Consecutive Candles Williams %R and Volume vs. 55EMA Baseline (Consecutive Candles Williams %R and Volu)
Below are updated versions of the Continuous Candles indicator, the Volume and Volatility indicator, and the Jurik Kijun Slope indicator. These are required to run the EA.
First of all I would like to thank Paspa for this idea, Wolf300 and Bingfan for their collaboration on the Continuous Candles indicator (found here https://www.forexfactory.com/showthread.php?t=908563) and Jimmy for the Volatility/Volume indicator. Special thanks to VP from No Bullshit FX for his ideas as well as the video and blog series. https://nononsenseforex.com/
This post will be used for future updates... and will explain the premise behind this thread.
Please don't post irrelevant information, we need this information to stay on track and easy to follow.
The system consists of the Continuous Candles indicator for 2 confirmations.
Then comes the second confirmation indicator.
There is a baseline for further filtering.
Finally there is the volume/volatility indicator.
direction;
For the trade, we first need Williams %R to go above the -20 line or below the -80 line.
Then we need the continuous candle index. Print an arrow in the direction we want (if we are below the -80 line we look for an up arrow, above the -20 line we look for a down arrow).
Then we need India. Print candles with dots (preferably close below/above the arrow candle).
For this to be an effective signal we need three things.
1/ Williams% TO is now moving below the -20 line or above -80 .
2/ Williams % sell below the 55EMA (set as the first indicator data) or buy above the 55EMA .
3/ Volume/Volatility indicator is yellow or green (grey = no trading).
If all the above conditions are met, we can trade in the desired direction.
The chart below shows a buy and sell following all the rules mentioned above. Exit is at candle close when Williams%R crosses the opposite -20/-80 line.
The number in the yellow box is the pip value obtained in the corresponding trade.
SL is up to the user...I would only recommend using protective ones.
Pictured is 1 hour.
There are some nuances to the confirmation... If we receive a trade signal but the volume/volatility indicator is not aligned, we can still place the trade if another candle with the dot and volume are now aligned. As long as no opposite arrow appears, this is a valid signal. If that were the case, then we wouldn't be trading. We then have to wait for a full re-confirmation of all indicators. see below;
1/ Williams %R fell below the -80 line
2/ The transaction purchase is confirmed by all indis. But the volume bar is gray (no trades).
3/ Print out the opposite arrow... Now we wait for a brand new setup.
4-5/ A brand new buy is confirmed, but the volume is gray again (no trades).
6/ Another opposite arrow prints out... Now we wait for a completely new setup.
7-8/ Confirmed the new setup, this time the volume bar is yellow/green...so the buy trade was executed.
9/ Exit the trade after the close of the first bar with Williams %R above the -20 line.
Another nuance is that when the confirmation candle closes and Williams%R is already above/below the -20/-80 lines, there are no trades.
Williams %R is in MT4 with the oscillator set to 100.
Place the 55EMA on Williams%R and select "First Indicator Data" from the menu.
The continuous candle I use is V1-02 with the default settings. There are other versions on the Platform Technology Forum's "My Last Humble Request" thread.
This is the volume/volatility indicator.
This is the continuous candle indicator
The other 2 indicators are in MT4---Williams%R and 55EMA
Finally this is my template
I'll be posting some diagrams with examples in the next few posts. They will be centered on the XAUUSD 15 minute to daily chart. I will also be testing other XAU pairs on daily trades and WTI, but I will only chart the trades, not actually trade them.
chris
Added EA, thanks to reteid2222 (retina)
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