| This tool show the current "force" of the current bar. I believe since I started trading and creating tools that we have many pairs linked together (different groups of pairs) so each group usually follow the same direction or opposite (correlated/uncorrelated pairs). This is not a new idea of course (we all know the pairs correlation) but I am convinced that this is the way we have to look to filter our trading. So each pair "force" result is based on the others pairs "force". I've also introduced in the formulas a "reactivity" value (settable by user). This could be compared like a "period" for a MA. Higher is the value, smoother is the force reaction. Each TF with its own settings so any trader will find his own way according to his own risk. Note: there's absolutely no indicators (standard or custom) involved in this tool. All is price, pairs and timeframes. |
What is the benefit of using it ?
| Whatever your trading style, you always need to know if you trade in the right direction. The MTF-BarPower indicator will tell you not only if this direction is right ... but also the 'force' of this direction.
After observing this tool, you will be able to define the end of the current trend and the start of the reverse. |
| The real benefits for you:
You will be a successful trader AND Finally trade with a 100% confidence |
How to use the MTF-BarPower ?
| So many ways in my opinion!!! My first goal when I create a tool is to complement/confirm the trading of the traders. After observed it for a while, I found that even standalone it can be used. A basic way will be when all Timeframes agree at a certain level, wait the smaller Timeframes like 1-5 or 1-5-15 to retrace in the opposite color ... then when they resume to the right color and reach the right level, go in that direction. This should be one of the ways to enter or re-enter after a retracement. You will need to apply it only on 1 chart to view all timeframes 'force'. The best part of this tool is that you can be alerted (email / pop up / sound) when any of the timeframes reach a defined level. You will be able to set each timeframe with a different level alert. Flexibility 100% !!! |
Parameters settable by users
All Colors for the squares and text
Which timeframe(s) you want to be alerted
The alert type and the level for each TF
The reactivity of each timeframe
With the MTF-BarPower you will have
the best confirmation tool for your live trading
(Important note: the MTF-BarPower isn't an indicator
that can be backtested. It's a visual tool for MT4 manual trading)
