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Simple Correlation Indicator System

  • #121
  • Jun 11, 2016 9:14am Jun 11, 2016 9:14am
Quoting TooSlow
{quote} The coder shares. Shares the mq4 files, too. That's the source code. Only ask for you not to distribute. One person failing to respect this could ruin it for everyone.
Then maybe you should take it up with that "one person" through a PM. I want no part of this kind of pettiness in this thread - I can't control what other people post and share here. Move on, please.
Trade to Live - Don't Live to Trade
  • #122
  • Jun 11, 2016 9:19am Jun 11, 2016 9:19am
A quick update to those people interested in my efforts to have the correl8 indicator modified.

I have spent most of Friday in discussion with the programmer, sorting out the logic and functionality, what user inputs there will be and so on. I should have a working version by mid next week to test so I will keep you updated as things progress on that front.

Further to this, the programmer will be developing an EA for those who love to auto trade. I know I said that I didn't think an EA should be attempted out of this, but it seems the logic can be coded in such a way that it makes an EA possible, contrary to what I initially thought.

This is quite a way off of course, but for now I will just say that it will provide a comprehensive suite of features, including but not limited to: session trading time filter, news filter, a visual matrix showing currency strength alerts for all TF's, a nicely designed and fully functional trade manager, full user input flexibility to test out different settings for different currency pairs / TF's and much more.

I welcome people's input toward the development of this, through sharing their ideas and suggestions for what functions they would like to see added in.

Enjoy the rest of your weekend everyone.
Trade to Live - Don't Live to Trade
  • #123
  • Jun 11, 2016 11:11am Jun 11, 2016 11:11am
Quoting kirkleaforex
{quote} Then maybe you should take it up with that "one person" through a PM. I want no part of this kind of pettiness in this thread - I can't control what other people post and share here. Move on, please.
I did PM them.
I wanted to PM you, too.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #124
  • Jun 11, 2016 11:27pm Jun 11, 2016 11:27pm
Hi kirkleaforex,

Correlation is not Correllation. 1 L not 2 L.

I also interest in correlation thing so i want to add that:

You should let market guide you, unless you control this forex market (i believe you don't)

because i see you specify number 14 in period, 14 x M5 = 1 hours 10 minutes, 14 x H1 = 14 hours, what does it mean? what 14 important?

-> solution: make a auto-correlation script, it help you find a period, like i did

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 124 KB


You should choose pairs that matter most only

take a look at this: http://www.bloombergindices.com/currency/ (google Bloomberg Terminal if you don't know)

Watch how price react that correlation zone, not the price action itself.

because when you discover price correlation, you are late

there is a quote: Never trust the first price - from Agustin Silvani's book

When you lose, I'm the loudest who laugh at your face )
  • #125
  • Jun 11, 2016 11:59pm Jun 11, 2016 11:59pm
Another my correlation tool.

Explanation on price react
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 122 KB


Hope it helps
When you lose, I'm the loudest who laugh at your face )
  • #126
  • Jun 12, 2016 12:14am Jun 12, 2016 12:14am
Quoting Zelo
Another my correlation tool. Explanation on price react {image} Hope it helps
Well this is all rather interesting!

Thanks Zelo...I will look more into this...we are on a long weekend here in Australia - Public Holiday on Monday, so I will be busy doing personal stuff until late Monday here, but next week I will start looking what you have provided in earnest.

Do you have that script that you can share here, or is it something you paid for and cannot share? If you are able to share more on your system for the benefit of others here, please consider.

Many thanks for your contribution. I have a lot to learn from people like yourself. I am trying to keep this thread as simple as possible, but I am sure your ideas can find their way into the mix somehow!
Trade to Live - Don't Live to Trade
  • #127
  • Jun 13, 2016 2:50am Jun 13, 2016 2:50am
I installed all the various versions and modification, am still not getting the indicator right.

