Short Term Momentum Trading
This software component for MetaTrader 4 is built to enhance the capabilities of your trading environment. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Short Term Momentum Trading
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
I am trying to create an alert based upon 5 rules that I use to manually trade each day. Below are the rules to trade and following is the script that I have so far.
Here's what I got... This is designed for Short Term Momentum Trading, and if you are willing to put in the butt-time in your seat, you will enter winning trades up to 90% of the time; however, you must be willing to follow the rules and not get emotional. Please don't ask me about profit targets or programming a fully functional EA; if I could do that, I'd be a millionaire and I wouldn't be here looking for assistance. So, don't ask; I don't have answers that you're looking for. PS - Yes I realize that these rules are REALLY lagging - I just want to catch part of a trend. I'm not greedy.
Anyway...
Indicators:
3 LWMA
13 LWMA
Laguerre Filter - gamma 0.85 (determines monentum / trend)
ADX (with +DI and -DI)
CCI
Alert Rules (BUY):
3 LWMA crosses above 13 LWMA ...and 1a) 3 LWMA was BELOW 13 LWMA 1 period before
Candlestick opens ABOVE Laguerre Filter (gamma 0.85)
+DI crosses ABOVE -DI
+DI crosses ABOVE 20 Level
CCI crosses ABOVE 100 Level
Alert Rules (SELL):
3 LWMA crosses below 13 LWMA
3 LWMA was ABOVE 13 LWMA 1 period before
Candlestick opens BELOW Laguerre Filter (gamma 0.85)
-DI crosses ABOVE +DI
-DI crosses ABOVE 20 Level
CCI crosses BELOW -100 Level
Obviously, not all rules are going to hit at the same time. Once all indicator rules line up, I'd like:
an visual marker below entry candlestick on the screen (arrow, star, whatever..),
a pop-up alert window displaying currency, time-frame, entry level and time-stamp, and...
Obviously, in the above picture the signals are not exact - I am just trying to give a visual representation of how I trade. Signal 3 is wrong as the +DI hasen't crossed the 20 threshold. Signal 5 occurs 1 - 2 candlestick later than I marked. I probably could have found a better chart as an example.
My problem is twofold. One - it just doesn't function correctly. It's programmed as I requested, however the results are way off from what my indicators are telling me visually. Two - The alert works with a BUY signal,; however the alert does not work with a SELL signal.
I have two concerns that I'm hoping that you can address.
I run this on a 5 minute chart. I'd like to make sure that it only gives one alert - not one each time a new candlestick opens.
...however, if we are in a trending market, the LWMAs can cross with the trend several times. I WOULD like an alert each time the all of the rules line up. If the LWMAs cross with the trend (signal 5) than the LWMAs are the only indicator that I care about. Ignore the remaining rules when going with the momentum.
Is there a talented programmer out there that can assist me in finishing this alert? You would make my life so much easier and my broker so much happier!!!
Thanks in advance for any assistance that you can offer. I greatly appreciate any comments or coding that you can provide.
Chris C Berg -
