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Ejike Currency Basket

Ejike Currency Basket compiles and analyses foreign exchange currency strength and volatility dynamics for the 8 major currencies. Its data are formulated from market prices and volatility. ECB visually cross-references its own reports to generate high probability trade pairs, the build-up to which is interactive that the trader can easily assume the role of Analyst. Its 28-pair real time monitoring involves a constant comparison of its current to past data. On adjusting a parameter, it will change from a dashboard to an indicator used for trade entry and trade monitoring.

The advantages:

  • focus in trading
  • precision data presented in numerals
  • simplified real time data analyses
  • interactive application interface and
  • capacity to recall historic data without recourse to the Strategy Tester.

The use of this tool brings relaxed approach to FX trading, improves trader’s confidence, focus and the precision of his/her trading decisions. Past data analyses are made possible by the use of the Strategy Tester to regenerate past snapshots of reports or by simply adjusting ECBindex parameter.

How it works:

  • The robot computes, synchronizes and cross references the X, Y, Z, LS, SR, and RR sections reports and then publishes to the filters, LSSRX and "F", a summary of Strength, Weakness and Opportunity for Trade ("SWOT") in relevant currency pairs. Its suggestions are reliable.
  • The Trader observes, confirms and uses ECBmini indicator to enter and monitor trades. This is easy in practice.

Indicator parameters

The first four parameters in the list of parameters are:

  • ECBindex - the candle or bar index that determines the position from which the strength computation and analyses are performed.
  • ECB Mode: Dashboard - the mode of operation of the application, when the value is set to true the application is in the ECB dashboard mode but when set to false the application goes into the ECBmini indicator mode. The dashboard is use for analyses while the indicator is used for trade management. It is recommended that ECBmini indicator is used on time frames M15 and M30 if Strength Computation Timeframe parameter is set to D1.
  • Strength Computation Timeframe - The time frame for strength computation and analyses.
  • Enable Automatic Refresh - The value of true means that data are updated automatically.

Apart from those displayed externally, crucial parameters have been optimized and configured to work internally and thus do not require further configuration by way of external inputs. For access to most of ECB information the trader may click on buttons on the application interface. When the trader arrives at the decision to take a trade, the second parameter in the list of parameters, "ECB Mode: Dashboard", is to be set to false to switch to the ECBmini indicator that is included to help the trader to NOT jump into trades but to anticipate “sweet spots” or points of entry. Trading this way ensures we can apply the method repeatedly. The trader is to “Enable Auto Refresh” by setting the very parameter to true otherwise he/she has to hit “F” or “LSSRX” button to refresh data manually.

New and Experienced Traders

For the new/inexperienced or the trader who does not wish to task his/her mind further when trading, this tool was designed to be used at any level of experience. Therefore, selecting the pairs displayed in LSSRX or "F" for trading and following the simple entry rule may be sufficient. But, while an experienced trader already knows the power of a well formulated system of currency groups, a new trader has the potential to learn. That said a trader should combine the reports of "Y" and "Z" to reinforce those of "F" and LSSRX. He/she will find this an easy task, for the objective of ECB is to keep FX trading simple as well as profitable. "Y" report shows "resilience" in currency pairs while "Z" report shows alignment of absolute strengths (i.e the numbers in brackets) ordered left to right as "L", "S" and "R". The trader may use ECB as described in product description screenshots. These are useful because the examples therein were observed live on April 3, 2017, from 15:04 Alpari Standard3 Server Time to 18:41 same day and by extension from 18:41 to 04:15 next trading day. Do well to visit developer's blog on mql5.com for more and more examples. Happy trading.

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Yazarın diğer ürünleri
Forex Flow Equalizer is an indicator that helps to reduce 'noise' in forex price movements. Visit https://www.mql5.com/en/blogs/post/751167 for more detailed explanation. It is programmed to enhance traders' focus, and capacity to monitor or manage multiple instruments of interest on preferred timeframe without their minds being over loaded with data or information, thereby, saving them the mental strength for more important trading decision making. Range Mode: is for traders who like to trade
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Sürüm 2.0 2021.11.28
Changes that improve the workings and also makes the application more interactive have been made is areas such as:

1. Indicator Parameters:
(a) Two parameters - "Date Time Seek" and "Seek Strength to the nearest" have replaced the former "ECBindex" parameter bringing two new improvements. Now instead of using candle shift to find out past state of strength information, all the trader needs is to simply enter a datetime string. Secondly, the trader can now track past state of strength information down to the nearest time by configuring the "Seek Strength to the nearest" parameter.
(b) Another parameter "Hide Graph and Number data" enables trader to collapse the interface to display less information, please check this out.

2. The Interface:
(a) The filter "LS" which stood for LAST versus STAT (or end of LAST period state of strength data versus beginning of new period state of strength data) has become more current (or dynamic) in its operation. It is now "LR" standing for LAST versus REAL, comparing end of LAST period with current or real time data. The change improves forecast, it is no longer a static prediction as "LS" was used to being.
(b) The above change also means that filter "F" will now report alignment of "LR", "SR" and "RR" while the more restrictive (than "F") filter "LSSRX" becomes "LRSRX". Remember "X" is more restrictive than "RR".
(c) ECB now displays its computed data without the need to click on button "Z" as was the case with earlier version. Therefore, at a glance, the trader can view this information. But once the interface is collapsed, the trader can still display the information by clicking the then visible "Z".
(d) Graphical representation of the data is a new feature for those traders who are more graphic oriented. For each currency the bars are arranged from top down as LR, SR and RR, representing the numbers within brackets ordered from left to right.
(e) Lastly, for the purpose of confirmation when the trader is viewing past state of strength information, the date at the top right corner has now being enlarged to show the hour and minutes. It used to simply read the date in the earlier version in which the trader was only able to back track information accurate to the size of the "Strength Computation Timeframe" parameter configuration.