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Price-O-Meter - A binary options price action indicator

price action indicator mt4 price speed price acceleration volatility

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38 replies to this topic

#1 TwoOptions

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Posted 27 September 2016 - 04:14 AM

As my introduction to this forum, I would like to share a guide for a price action indicator that I originally designed and had developed for me by an extremely gifted coder and trader.

 

This price action indicator also works as a spot forex EA auto trader and is therefore very versatile.

 

Although this indicator can be used to trade all expiry periods for currencies, I use it for 60 second trades.

 

I hope a few people will find this indicator useful. If there is anything you think might improve it, I also welcome constructive feedback

 

Attached File  Price-O-Meter - A Binary Options Price Action Indicator.pdf   385.16KB   989 downloads

 

Charles

 

 


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#2 Deketch

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Posted 27 September 2016 - 04:24 AM

It seems good i 'll download. The update 2 is better?

#3 shaileshm

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Posted 27 September 2016 - 06:17 AM

where is the indicator?


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#4 Holbroom

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Posted 27 September 2016 - 06:22 AM

I get an error when trying to load this on MT4

 

 

2016.09.27 12:20:29.088 Expert PoMTrader_V3.5 EURUSD.sb,H1: removed

2016.09.27 12:20:29.088 PoMTrader_V3.5 EURUSD.sb,H1: uninit reason 8
2016.09.27 12:20:29.088 PoMTrader_V3.5 EURUSD.sb,H1: not initialized
2016.09.27 12:20:29.073 PoMTrader_V3.5 EURUSD.sb,H1: zero divide in 'PoMTrader_v2.5.mq4' (891,35)
 


#5 Holbroom

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Posted 27 September 2016 - 06:23 AM

where is the indicator?

http://www.stevehopw...php?f=96&t=4815on this thread

you have to register to view the files though



#6 TwoOptions

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Posted 27 September 2016 - 06:39 AM

I get an error when trying to load this on MT4

I think that is caused by not having full data history - run this script to force history download for all pairs

 

Attached File  ForceLoadHistoricalData_mod.mq4   7.68KB   174 downloads


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#7 Holbroom

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Posted 27 September 2016 - 06:50 AM

I think that is caused by not having full data history - run this script to force history download for all pairs

 

attachicon.gifForceLoadHistoricalData_mod.mq4

 

Ran that script:

 

 

2016.09.27 12:48:57.546 Script ForceLoadHistoricalData_mod EURUSD.sb,H1: removed

2016.09.27 12:48:57.546 ForceLoadHistoricalData_mod EURUSD.sb,H1: uninit reason 0
2016.09.27 12:48:57.546 ForceLoadHistoricalData_mod EURUSD.sb,H1: ForceLoadHistoricalData: failed: none
2016.09.27 12:48:57.546 ForceLoadHistoricalData_mod EURUSD.sb,H1: ForceLoadHistoricalData: successful: 
2016.09.27 12:48:57.546 ForceLoadHistoricalData_mod EURUSD.sb,H1: initialized
2016.09.27 12:48:57.531 ForceLoadHistoricalData_mod EURUSD.sb,H1 inputs: DebugMe=false; OnlyThisSymbol=; 
2016.09.27 12:48:55.456 Script ForceLoadHistoricalData_mod EURUSD.sb,H1: loaded successfully
 

 

Then tried to attach the EA

 

 

2016.09.27 12:49:45.741 Expert PoMTrader_V3.5 EURUSD.sb,H1: removed

2016.09.27 12:49:45.741 PoMTrader_V3.5 EURUSD.sb,H1: uninit reason 8
2016.09.27 12:49:45.741 PoMTrader_V3.5 EURUSD.sb,H1: not initialized
2016.09.27 12:49:45.726 PoMTrader_V3.5 EURUSD.sb,H1: zero divide in 'PoMTrader_v2.5.mq4' (891,35)
 


#8 TwoOptions

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Posted 27 September 2016 - 06:57 AM

Ran that script:

 

 

Then tried to attach the EA

OK  I see ForceLoadHistoricalData: failed: none - Go to Market watch and select show all then re-run the script - it takes a fair while to run successfully (so if it completes in seconds or minute or two it hasn't run correctly) - Maybe a coder can help out here ?

 

If this does not help please revisit where you got the code and post the same error data, I am sure someone there will be able to help. (Sorry I have very limited knowledge of MQL4 )


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#9 Holbroom

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Posted 27 September 2016 - 06:59 AM

OK  I see ForceLoadHistoricalData: failed: none - Go to Market watch and select show all then re-run the script - it takes a fair while to run successfully (so if it completes in seconds or minute or two it hasn't run correctly) - Maybe a coder can help out here ?

 

If this does not help please revisit where you got the code and post the same error data, I am sure someone there will be able to help. (Sorry I have very limited knowledge of MQL4 )

Thanks for your help, I'm going to try something else to see if it works.



