Printable View
Having traded Forex in MT4 (mainly) and MT5 Terminals i have found many useful and free ideas to assist finding trades. i intend sharing them here. They are likely known to many - but if not - may be useful.
These are not tips on trading as that is not my strength. Just way to help find the various conditions you know you need for your strategy.
Two of the simplest are : changing the Time Frame for every chart in a Profile, and changing the Template for every chart in a Profile.
MT4 : Change_TF_All.ex4 and Change_Template_All.ex4
MT5 : chgtf-all.ex5 and apply_template.ex5 NOTE: in mine it is named chgtf-all(1).ex5 due to duplication of downloads and i haven't bothered amending
So you can find these yourselves.
or
copy from my shared forex google share folder
Link : https://drive.google.com/drive/folde...rh?usp=sharing
why use these?
I set up a Master profile containing all the charts of pair i may wish to look at - each chart containing areas of support and resistance and such data i want to keep and not alter.
i would then copy this Master Profile to another profile and name the new one (say) 'Working'.
it has all the data i want to start with which i may add to etc.
should i want to then go to a lower TF to look for entries for my particular strategy say 5 minute : easy : alter to 5 (or 15 or whatever) timeframe with the utility.
The Master Profile of charts remain unaltered - Tip keep a Master Back up - things have been known to occur.
MT5 : terminal :
using a or various big news templates
and
using the option in chart Properties / Show "Show trade history"
and
using the results of your trading ==> "Account History" tab or preferably your own records
then ::
it MAY be possible to further analyze your trades to see if there is any correlation between your successful trades and the inherent background conditions / big / medium / small news occurrences that helped.
for example : you may notice a better successful trade after an increase in (say) CPI or GDP before the trades. Or after the trades ie leading into the news.
Or, on the other hand there may be some correlation between your failed or unsuccessful trades and those inherent background conditions.
the image below/prior
is of an indicator i wrote to display MT4 forex info on a chart
it give such stuff as pinbar/engulfing/outside for the current and the prior candle
the spread
the time until end of candle
etc
copy from my shared forex google share folder - named 'DisplayInfo.mq4'
Link : https://drive.google.com/drive/folde...rh?usp=sharing
test add image failed miserably
spreadindicator (.ex4 and .mq4) from off the web
The spreadindicator is very good. I use it when i want a small form display to tell me when the spreads move / contract ==> often just prior to a move === greater interest less spread
https://drive.google.com/drive/folde...rh?usp=sharing
good pipping
6th
For timeframes greater than 5 mins I use a risk manager - which gives precise / exact measures.
I firstly use a support / resistance tool and my eyes to see that there is no / not much in the way between entry and profit - that is a must. Then I use a risk manager to ensure each stop is the same amount .
For example if using a stop of say, $10, each time – I ensure the loss is always $10 or less - as I do not want a $20 loss wiping out two profitable 1:1 trades
For timeframes 15min or below I place ALL the support / resistance, pivot lines, etc., on the chart BEFORE I trade so I can easily see the places to enter from and target
Having the s/r lines drawn beforehand is an important key - easy to reject any blocks to a profit - or where to take / consider a strategy for say a 1:1 in a potential 1:3 or 1: many trade. ie where to bail when it all goes against me.
That is when it hits 1:1 - I may consider moving the stop to entry plus commission break-even for some pairs such as EURUSD which whipsaw all the time
risk manager is a must for trade that I have lots of time to place, say 15 mins and above