blanck screen, please help !!!
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDmH1.png Size: 95 KB
  • #128
  • Jun 13, 2016 3:00am Jun 13, 2016 3:00am
Quoting dbest
I installed all the various versions and modification, am still not getting the indicator right. blanck screen, please help !!! {image}
Only someone with coding knowledge can sort out this problem. I also have the same problem. Have also posted a couple of screen shots earlier but none of the suggestions worked out.
  • #129
  • Jun 13, 2016 4:03am Jun 13, 2016 4:03am
Quoting dbest
I installed all the various versions and modification, am still not getting the indicator right. blanck screen, please help !!! {image}
I agree with the last post...this is certainly beyond me. Some people have suggested changing the currency suffix. Do a quick search for the word "suffix" in this thread and follow the suggestions if you haven't already. Failing that, i would approach your broker support and ask them. Good luck with getting it sorted...and if you do manage to have it fixed, please share your findings here for the benefit of others here having the same problem.
Trade to Live - Don't Live to Trade
  • #130
  • Jun 16, 2016 3:31am Jun 16, 2016 3:31am
Quoting kirkleaforex
{quote} I agree with the last post...this is certainly beyond me. Some people have suggested changing the currency suffix. Do a quick search for the word "suffix" in this thread and follow the suggestions if you haven't already. Failing that, i would approach your broker support and ask them. Good luck with getting it sorted...and if you do manage to have it fixed, please share your findings here for the benefit of others here having the same problem.
Hi Kirk,

Great thread, looking forward to testing your ideas in demo and seeing how we can improve the indicator and functions.

Any updates either on your trading or the indicator/ea itself?

Thanks
  • #131
  • Jun 16, 2016 6:22am Jun 16, 2016 6:22am
Quoting Aftermath
{quote} Hi Kirk, Great thread, looking forward to testing your ideas in demo and seeing how we can improve the indicator and functions. Any updates either on your trading or the indicator/ea itself? Thanks
Hey Aftermath thanks for your comments and welcome to the thread. It is pretty quiet in here and I'm not helping much as i have been quite busy myself. Hoping to have my EA prototype tomorrow for testing but it is taking my guy longer than expected.I look forward to keeping everyone updated as soon as i know more...stay tuned.I have been playing around with TDI and Synergy Pro in conjunction with the correl8 indi and it is really promising. As much as i was trying to keep my strategy as simple as possible, sometimes currency strength doesn't tell the whole story. If you already have the Synergy Pro system in your arsenal, try adding to it. You may be pleased with the results. I am lookjng at scalping using the 1M and 5M when they agree.
Trade to Live - Don't Live to Trade
  • #132
  • Jun 16, 2016 12:16pm Jun 16, 2016 12:16pm
Quoting kirkleaforex
{quote} Hey Aftermath thanks for your comments and welcome to the thread. It is pretty quiet in here and I'm not helping much as i have been quite busy myself. Hoping to have my EA prototype tomorrow for testing but it is taking my guy longer than expected.I look forward to keeping everyone updated as soon as i know more...stay tuned.I have been playing around with TDI and Synergy Pro in conjunction with the correl8 indi and it is really promising. As much as i was trying to keep my strategy as simple as possible, sometimes currency strength doesn't...
Kirk:

I am surprised that this thread does not have more interest currently as what you have shown seems quite promising. I will give this a backtest on multiple time frames starting with the majors. I'm still wondering whether or not Non-USD crosses do not work as well as the USD ones.

Anecdotally it would seem to me that this might work better on lower TF as the divergence on the lower TF 5/15/1H will allow you to capture that "spike" earlier than you would if you're waiting on the daily although the daily would be more ideal if you cannot sit in front of your computer all day long. If this works well on a daily then a lot more currency pairs can come into play, if it is most efficient on a <1HR Timeframe, we do not need more than a few currency pairs to monitor. Nailing that down first will help focus where you want this to go.

It's interesting you mention TDI as it is one of the core indicators that I use and I was already thinking of somehow combining it with correl before you mentioned it here. Simple Stress Free TDI System or just the original TMS thread ideas combined with this could potentially provide even better signals.

Let me know if there is anything I can help with and please do not let this thread die, if you find that nobody else is interested PM me and I will gladly continue working on this with you in private if that pleases you.

