Ask questions and post answers for this indicator - Discuss - collaborate - post charts and templates
28/05/2010 18:54:13
Tom Leeson
Administrator
Posts: 661
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Due to the current development drive with NT7 products, I have to go back at some point and provide this information.
1.The MicroTrendsScalper is do more losses than Wins; how do we improve it to make more Wins than Losses?
The indicator can be tuned or traded via the free strategy that comes with it.
Settings to suit to can be researched via the Strategy Analyzer - optimisation and research for your asset class.
Scalpers generally prefer: Tick Charts and Range Charts
You can use Fibonacci numbers for tick 21, 34, 55 …987 etc.
Round numbers for Range 5,10,15,20 etc
In terms of features I have plugged in directional bias so it will take trades according the directional bias settings – which can be explored
Directional bias 0 to 4, s
Signal mode – changes the rules so you can compare 3 bars closes, highs, lows or combinations
2. How do we use the figures that is plotted on the charts?
A new red dot means that a reversal sequence of 3 lower closes has occurred – when signal mode=0
A bar will be painted red on the first signal occurrence
Red dots will continue all the time the 3 bar close sequence occurs
A new Green dot means that a reversal sequence of 3 higher closes has occurred – when signal mode=0
A bar will be painted red on the first signal occurrence
Green dots will continue all the time the 3 bar close sequence occurs
It is a code port of the TTM Scalper – so it works on 3 bars that close lower for short and higher for long.
So you may find it will signal many times in a row just using the indicator.
It is up to you how you use the signals – it is indicating direction.
So you can reverse when it starts or when it stops.
3.What is the exit target point?
Can be a reverse signal, target or a stop on the strategy.
You can use a signal or a fib level, ohl, moving average of lows or highs etc… totally up to you.
The strategy version will use a reverse signal, stop or target as the exit.
You can put target=0 in the strategy so it will wait for reverse signals.
It is a code port of the TTM Scalper – so it works on 3 bars that close lower for short and higher for long.
I included as it was asked for I believe it can be useful to mark turning points in the market – used in conjunction with other rules.
Sorry for the lack of info—more to come soon with videos etc.
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MicroTrends tom
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