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Beginner Questions
4634

Thank you for your insight into this matter, Ken. :slight_smile:

However, I am now working on a much superior approach.

The PSAR as a rule, gives a very generous trailing stop loss - too generous. :eek:
Yes, there are times, like in the above example, where the PSAR works perfectly as a trailing stop loss.

My new approach is aimed at giving a very tight stoploss and a much better exit than the PSAR can ever give.

[B]The best news is that I am making progress and feel confident about the success of the outcome!! [/B] :slight_smile: :smiley:

4635

As I said to Graviton at chatā€¦

just be sure that when I can afford it with my Forex gains, and I will someday, itā€™s being sent to both your adresses for the constant work and disinterested teaching, an ā€œIberian ham from acorn-fed pigsā€.

Yes thatā€™s the best way I could translate itā€¦ but with only words itā€™s impossible to grasp the bouquet of what Iā€™m referring to! :smiley:

Regards and thank you Ken for your help with the programming, it has much merit!

4636

Thank you Aserat.

I donā€™t know if you are speaking literally here. :smiley:

But as it is, I am of Messianic Jewish faith and eat kosher foods only!! :stuck_out_tongue:

But thank you for the offer anyway!!

4637

Hey guys,

Iā€™ve just found a spot of free time to share with you guys Tymenā€™s latest indicator - the ExitMeter.

I hope this will be useful to MT4 users everywhere.

Exitmeter.zip (774 Bytes)

4638

Great stuff [B]IronHeart[/B]!! :slight_smile:

But a better method is on its way - a trailing stoploss complete with quality exit point. :slight_smile: :smiley: :wink:

4639

I await your latest work with great anticipation.

Itā€™s a great joy coding these indicators!

4640

Thanks tymen, ironheart and ken for your consistent hardwork to help out fellow members like us with simply no prgramming background!

Itā€™s appreciated, just so that you know :slight_smile:

4641

Iā€™m very excited about this development work. As weā€™ve discussed before in chat, an optimal exit method must be the hardest thing to create in trading. There really hasnā€™t ever been much improvement over the PSAR. Iā€™m sure there must be a lot of undiscovered territory there. Itā€™s only after someone has tried to do this and seen firsthand how difficult it is, that they can appreciate the challenge you are taking on here. I salute your courage and wish you well in this endeavor.

4642

Thank you for your very kind and insightful words, [B]Graviton[/B]. :slight_smile: :slight_smile: :slight_smile:
You clearly understand what is involved in this work.

[B]I now have very good news for everyone!! [/B] :smiley:

I have developed two, yes two, not one, indicator that sets a very tight stoploss without giving an exit until the price action has gone a very long way [U]to give one of the best exits possible.[/U]

[U]After extensive testing,[/U] I have found that the two indicators beat the PSAR hands down.

[U]The same extensive testing[/U] has shown that the two methods, A and B, are on equal par with each other.
That is, they are like two closely matched football teams.

50% of the time indicator A gets the best exit.
And the other 50% of the time, indicator B gets the best exit.
The differences are small, but nevertheless one always beats the other.

[B]In all cases, the exits are very high quality.[/B]

The beauty of these indicators is that their programs are very simple, in fact [U]indicator B has a program of only one line!![/U]

Because of their simplicity, [U]I am going to amalgamate them into one[/U] and use a few [B]ā€œif, thenā€ ā€œ< >ā€ functions[/B] to allow the computer to calculate both indicators, and by comparing them, [U]only[/U] [U]draw the one[/U] that gives the best exit.

I hope to sort that out soon and then we can dispense with all of the other indicators.

I think that readers will be suitably pleased with the result.

4643

This gets the creative juices flowing!
:stuck_out_tongue:

Looking forward to seeing this PSAR beating indicator!

GO tymen! :smiley:

4644

The best is that I have done all the work myself. :slight_smile:

Although [B]Ken DoubleU [/B]did not contribute to this, he has been teaching me behind the scenes with our exchanging of personal emails.

[B]And for that I give him very great credit[/B] - he takes his time and really goes to great lengths to explain the programming in detail so that you can be sure to understand what he is saying!! :slight_smile:

Ken is away for 2 weeks in London and is unavailable to help me just now.

But I hope that I can manage the amalgamation work on my own. :o :wink:

4645

If you need help we dentists know everything that is needed about amalgams :smiley:

Just kidding, programming is not my area :o

4646

Heew, 2 weeks on vacation and now i have like 20 pages of new stuff in front of me. :smiley:
Do you guys ever sleep?

4647

Nope!! :smiley: :stuck_out_tongue: :smiley: :stuck_out_tongue:

4648

Hey Tymen

Iā€™ve been very busy with my real job the past 8 or 9 weeks and have been unable to trade or keep up with all the spin off threads from this one. I took a vacation this week and am getting caught up on all my readingā€¦There is quite a lot of new stuff out there.

I saw you have posted on a couple of the trade journals of your ā€œstudentsā€.
I think it is a really nice thing for you to do, helping out your students and giving feedback like that. When I came across those recent posts I just had to comment about it. I think that is the sign of a true teacher. Keep up the great work

Jack

4649

Good to see you back, [B]Jack B PIP[/B]!! :slight_smile: :slight_smile: :slight_smile:

Learn much, as always!!

Remember to vist our chatroom which operates 24/7, now with some 200 members, according to [B]Merchantprince[/B]ā€¦

Bollinger Band DNA - FOREX Trading using the Tymen Bollinger Band Strategy

4650

Progress on developing the BB Profit Walk trailing stoploss + exit indicator is excellent. :cool:

I have now finished all the theory and am programming it. :slight_smile:

This is quite tricky and I do not have the luxury of the assistance of [B]Ken [/B][B]DoubleU [/B]right now.

But that will sharpen and teach me more programming skills. :stuck_out_tongue:
Bear with me as I write the program. :slight_smile:

4651

I know I speak for everyone in the BB DNA community when I say we are on the edge of our seats to see if you have cracked this ideal stop loss feature for profit walks.

4653

To [B]Merchantprince [/B]:

Yes I have found the ideal stoploss feature!!

It beats the pants off the PSAR - in fact, in both the areas of tight stoploss and better exits, if make the PSAR look positively useless. :stuck_out_tongue: :wink:

But now to program it!! :eek:

4654

[B]YES!![/B] :slight_smile: :slight_smile:

I have it!!
I have successfully programmed the trailing stoploss + exit indicator!!

I will now post the code.
This indicator is for the [B]BB Profit Walk method [/B]which enters and exits on the BB bubbles and sausages for maximum profit in minimum time.

[B]This indicator is a tight trailing stoploss that gives a very high quality exit.[/B]

It is vastly superior to the PSAR in 3 regardsā€¦

[ol]
[li]The trailing stop loss is so much tighter.
[/li][li]The exit point is far superor
[/li][li]There is no inversion to worry about.
[/li][/ol]

The code is in the next post.
I will give chart examples of how it works in the posts following.