Adding custom Currency Strength Meter indicator

[l'andorrà]

@sauce I need to look at the bocks settings. The screenshot is not providing the required onfo. Could you please share the link of your new project?

[Sauce]

@l-andorrà absolutely, here is the latest version
https://fxdreema.com/shared/Ql3U2Xfic

[l'andorrà]

@sauce This is what I see

1. You created 2 groups, one for buys and one for sells. However, blocks 131 and 197 are both searching for buyns AND sells. You should limit block 131 for buys only and block 197 for sells only.

2. Why are you programming both pending orders at current price? The what you need is 'buy/sell now' blocks, not pending orders.

3. So many conditions to program an orders and just one to close them?

4. Blocks 128 and 223 are doing the same as per point 1 above. You should specify here again what it is expected to be closed.

[Sauce]

@l-andorrà Thanks for the insight!

1. Fixed to buy/sells only respectively
2. This was a mistake, thank you for finding it. Fixed now so that is an actual pending order below low of last candle
3. Idea is to only take the best trades (many entry conditions) and then let the trade work, if it's still pending and close is above/below 30EMA it closes pending orders. Otherwise it's hodl until stop or target hit.
4. Fixed to buy/sells only respectively.

Thanks for the proofreading, greatly appreciated!
Updated project: https://fxdreema.com/shared/I7JCba3Kb

[Sauce]

1. Correlational Condition
   Looking to make a correlational condition where other correlated pairs are also moving in that same direction.
   For example, I see a short setup on CADJPY. In order to take the trade I need to see M15: 18EMA<50EMA<200EMA on at least 3 other CAD/xxx pairs or 18EMA>50EMA>200EMA on xxx/CAD pairs. As long as these EMA alignments are occurring, the trade setup is valid.
   This tells me that this is an actual trending move on currency weakness and not just one pair moving on it's own. I've found my trades are more successful when there is a correlated move in a currency pair.

Thanks in advance for any help! https://fxdreema.com/shared/Sy4jZ6yle

[miki]

@sauce have you tested it on many years? I myself tried to create an ea based on Spearman correlation using it as hedging, but with no luck.

[Sauce]

@miki I've never heard of the Spearman correlation, but just researched it and it seems a little more intense than what I'm looking for to be honest. I just want to see if the CAD pairs as a whole are moving in the same direction which helps confirm a trade setup on a CAD pair in that direction.

[l'andorrà]

@sauce Then I suggest you use this block:

Here you can specify what symbols are to be checked. All those EMA conditions blocks should be connected BELOW this one (never above it).

[Sauce]

@l-andorrà thank you! I will add the blocks below. Is there a way to set a condition so only 3 out of 7 items are valid and it can still pass? Basically, all I need are at least 3 out of 7 pairs with 18EMA > 50EMA on M15.

[l'andorrà]

@sauce That is nore difficult to do. Are those 3 of 7 completely random? I mean can ANY combination of three conditions be selected from those 7?

[Sauce]

@l-andorrà Yes. I think it might be too much to ask honestly, it might need to be a custom indicator since there would be so many combinations.
Here's an example to get a better idea: we have a short setup on CADJPY and we want to see CAD weakness and JPY strength.
I will need to see any 3 valid pairs of the following: (any combination of 3 CAD or JPY pairs is valid)
CAD/--- pairs with 18EMA <50EMA<200EMA on M15 and H1
---/CAD pairs with 18EMA >50EMA >200EMA on M15 and H1
---/JPY pairs with 18EMA<50EMA<200EMA on M15 and H1
So for example if CAD/CHF is downtrending and AUD/JPY, NZD/JPY are uptrending then the condition is valid.

[l'andorrà]

@sauce Wow. Yeah, that is a hugh amount opf calculations. A custom indicator identifying weakness/strength should do all that work. Otherwise your EA can be a mosnter in terms of blocks necessary to be implemented.

[Sauce]

@l-andorrà Roger that, I have no idea how to build a custom indicator for that. I might have to get that coded by a professional instead via a currency strength meter...
Here is updated project without a correlation/currency strength meter yet: https://fxdreema.com/shared/YoBJDe8qd

Any advice on these other conditions I'm trying to create? Thanks!!

#1 Condition: The condition block(s) passes if these conditions (see image) have previously occurred since the last time the 18EMA, 50EMA crossed. (aka start of the recent trend) This is used as confirmation that price has previously bounced at this level and increases the odds of bouncing again. Essentially, this is the second time these conditions are happening in this recent trend.

#2 Condition: 6EMA < 18EMA within the last 10 bars (during the last 10 bars, the 6EMA was below the 18EMA) and vice versa for buy setup.

#3 Condition: High < 6EMA within the last 10 candles (during the last 10 candles, an m15 candle high was below the 6EMA and vice versa for buy setup using low/above).

Figured I'd put them all in one message rather than break this up into multiple messages/replies.
Thank you again for the help!

[l'andorrà]

@sauce If you are not a programmer (I'm not either) it is a wise decision hiring one to create that indicator.

On the other hand, are you sure all those conditions will create enough trades? I see you are filtering teh market a lot. Did you manually backtest this strategy before trying it on fxDreema?

[Sauce]

@l-andorrà I find I’m receiving too many false signals and want only the best setups. Hence why I’m so picky. This follows Adam Khoo’s TCE strategy (really an EMA bounce strategy) which is easily found on YouTube. I have traded this in the past successfully but don’t want to babysit charts a day, thus this EA is a very detailed scanner/alert system. Hope that helps!

[Sauce]

@miki @l-andorrà Finally figured out what @miki meant by this type of .CSV output file, haha. I'm looking to use H1, H4 timeframes with numbers that are >60 or <40 to filter only pairs that have a strong/weak correlation.

Example: Condition passes if a pair has H1: >60 and <40.
So only these pairs would pass: AUDJPY(65/37), CADJPY(78/37), CHFJPY(64/37), EURAUD(27/65), EURCAD(27/78), EURCHF(27/64), GBPAUD(28/65), GBPCAD(28/65), GBPCHF(28/64).

How would I create this condition in FXDreema? I did find these instructions below on how it can be integrated using a CSV file or using Global variables, but this is beyond my knowledge...

CSM indicator instructions: https://www.forexfactory.com/thread/852082-csm-indicator-hanover
Shared project link: https://fxdreema.com/shared/Ju6jYxVbe

Thanks for the help!

[l'andorrà]

@sauce I guess you will need a reting in a custom code block. Sadly this is something for real programmers, not me, sorry.

[miki]

@sauce with this custom code https://fxdreema.com/shared/s2gvJ1zF you can see all global variables name that indicator creates after set true "OutputGlobals" in indicator. After you find the name of the variable you are interested in, use conditin block to use it

[Sauce]

@miki thank you so much!!

1. Is there a way to set that condition so that it finds any variable >60 value on H1 timeframe?
2. How can I add on a 2nd condition for any variable <40 on H1 timeframe too?

Example, on H1 timeframe say AUD = 64 and JPY = 25, can we have that filter out a >60 condition (as above) AND a <40 condition for the other currency so that only pairs that have currencies with a >60 and a <40? Thus, AUDJPY would pass with 64/25 combo.

Another example using your screenshot above, it currently would only pass if EUR >60 on H4. I'm looking for a way to have it pass any pairs on H4 with a >60 and <40 pair.

Hope that makes sense! And thank you again so much!!

[miki]

@sauce the only thing that comes to mind, given the particularity of the indicator is something like this https://fxdreema.com/shared/jXQf9Zogd which will be replicated for every possible combination. A mammoth project .The problem with this indicator is find a valid symbol.