess people just want to blame or sell there stuff instead of answering what is needed. What I expected is none here in the answers.
I appreciate the replies of the people here as they have given there precious time for replying to my thread. But I must also tell everyone that they have spent time for nothing. Even I didn't got what I was expecting and still looking for the genuine answers from the traders or the coders here.
Please everyone, read my question and if you have answers I would be gratified and will express my gratitude for the help.
I again want to explain that please let me know what you think regarding the usage of indicators and what indicators would you like to suggest if someone asks.
Bill Williams' Fractals and Alligator, MetaTraders have them both built-in.
You need to read the book how to use them though.
Hello Jaffer and Everyone,
It is really interesting to read this tread.
It is a case study of how people are communicating while not paying attention to every detail and then of course there is a lot of misinterpretation.
I think this is the sickness of this century (I mean it is more common today than ever before...)
So back to topic...
When it comes to the Indicators I just study them for the fun.
I want to know who created it, what was his or her background, what was the idea, when was it created, did the author made a fortune with it, how is it calculated and why is it calculated that way, etc.
I understand you are waiting for names (maybe I will write a few)...
I can trade with any Indicator and I can build a profitable strategy around it. Actually I like playing with this to see if I can master this or that Indicator. I can see people don't go deep with Indicators, just keep scratching the surface. But if somebody becomes profitable with trading and is able to build profitable strategies it is obvious that profit doesn't come from the Indicators.
Novice traders (I consider myself still a novice with little wisdom) pay attention too much about entry logic when actually profit comes from trade management (including money management).
So Fernando spoke from experience and I agree, no Indicator is superior to another, it's a tool. Its like looking for a knife for carving wood. Its not the knife but who is carving with it which will bring an art to life. They are all good for something.
I can say tho which Indicators I like.
So these are: ADX, ATR, BB, RSI, Moving Averages, I really like the Ichimoku and the story behind. Let's say these are my favorites.
All Indicators have the same mission that is to identify a trend (and its strength) or reversals. There are a few that can help predicting price moves but as I heard somewhere:
"How do you want to bet on what's the temperature outside when you have a broken thermometer?" So I don't want to predict, I just deal with probabilities and the rest is managing numbers.
Then comes the story about what settings should I use in this Indicators. That is almost pointless because it is how they are combined and built into a system.
Eg. RSI 14 on M1 time frame will lie a lot. Without looking into other details its not saying much. (Eg. checking the price on higher time frames, looking for confluence, etc.)
An Indicator setting is also based on profit target, what move I want to catch and for how long, with what frequency I want to do it.
Alright, hope I could contribute to your topic,
wish you good time with it.
(I would be glad actually if traders, coders would share honest opinions about it... but I guess its not exciting enough because as I said profit is not coming from the Indicators, that's only the tip of the iceberg.)
I like to write my own indicators.
I see them as visualization tools.
I can see past price data in different way. I can apply mathematical constructs, like averages, medians, and stddev.
Indicators let me pull information from different time frames and different currency pairs.
This helps me when I think about strategies. It helps me to really understand what's going on with time series data.
All indicators work, assuming they are coded correctly. By "work" I mean that they show past price data in a different format.
So the "best indicator," in my opinion, is the one you write yourself.