RB 800 | Forex Indicator Download – MT4/MT5 Resources | MT4/MT5 Download – MetaTrader 5 Resources
This is based on one of the systems Rob Booker talked about in this interview:
http://www.traderinterviews.com/free...cy-Trading.php
This is my understanding of the rules he described in the interview. If anyone thinks I'm missing something or have an issue please let me know.
----------------------------------------------------
This should be used for GBP/JPY on the 5 minute chart.
Use only these indicators:
800 SMA (black dotted line on chart)
62 EMA (red line in my chart)
200 SMA (blue line in my chart)
No trade can be placed until at least 500 bars have not touched the 800 SMA.
Once that condition is met, you will wait for the 62 EMA and the 200 SMA to cross, with the 62 EMA moving towards the 800 SMA. The crossover between the 62 EMA and the 800 SMA should be ignored.
When the crossover occurs, you will trade in the direction of the 800 SMA. So, if the 800 SMA is above the current price, you will enter a buy trade, and if the 800 SMA is below the current price, you will enter a sell trade.
Your take profit is 800 SMA. You should adjust your take profit when the 800 moving average moves.
Your sell trade stop is 20 pips higher than the high of the last 500 candles.
The stop loss on your buy trade is 20 pips below the low of the last 500 candles.
If the risk to reward ratio is 1:1 or better, take the trade, if not, ignore the trade.
----------------------------------------------------
To help visualize these rules, I created additional templates and custom indicators. The indicator places the number of bars since price hit the 800 SMA in the upper right corner of the chart window. It also places a text block at each valid 62/200 cross that contains reward/risk ratio, risk, reward, initial take profit, stop loss, bars since price hit the 800 SMA, and "buy"/"sell".
The indicator has the following settings:
minimum_bars_from_800 – Default is 500. All crossovers that occur when 800 is hit for fewer than this number of bars will be ignored by the indicator.
text_size – This setting may need to be adjusted depending on the zoom level.
Indicator_spacing – This is the number of points each line of text should be spaced apart from each other when displayed. This setting may need to be adjusted depending on the zoom level and the number of bits used by your version of MT.
stop_loss_from_last_x_bars – Default is 500. The recommended stop loss is calculated by taking the highest high or lowest low from the last x bars.
SL_distance_from_LL_or_HH – Default is 200. This number of points will be added or subtracted from the highest or lowest point to find the ultimate stop loss. This number needs to be adjusted based on the number of bits used in your version of MT. You may need to set it to 20 on your system.
The first chart shows a good trade and indicators. The second image shows what the text in the upper right corner will look like.
If you have any suggestions for improvements or you think I've missed something, please let me know.
http://www.traderinterviews.com/free...cy-Trading.php
This is my understanding of the rules he described in the interview. If anyone thinks I'm missing something or have an issue please let me know.
----------------------------------------------------
This should be used for GBP/JPY on the 5 minute chart.
Use only these indicators:
800 SMA (black dotted line on chart)
62 EMA (red line in my chart)
200 SMA (blue line in my chart)
No trade can be placed until at least 500 bars have not touched the 800 SMA.
Once that condition is met, you will wait for the 62 EMA and the 200 SMA to cross, with the 62 EMA moving towards the 800 SMA. The crossover between the 62 EMA and the 800 SMA should be ignored.
When the crossover occurs, you will trade in the direction of the 800 SMA. So, if the 800 SMA is above the current price, you will enter a buy trade, and if the 800 SMA is below the current price, you will enter a sell trade.
Your take profit is 800 SMA. You should adjust your take profit when the 800 moving average moves.
Your sell trade stop is 20 pips higher than the high of the last 500 candles.
The stop loss on your buy trade is 20 pips below the low of the last 500 candles.
If the risk to reward ratio is 1:1 or better, take the trade, if not, ignore the trade.
----------------------------------------------------
To help visualize these rules, I created additional templates and custom indicators. The indicator places the number of bars since price hit the 800 SMA in the upper right corner of the chart window. It also places a text block at each valid 62/200 cross that contains reward/risk ratio, risk, reward, initial take profit, stop loss, bars since price hit the 800 SMA, and "buy"/"sell".
The indicator has the following settings:
minimum_bars_from_800 – Default is 500. All crossovers that occur when 800 is hit for fewer than this number of bars will be ignored by the indicator.
text_size – This setting may need to be adjusted depending on the zoom level.
Indicator_spacing – This is the number of points each line of text should be spaced apart from each other when displayed. This setting may need to be adjusted depending on the zoom level and the number of bits used by your version of MT.
stop_loss_from_last_x_bars – Default is 500. The recommended stop loss is calculated by taking the highest high or lowest low from the last x bars.
SL_distance_from_LL_or_HH – Default is 200. This number of points will be added or subtracted from the highest or lowest point to find the ultimate stop loss. This number needs to be adjusted based on the number of bits used in your version of MT. You may need to set it to 20 on your system.
The first chart shows a good trade and indicators. The second image shows what the text in the upper right corner will look like.
If you have any suggestions for improvements or you think I've missed something, please let me know.
Attachment to original post (2)
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