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What if we need to change all of the periods in order to track a larger overall trend? What if we need to increase the step between periods? Would that require us to change the properties of each average? Also, how much time are we willing to waste each time we want to add a bunch of indicators to a chart? If we can make a custom indicator we can answer all of these questions. So if we already have some good averages on the chart why should we use a custom one? To answer this question (and give you a general idea of the way you should be thinking when you make your own trading systems) we need to consider some basic “what if” situations. If you want to apply the fan to building an automated trading system, you can total the number of “ordered averages” in relation to the number of “disordered averages.” Fundamentally, this could be used to measure the relative strength of a trend or make some trading decisions.
#Protrader v stop indicator manual#
These properties of the moving average fan can be used effectively for manual trading in order to estimate the potential strength and direction of trends. If there isn’t a trend then the averages will sort of randomly be intertwined with each other.
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When the trend weakens, the averages come close to each other. What happened is what we call a “Moving Average Fan.” When there is some strong price action (price goes up or down) the averages grow separate from each other and the fan opens up. Moving Average Fan, EUR/USD on a 20 Tick Chart In order to avoid searching for the indicator each time after you’ve added your first one, you can find your newly added indicator at the top of the chart, right-click, and select duplicate indicator to add more. But what if we could apply a few moving averages with different periods? Like in the example below, I added a few exponential moving averages, each time increasing the period by one. From this we can learn that an “ideal” indicator type and optimal period for each any single chart probably does not exist. A huge number of average types and different applications for averages have been invented. The majority of traders use moving averages to define market trends. Moving Average Fan, a visual indicator for trends.
#Protrader v stop indicator code#
For good results in a short amount of time you can analyze the code of indicators that already work, make some changes, and then check reference and help materials as needed. Anybody with basic programming experience can do it. In the Protrader terminal we can use indicators that are written in the platform language C#.įortunately, creating and modifying indicators in Protrader doesn’t require top-level programming knowledge. Regardless of the huge selection of indicators available, a trader may want to make his own custom indicator or make some graphical displays for better trading decisions. Since the creation of computed technical analysis we’ve seen hundreds of indicators created and thousands of modifications to these indicators.
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Custom indicators in Protrader Introduction
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