Cykoh85, i have not tried it much on 1hr bcos i am not really comfortable with 1hr trading but i usually set my 1hr chart to STS18 . your second question on charts confuse me.
The basic idea here is that; i have 2 different 4hrs chart. on the first chat i use ‘supertrend signal indicator with setting 8’ while on the second 4hr chart, i use ‘supertrend signal indicator with settings 18’. every other thing that is RSI, and 10EMA are thesame on the two charts.
remember that this trades are for 1chart only ie “STS 8”
NOTE: BASIC RULES TO MANAGE YOUR POSITION
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close any position when price closes below 10ema.
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if you get more that 1.5 of your risk, move your stoploss to break-even.
please i still get complains of people not seeing my STS indicator so i am still looking for a technical guru to help and extract it from the other indicators, and if your have any suggestion on the system, i will appreciate. takia
this is the confusion man… setting 8 and setting 18, how are they set? i have set up STS on ma platform but cant see any setting 8 or setting 18 on d indicator properties.
Hi, gerrylint, thank you for your reply. I understand now. Are u mean change the STS value, right? inside the STS properties "inputs right? so have to change all the value to “8” or “18” right? anyway, thanks, appreciated.
Hi, i think that on d STS properties “input”, e.g. M1_CCI period, M5_CCI period, M15_CCI period etc…change all the original value “14” to “8” and “18”. please correct me if i am wrong…
Attached is the indicator you are talking about. I just copied it out of your zip file and re-zipped it, so nothing technical. I suggest you edit and attach it to your first post, to make it easier to anyone new to the thread.
SuperTrend-signals.zip (6.08 KB)
Once extracted, copy the files into your \Metatrader installation\experts\indicators\ folder.
Note that this is really nothing more than a CCI indicator.
The important lines of code are:
cciTrendNow=iCCI(NULL, 0, cciPeriod, PRICE_TYPICAL, i) + 70;
and
if (cciTrendNow > 0)
{
...
}
else if (cciTrendNow < 0)
{
...
}
So it is basically just looking at the CCI as it crosses the zero line, then plots green for above zero and red for below zero. Actually it is doing a little bit more than that to allow it to be drawn on the chart, rather than as a separate indicator and to smooth it out a little, but basically just a zero line cross!
Note that I have no idea why the original author chose to add 70 to the cci value, it appears to me to be a rather arbitary choice, but there we go…
No. You just need to change the value for [B][I]TrendCCI_Period[/I][/B] (and leave the value for [I]Automatic_Timeframe_setting[/I] set to false).
All those other values are used when the Automatic_Timeframe_setting is set to true. This automatic setting thing is intended so that you modify the code to specify different values for the CCI period, depending on the timeframe you want to use. Then, whenever you use the indicator it will always set it to your preferred CCI period depending on the selected timeframe. Clearly a feature the original author wanted for himself, but it is completely redundant here.
This may also be the "BYCOV TREND indicater which is on MT5 not sure about MT4 as I dont use it,its the cci but with nice coloured arrows instead,some one correct me if im wrong though ,but know it corisponds with the move over zero that jedster speaks of{of cci that is)jedster spoke of this in his previous post
THATS JUST AWESOME, thanks very much ,i will try and add it to my first post .
sorry, for the confusion,here is how it works:
on your first 4hr chart
go to the properties of your indicator and click on inputs and change the settings of “TRENDCCI period” to
8 ( leave the automatic time frame settings on “false”.
on your second 4hr chart,
go to properties and change “TRENDCCI_period” settings to 18, since i dont trade other time frames, i just AUTOMATIC SETTINGS TO FALSE. Hope that clears you. tanks
Hi gerrylint, congrats on your system. Seems simple to follow and thank you for sharing. I have a question: Assuming you have a short position, the signalchanged from red to green but price still closes below 10EMA, do you close thisposition as soon as the signal change color or do you wait until price closesabove 10EMA?
Hi, Gerrylint and Jedster. Thank you so much for the info.;)…God bless you all.
I WAIT UNTILL PRICE CLOSES ABOVE 10EMA. infact sometimes i give an extra 15pips gap between price close and my stoploss. hp that clears u.
Thank you gerrylint for the clarification. I find your system suits my trading style. Here is another question: Assuming you have a long position then you closed it because the price closed below 10EMA. But the immediate next bar rebound up and price closes above 10EMA and RSI>50. All these times the signal(STS) did not change color and remain green. In this case, do you re-enter? If yes, what are your rules on re-entry?
may i know how to determine the profit limit?
i have notice the situation ( i have notice that as a sign for price ranging, so prefer to stay out), i am still trying to work out on how to deal with it. i would really appreciate suggestions. one way to counter such a position is that if i have not gain at least 1:1, i dont touch my position even if it close below 10ema. on the other hand, if i have gotten upto 1:1 before price retrace, i try not to re-enter.
i use an abitary 3:1 but i also take note of significant resistant lines if they fall after 1:2 i can take profits .
Note that, that is only for profit taking , otherwise i just follow my system weither loss or gain. merry x-mas
TQ for your reply. Blessed Christmas to you too!
How would you determine the significant resistsant lines?
hi Sechee, hw was your holiday( i am still beating my self after missing out on a buy trade on E/J bcos i didnt follow my system “can you believe that?”) i determine [I][U]significant res/supp line[/U][/I] by using the daily trend only, but as i said earlier it only applies to profit taking and does not affect my entry. takia
Hi Gerry, I am Tom from England, firstly, thanks for ur kind insight into STS, I have been trading for a few months, after a friend took me through the basics on a formal training programme insight into Forex for several months, it cost a small fortune !!! I know a lot now, but still not really using technical analyses or systems to guide my trading, although I know how to, and have researched a lot, and been a bit frustrated as cannot allocate time during the day to trade, only the evening in UK, and the markets are sluggish at that time, so I read with interest a report on ur system and I downloaded the supersignal and incorporated as an indicator, configured my MT4 to show MA 10 and RSI to 50. Can I ask you a few questions ? 1. Using the 4 hour chart it means u have to look at the chart every 4 hours to see what is happening ??? Do you set a limit stop on profits ?? or wait to see the MA 10 being broken every 4 hours either direction ?? 2. What is the reasoning behind using 8 or 18 indicators on the STS, I guess what I am asking is, what does 8 and 18 mean, and what is the RSI ? I am asking this cos I just interested to understand why ur system works. 3. Can the STS be used on all currencies ? Please accept my apologies for this extended email. I will start to use the system on Monday and let u know how I get on. Kind regards. Tom