#10 TwoOptions

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Posted 27 September 2016 - 12:23 PM

6Hz0vvM.png

 

Today the markets were pretty flat all day - very little volatility to allow consistent good signals for sustained moves up or down.

 

The average ATR's for the M15 and M30 TF's circled red also tell a story of low volatility -

 

On a price volatile day, by the time this pic was taken at 17 GMT, the M15 average ATR is double the figure circled in red above and the M30 is in the low to mid 20's.


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#11 guedezvaldo

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Posted 27 September 2016 - 03:05 PM

good template, just missing an alert when be green or red, if anyone know how to do this.



#12 TwoOptions

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Posted 27 September 2016 - 11:47 PM

good template, just missing an alert when be green or red, if anyone know how to do this.

There are reasons we don't have alerts for this indicator.

 

1) The reds and greens appear when a pairs movement is faster than would be expected measured against elapsed time. On volatile days you would have so many alerts you would be driven crazy if they had sound and if they were silent you wouldn't know which one to deal with.

2) This indicator is aimed at the 60 second expiry BO. If you need alerts to trade that short expiry time, it must mean you are not in front of your computer. You will probably miss most of these and therefore it is not really worth the effort of adding alerts.

 

Thanks


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#13 TwoOptions

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Posted 28 September 2016 - 12:11 AM

7o4j6CT.png

In the guide I haven't given a lot of good signals - so here is an example of what to look for

 

This was shot at 5 GMT. It shows PoM displaying a great environment for looking for 60 second BO trades. Here's why 

 

1) Notice the right hand chart - lots of greens, reds and greys everywhere. This is indicative of prices moving further than ATR and at faster speeds relative to elapsed time.

 

2) Notice the red circled average PoM values. These indicate that the average pair's price is moving faster than would normally be expected within the elapsed timne. 

 

These satisfy the first and necessary criteria for PoM signals - you must have a volatile general price environment.

 

Now look at the left hand chart

 

1) Only 1 white cell - PoM has determined the directional movement of all the pairs AND only the white one is moving slower than would be expected.

 

2) Time elapsed on M5 is 34% and the average PoM is 111 - super fast.

 

3) USD and JPY look weak (sells) on this TF as they are being sold at the bottom of the grid

 

4) look at the top of the grid and the EUR is being sold against GBP, AUD and CAD

 

5) Which trade do you want ? Choice is yours.

 

 


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#14 guedezvaldo

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Posted 28 September 2016 - 07:22 AM

sorry, but do not understand how to help me in the trades of 1 minute until now, when I say the alert to when is GREEN OR RED, not DARK GREEN and RED DARK.



#15 TwoOptions

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Posted 28 September 2016 - 08:28 AM

sorry, but do not understand how to help me in the trades of 1 minute until now, when I say the alert to when is GREEN OR RED, not DARK GREEN and RED DARK.

The dark colours represent fast moving prices for which PoM (The EA) has NOT placed a trade

The normal (light) colours represent fast moving prices for which PoM (The EA) HAS placed a trade.

 

It does NOT matter which shade of colour you are looking at because you are NOT using PoM as a trader - you are using it as an indicator and should therefore switch the trading variable in the setfile to false if you downloaded the EA. 

 

If you downloaded the indicator and not the EA then there is no trading variable and you can use it as it is out of the box (OOTB).

 

The colours ONLY alert you to fast moving prices relative to elapsed time - Green moving fast in a long (Call) direction - Red moving fast in a short (Put) direction.


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#16 donorsi

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Posted 28 September 2016 - 09:21 AM

Any chance to post the indicator here so we don't have to register to yet another forum?! That would be interesting to test...



#17 TwoOptions

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Posted 28 September 2016 - 09:47 AM

Any chance to post the indicator here so we don't have to register to yet another forum?! That would be interesting to test...

Sorry but I and the coder have IPR to this indicator and EA and we only offer it for free on the other site for reasons that need not detain us here - It wont take long to signup and download the indi and who knows you might spot a few other things of interest there. 


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#18 TwoOptions

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Posted 28 September 2016 - 09:52 AM

I will be posting an alternative 60 second strategy to the one in the posted guide here next week. For those keen readers amongst you I have already suggested the basis for that alternative strategy in the guide and in my earlier posts above. 

 

That alternative makes PoM signals useable whatever the state of market in terms of volatility.

 

Thanks


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#19 guedezvaldo

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Posted 28 September 2016 - 10:56 AM

 
 
I still do not understand when I give my entries? the alert could be set for when the autotrade conditions are met.


#20 TwoOptions

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Posted 28 September 2016 - 01:42 PM

 

 
 
 
 
I still do not understand when I give my entries? the alert could be set for when the autotrade conditions are met.

 

The user guide tells you exactly when to place your order for a 60 second expiry based on the M5 TF. The details are towards the end.


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