Sorry wasn't clear. eSignal's data has about 150 banks that makeup their data. Some banks have wide 8, 10 or 12 pip spreads and they can move their bids by 4 or 5 pips at a time. You don't want to trade off of a tick chart if you don't know the REAL high or low of each bar or swing high/low. A 35 tick chart just means that any time any of these banks adjust their bid by moving it up or down that is 1 trade. When 35 trades happen a new bar happens. If the market goes up 100 pips you still see that in a 35 tick chart but it just updates the moving avg and keltner channels faster so that a tiny pullback in price gives you a GREAT entry. In a real uptrend by the time the market hits the lower keltner on a 5 min chart the trend may have already changed! What they do is let you filter by banks with spreads under X pips, I used to use 3 but also let you select WHICH banks to use. They take esignal's tick data and create the bars themselves. The banks I posted seem to be honest, ie they don't run stops or have wide WICKS! I want to know real swing highs/lows because I'm a big double top/ double bottom trader! I really need to know what my REAL risk is. If I short a double top I may exit if it goes 5 pips over but if a BS tick is 5 pips too high I'm risking more than I need to and it doesn't give me confidence and I can't at times do 10 lots, need to cut size down due to inaccuracy of charts. If you look at esignal's charts for forex you will see how dirty their data is due to some of the banks. The probability bands in the software use each currencies volatility to show these reversal levels. All I know is that it works and gives me 5 to 10 trades a week that make me money. I just trade what works, if somebody shows me an easier way or more fun way to make money in forex I'd trade that way. Chris
So you are using Esignal "currency options" data to make your volatility bands measurements on a separate chart....correct? (sorry....I can be slow at times )
No not at all. eSignal currency options don't tell you implied volatility, that needs to be derived. Go study Black Scholes option pricing theory. It's way too complicated a formula to be discussed here and obviously am not going to give away a trade secret anyway. I've already revealed a system almost anybody who can exit a losing trade when wrong (most can't) can make money with.
OK...got it (I hate options...LOL!). You are also using Esignal for your currency options data.....thanks.
leveragefx, What is the name of paltalk room ? You can PM me if you don't want to disclose it in public. Thx
Just search for LeverageFX on paltalk or you can see it under Business and Finance/Day Traders/ It's toward the top with 50 to 80 traders in there most of the time.
Question: Will Top Gun will go as low as 1 minute bars - I would assume so - but just need to be sure ? cj... __________________ HAVE STOP - WILL TRADE If You Have The Vision We Have The Code
Actually it goes lower as it can do tick based bars. It even does BIG trader tick based bars which isn't in any other program. For example suppose instead of 89 trades per bar you want each bar to be 10 trades of 100 lot sized traders and above. This way when heavy institutional traders are trading there are lots of bars, when they are out of the market there are few bars. I've found the keltner channels and bollinger bands with BIGLOT tick bars much more accurate than time based charts or normal tick based charts.