I actually have something that may be released soon.
The problem I see is that the signals and where profit and stops are placed are not objective, and hence make it near on impossible to make what we do into an indicator.
[B]This is exactly my point.[/B]:60: And it goes beyond just an indicator, but the whole aspect of defining a trading system; see below.
How do you tell an indicator that the support or resistance is strong enough to trade from? Or when trading with the trend price has reached enough of a pull-back or it’s a strong enough trend?
I understand you could make an indicator to fit the just the signals ie it could tell you a pin bar criterea has been met etc but it is all the other confluences that makes a trade either playable or not that an indicator does not show.
Not all trade signals are created equal and not all trade signals are good to trade. Once a trader has traded for long enough and experienced enough setups they bein to know their method inside out.
In order to define/duplicate a method, system, etc, there must be core components of that method that are clearly defined. You cannot toss a bunch of engine parts together and then call the pile a car; the parts have to be put in a certain sequence so that it can run properly every time. A trading system works exactly the same way. There has to be step-by-step method of signal detection, entry, and exit. If there are no exact steps, how exactly do you trade it? How can you teach it to someone else?
There may be certain parameters that can be adjusted (subjective), but each adjustment has a justification that can be explained. It doesn’t have to be one indicator, but could be a bunch of mini-indicators, or “if-then” statements, each specifying what to do if a certain market condition occurs. Just like a car has different gauges to tell you what’s going on in and around the car, the indicators just keep an eye on the different market conditions your looking for. And when a condition, or series of conditions have been met, you get an alert, or can provide additional instruction.
Lastly why the need for an indicator? Why can’t you just check your charts once or twice a day to place and manage trades? if you are going to be doing that with your indicator anyway why the need at all?
Safe trading and all the success,
Johnathon
The indicator/script/ea simplifies this process of entry and/or exit detection, so you can focus on managing the overall process. Sure you could study charts all day long if that is your personal passion. But especially when the rules are so subjective, this would be very tricky to accomplish in just a few minutes every day. And trade management would be very difficult to manage.