Thank You
  • #133
  • Jun 16, 2016 12:18pm Jun 16, 2016 12:18pm
Quoting kirkleaforex
{quote} Hey Aftermath thanks for your comments and welcome to the thread. It is pretty quiet in here and I'm not helping much as i have been quite busy myself. Hoping to have my EA prototype tomorrow for testing but it is taking my guy longer than expected.I look forward to keeping everyone updated as soon as i know more...stay tuned.I have been playing around with TDI and Synergy Pro in conjunction with the correl8 indi and it is really promising. As much as i was trying to keep my strategy as simple as possible, sometimes currency strength doesn't...
Why do you need to add the TDI? Does your previous strategy of multiple time frames not work?
  • #134
  • Jun 16, 2016 2:08pm Jun 16, 2016 2:08pm
I agree with Aftermath, am surprised that this thread does not have more interest.
I'm using the Correl8b mod with the Daily chart and no other indicators to confuse
things. I use Synergy Average Price Bars, (similar to Heiken Ashi candles), look for
a move up, then a reversal with a change of candle color and the Correl8b mod
indicator to make the cross over to confirm the move down. Very simple.
  • #135
  • Jun 16, 2016 2:36pm Jun 16, 2016 2:36pm
Quoting Darryl
I agree with Aftermath, am surprised that this thread does not have more interest. I'm using the Correl8b mod with the Daily chart and no other indicators to confuse things. I use Synergy Average Price Bars, (similar to Heiken Ashi candles), look for a move up, then a reversal with a change of candle color and the Correl8b mod indicator to make the cross over to confirm the move down. Very simple.
That sounds really interesting. Can you show us some charts? What's your money management like i.e sl/tp and how much risked on a trade?
  • #136
  • Edited 4:56pm Jun 16, 2016 2:59pm | Edited 4:56pm
I'm a very simple trader, don't use a stop loss. Don't want to get stopped out.
Just patiently wait for the price to move down near my target. I hope the chart
I've posted helps. I'm not very good at teaching except for someone sitting next
to me infront of the monitor.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD - D1 Chart.png Size: 91 KB
  • #137
  • Jun 16, 2016 3:16pm Jun 16, 2016 3:16pm
You can solve the suffix problems here in the code. My suffix was "-ECN". After change, press Compile button.
Attached Images
  • #138
  • Jun 16, 2016 4:45pm Jun 16, 2016 4:45pm
Quoting Darryl
I'm a very simple trader, don't use a stop loss. Don't want to get stopped out. Just patiently wait for the price to move down near my target. I hope the chart I've posted helps. I'm not vey good at teaching except for someone sitting next to me infront of the monitor. {image}
Darryl, pls can you share your indicators and template. I am a day trader too. Thank you.
  • #139
  • Jun 16, 2016 4:53pm Jun 16, 2016 4:53pm
This is my current template and indicators.
Attached File(s)
File Type: ex4 correl8b mod.ex4   29 KB | 1,302 downloads
File Type: ex4 LVC_Detector.ex4   8 KB | 1,253 downloads
File Type: mq4 Magnified Market Price.mq4   1 KB | 1,115 downloads
File Type: ex4 Magnified Market Price.ex4   3 KB | 1,012 downloads
File Type: mq4 Synergy_APB2.mq4   2 KB | 1,250 downloads
File Type: ex4 Synergy_APB2.ex4   4 KB | 1,066 downloads
File Type: mq4 ATR in Pips 2.mq4   3 KB | 1,171 downloads
File Type: ex4 ATR in Pips 2.ex4   3 KB | 1,076 downloads
File Type: mq4 correl8b mod.mq4   17 KB | 1,496 downloads
File Type: tpl Synergy_APB2 - Large Bars and Correl8b mod.tpl   5 KB | 1,115 downloads
  • #140
  • Jun 16, 2016 8:26pm Jun 16, 2016 8:26pm
Quoting Ygr
{quote} Why do you need to add the TDI? Does your previous strategy of multiple time frames not work?
Hi Ygr. As this thread is continually evolving I am always seeking ways to improve my trading and therefore need to be flexible when choosing how to best arm myself for what can be a challenging game. If trading was easy, we would all be squillionaires; but I freely admit I am not one of the lucky 5% at the top!

I am constantly looking for ways to refine and increase my edge. I try not to use too many indicators as this can be counter-productive, but there are several that are my "go to" indis that I know are going to produce some results.

I see the correl indi as an exceptional tool on its' own on larger time frames, however for short term I am finding it needs to be paired with something else. Currency strength on it's own tells part of the story, but doesn't eliminate the problem of whipsaws and short-term "noise".

If somebody wants to use the correl8 indi as a scalping method, I suggest a multiple time frame 1M and 5M, even 5M and 15M, in combination with some of the Synergy Pro indis. I don't use the Synergy Pro Volatility indi; I use the correl8 in place of that. I find that the correl8 indi settings I use, i.e. enter trade at start of new candle once separation of the two line values >=52 is a great way to spot trade entries, and especially so when used in conjunction with the Synergy Pro TDI. A simple back-test will show this.

Sorry I know this was a rather "wordy" reply but I like to be thorough in my answers so everybody who reads clearly understands my method and motivation for doing things.
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