thread: Recent Strength indicator

Copied Present Strenght.ex4 to expert/indiors
Copied Presets--Recent strength.txt expert/files
Copied Build Power Saver file.mq4 to expert/scripts

Restarted Metatrader

Opened Navigation, specialist folder, indiors and draged recent strength.ex4 to chart. . .and nothing happens... =-LRB-
However when I put recent strength.ex4 within metatrader indior folder and then add it to chart it works. . .strangest thing ever.

Copied Present Strenght.ex4 into expert/indiors....strangest thing ever.

Agreed, that is strange. But happy that you've got it working.

This is just one powerful indior and a massive mind and work has gone into this.
The thresholds of 120, 50, 0, -15 have some meaning and mathematical formula behind it, or simply cosmetics?
What I mean is if line passes such as 50, does this imply its becoming stronger, or if line is near bottom at 0 in d1 or h4, likelihood of a reversal is higher? (like RSI, or CCI overbought or oversold).

Cheers!

The thresholds of 120, 50, 0, -15 have any meaning and mathematical formula behind it, or simply cosmetics? What I mean is when line passes like 50, does that imply its becoming more powerful, or if point is close bottom at 0 at d1 or h4, likelihood of a change is higher? (such as RSI, or CCI overbought or oversold).

The plots get re-scaled, which makes the values 0, 50, 100 etc, and also any crossovers of the lines, completely meaningless IMHO. Also (like the rest of the indiors) RS values have been calculated from historic data, which makes it a lagging indior. In the event the line is climbing it means a currency has been strengthening on that specific interval, relative to other currencies. If it is falling, the currency continues to be weakening. Whether this implies that the strength/weakness (opinion ) will last, or that the currency is currently overbought/oversold (and possibly a pullback, or a complete reversal, is now imminent), that is an appraisal that the trader must make, just as you must interpret the values produced by any other indior.

Markets are driven by a wide range of fundamental facets, and traders using a diversity of competing plans, and that price -- or indiors that are derived from price -- does is to show recent collective belief. To whatever extent TA isn't necessarily an effect of future price movement, its predictive value is restricted.

Hi Hanover,
Perhaps you have heard of EFC indior? Any help will be appreciated. Thank you Hanover

Have you ever heard of EFC indior?

I Googled EFC indior MT4 and instantly got a few hits. Looks like it's a commercial indior that finds a particular sort of RSI divergence pattern. Therefore it comes down to whether you would like to spend money to get this pattern automatically highlighted -- and also have it look on a dashboard-type scanner or whether you would like to search for it .

Hello Hanover,

Is it possible that you can add sound and push notifiion into the Recent Power Indior for any pair that struck 100 or 0?

thanks so much

Is it possible you could add sound and push notifiion to the Recent Power Indior for any pair that struck 100 or 0?

Sorry, but no. Some reasons:

1. The drive notifiion feature is available only in MQL4 build 600 , and now I do all of my coding in build 509.

2. When the plots reach 100/0, this signifies nothing important IMHO. All of the plots are re-scaled, and their values are also considerably influenced by whatever parameter configurations are used. That is explained further here: notice the GBP (red) plot in the first two screenshots, for example. It reaches 0 in the second picture, but has nowhere near it from the first. Nevertheless the only real difference was altering the BasePoint.

There are dozens of other strength indiors (see the links in green typeface in place #1 as a starting point), I assume that many of them would comprise alerts.

@

You have created a very good indior!

However there frequently occur spikes which look like some currencies are breaking right now or producing substantial moves.
But it's not real and the spikes will probably be adjusted in the very next second.
It is very bothersome.
I think that is a bug.

My settings:

TimeFrames: M5
NumPoints: D1

But there frequently occur spikes that look like a few currencies are breaking out right now or making significant moves. But it's not real and the spikes will be adjusted in the very next minute. It's very annoying. I believe that is a bug.

I'm not 100% sure, but I believe I understand why. Suppose the indior is attached into the EU M5 chart. When the very first price tick of a new EU M5 candle arrives, it might easily happen before the first tick of a new M5 candle arrives for all the currency pairs necessary to execute the calculation (if you're plotting power for the 8 major currencies, there are 28 pairs included ). Hence the calculation needs to operate with incomplete data to your new M5 price point, resulting in unpredictable consequences.

To go around this, you could try placing RefreshEveryXMins to 0, which will get the indior to update EVERY price tick, maybe slowing MT4 down, but it will create the indior to automatically recalculate and self-correct instantly the essential new data arrives. Hope this makes sense! I only tried it in my own personal computer as well as some other spikes often disappear within another two or three.

That's the best I can do, without revisiting some quite intricate code I haven't looked at for a number of years (and thus the risk of unintentionally introducing new bugs would be quite significant. I guess that a sensible fix would be to use the close price of the previous candle for a proxy, before the new candle begins to shape, for each required pair). But, I'm busy working on other projects right now, so I would not have the ability to check at this for a few weeks, in any case.

Additionally, there are a number of other power indiors available; see the green typeface in place #1 for links to some of these.