HiLo Indicator updated

The HiLo indicator has been updated. I delayed this post to test the correct behavior when plotting through the Sunday-Monday transition.

Besides of the H1 and H4 spins, I've added indicators for the MN1 and W1 timeframes.  Although these timeframes are included in the main indicator, I thought it would be useful to have them separately too.  I was considering to mash up all the timeframes options in one big indicator, but I think it is better to have them as independent tools.

There's no issue running these indicators together at the same time.

Tools updated

H_LastBar and H_000Lines have been updated.  They were compiled in the last version of MetaEditor (ver5 build 883) and the code has been improved as far as possible.  If there's a mistake or issue in the future, I will update accordingly.

Added a script complementary to the H_BreakEvenSL EA. It allows to clean past arrows and breakeven lines from closed trades.  Instead of deleting manually these elements, this script automate the process. Be aware that this tool delete ALL orphan arrows and BE_Line elements, so if you want to preserve past arrows , do not use it.

The HiLo indicator will probably be updated by tomorrow.

Update

Last february the Metatrader4 platform has been updated to build 600; this update included the MetaEditor 5 (build 883) as default.  Some of my indicators have not been acting as supposed to, so in the following days/weeks I will post updated/revised versions of all of them.

I assume this issue is some sort of migration conflict from the MetaEditor4 to the newer version, but this opportunity would allow me to review my code and improve upon it, making it more efficient and reducing the number of lines.

The indicator that I've been using the most lately is the H_ForexMarketHours, and it has had some issues with the plotting of the values; this was easily fixed when switching between timeframes in the chart where it's attached, but with the mentioned MT4 update, this indicator broke. Because of this, I'm updating it (from v1.03 to v1.04) which fixes all the issues.

One important aspect to consider is, the path where indicators are copied has also changed:

before   ../Program Files/mt4/experts/indicators/
after      ../Program Files/mt4/MQL4/indicators/

Any new indicator must be copied to the MQL4/indicators/ folder.  With the platform update, old indicators were migrated to version 5 and copied automatically to the new location. I'm planning to delete the old files to avoid misunderstandings.

This post is also a reminder of the daylight saving time change, so if you use my H_ForexMarketHours indicator, adjust the offsets accordingly.  You can verify any local times here or you could look for similar sites.  Google is also useful.

The updated version of H_ForexMarketHours is here, or you could visit the MT4 Tools page where you can find other useful stuff.

Small update H_ForexMarketHours

Added 'Clocks' feature that shows (if required) local time for the different zones.  This version should be error free but I'll keep testing it.  If there is an error with plotted labels or lines, just switch timeframes and every thing should be corrected.

Another tool

Added another tool to the MT4 section of the blog.  H_ForexMarketHours is an indicator that plots at the bottom of the chart the most common trading sessions (London, NY, Sydney and Tokyo).   Might be useful.

Small update of H_BreakEvenSL script

Added one more feature: PlotBE_level.  If this input is set to true, a horizontal line will be plotted at the break even level, that way you will know up to which level you should cheer the price for you to be risk free.  If price indeed reaches this level, the stop loss will be set at BE and the line will be deleted, whilst if price just hits your stop loss, the line will remain so you can see price not reaching your level.  In the last case, that line should be deleted manually.

I'm considering make the input values pips instead of points... maybe later. It's not relevant I believe.
.

A few changes

I re-organized the 'MT4 Tools' section and added one more script to the list (H_BreakEvenSL).  Added also a mirror for all the script links to Mega cyberlocker.  I think Mega is pretty awesome.
.

A different kind of chart...

.
Some people might relate to this.

http://goo.gl/jLrwg
.

Interesting article

 .
Be very careful...  The most important aspect regarding this business: risk management.

http://tinyurl.com/cj39cgx
.

Google at all time highs...

.
Interesting enough, at least for me, Google (GOOG) closed today at its all time high ($785.37) and it seems this isn't news.  How come... I'm wondering myself.  The mainstream media all the time hammers this kind of news over and over when suddenly the market (short after) falls; but this time it just went under the radar.

http://finviz.com/publish/020913/GOOGc1dl0000.png

After spending some time looking for any information regarding such achievement, I just found one news site acknowledging this:

http://www.businessinsider.com/google-stock-high-2013-2

Then, a more important (or rather relevant) news was Schmidt's decision of selling 42% of his stake in the company, but they acknowledge the all time high in mere two lines:

http://www.reuters.com/article/2013/02/09/google-schmidt-idUSL1N0B8F6N20130209?feedType=RSS&feedName=marketsNews&rpc=43

Maybe I'm not really familiar with fundamentals in stock trading, but...

Would it be a good time to go long?   There is no resistance levels ahead...

It will be interesting to see what happens with this stock in the following weeks.

Some humor (harsh languaje)

Note: All links are posted here in good faith, so the copyright belongs to the owners of the material.
.

Posts from now on...

.
Because of my change of thinking about the markets, I haven't seen the need of posting often.  Before, I was trying to predict or forecast the future, guessing where price might be rather than just follow the market.  Now I just follow the market.

I too have read in many places, a risk:reward ratio must be at least 1:3; that's rubbish.  Why limit yourself?

The most positive thing I reckon for this blog, and for my personal improvement, is to describe my views about areas of interest in the different charts I follow.

I haven't change though, I'm still a technical trader.  Fundamentals might move the market but charts don't lie.

Still thinking in a better way to present my ideas...
.

Back to small comments of charts

.
Due I have time now, I'll add a small comment in my posts, just as before.  Again I repeat, this blog represents my own personal view of the market and shouldn't been taken as trading advice.

The reader should also consider that I'm wrong in my views most of the time.
.

msft... decision time

Monthly

Weekly

.

Changing gears...

Dollar Index (DX)

Monthly

Weekly

Futures... Corn

Just watching...  cautious...

Weekly

Daily

.

gbpnzd

Weekly

Daily

.

cadchf

Weekly

Daily

.

euraud

Weekly

Daily

.

Ford ( F )

Weekly

Daily

.

PG

Weekly

Daily

.