Intraday trading

Questions about MultiCharts and user contributed studies.
capgain
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Intraday trading

Postby capgain » 03 Jun 2009

I have been using Multicharts for about an year and recently I am also doing auto-trading. My problem is not directly with Multicharts (other than it is the tool I am using for intraday trading) but I have not been as successful as I am when I use daily & weekly charts (I use charting tools that I have developed on my own for daily & weekly). I wanted to see what advice folks who have been using minute charts for intra-day trading have for me.

Let me explain a bit. The main issue is that during a trading day there are lot of signals generated (irrespective of what indicators one uses) - but most are just noise or happens when market is trendless. When there is a specific trend, the indicators work great (like buying at end of bar and waiting till opposite signal happens after several bars). But during most of the trading day, the market is trendless and it ends up that one buys at high of one bar and sells at low just couple of bars later.

Unlike daily & weekly bars, when one uses minute charts this happens very frequently that losses add up quickly (esp when using auto trading using intra-bar open & close). I am wondering how one handles trendless market (which indicators have worked best for you and how one can best cut down on false signals).

Thanks!

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TJ
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Postby TJ » 03 Jun 2009

a lot of people use ADX

don't do anything until it is over 20~25.

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Postby SUPER » 04 Jun 2009

You may need more than one indicator for re-confirmation when dealing with small time intervals.

Many traders use Multi-time frame - combination of different time intervals to filter out long term trends.

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Postby Spaceant » 05 Jun 2009

You may need more than one indicator for re-confirmation when dealing with small time intervals.

Many traders use Multi-time frame - combination of different time intervals to filter out long term trends.


I am new to MC. How can I refer to indicators referring to a higher time frame, say refer to 15-min or 60-min indicators while using a 5-min chart. Your help is appreicated!!

Spaceant

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TJ
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Postby TJ » 05 Jun 2009

You may need more than one indicator for re-confirmation when dealing with small time intervals.

Many traders use Multi-time frame - combination of different time intervals to filter out long term trends.


I am new to MC. How can I refer to indicators referring to a higher time frame, say refer to 15-min or 60-min indicators while using a 5-min chart. Your help is appreicated!!

Spaceant


method 1:

add the second time frame into the same chart as data2.

have your indicator refer to data2 for calculations.


method 2:

use elcollections and ADE

more information here:
http://www.traderslaboratory.com/forums ... -5934.html

also do a search in this forum for globalvariable, ADE, and elcollections

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Postby capgain » 05 Jun 2009

Thanks guys for the quick replies.

I had been trying to combine multi-time intervals in the past but on minute charts the results have been mixed. The main reason is nowadays the moves (like s&p500) go up and drop quickly. This causes the signals to happen at spikes (both up and down) and if the market is not trending, then the losses add up quickly. More successful is when I combine weekly/daily with more long term minute (like 60 mins) which I am testing currently.

Has anyone backtested with ADX ?

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Postby Spaceant » 06 Jun 2009

TJ,

Thanks for your info. I will have a look at it.

BTY, have you ever heard / used Global Variables and PushPOP? Does any of the these do the same job? I am new to TS and MultiCharts.

Also, has anyone in the forum conducted scientific research on trending vs. sideway trading, please share your experience. Thanks!!

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Postby TJ » 06 Jun 2009

PushPOP is really old stuff.

Global Variables is still in use.

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Postby TJ » 06 Jun 2009

...Also, has anyone in the forum conducted scientific research on trending vs. sideway trading, please share your experience. Thanks!!



that's why people buy MultiCharts... so that they can do scientic research on all kinds of price action.

this will be your life long quest...


Enjoy !


;-)

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Postby Spaceant » 06 Jun 2009

TJ,

How do you comment elcollections and ADE versus Global Variable? Are they doing the same job or ......

You are right, that is one of the major results why I buy MC..... You must have done a lot at your end...

sa

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Postby TJ » 06 Jun 2009

TJ,

How do you comment elcollections and ADE versus Global Variable? Are they doing the same job or ......
sa



all the details are here:

elcollections
http://www.traderslaboratory.com/forums ... -5929.html

ADE
http://www.traderslaboratory.com/forums ... -5934.html

global variables
http://www.traderslaboratory.com/forums ... -6023.html

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Postby Spaceant » 06 Jun 2009

TJ,

Thanks!

... one last question

Which one would you recommend me to start with?

Sa

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Postby TJ » 06 Jun 2009

TJ,
Thanks!
... one last question
Which one would you recommend me to start with?
Sa



after you have read the first one... you would want to read the second one...

after you have read the second one, you might want to read the third one.

if you decided to skip to the second one without reading the first one, it is most likely that you will return to read the first one, then read the second one again, which does not leave you much time to read the third one... Which might lead you to start reading with the third one.

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Postby Spaceant » 07 Jun 2009

TJ,

It is quite interesting to talk to you like this.

Well, I used to use Metastock in which there are two DLLs which are very useful. One is DLL called GV (global variable) that enable to user to call for data in another time intervals (e.g. upper intervals). Also, you can input parameters that can be recalled in one or multiple indicators, exporations, etc. There is another DLL called MSX which can write data in a ASCII type of file (if I remember rightly) and then read back the data anywhere. I found them very useful.

I would like to ask you just to shorten my learning curve in MC:-

1) If appears to me the ELCollection and ADE are very similar to what I mentioned above, i.e they can do the above jobs (and probabaly more). Am I right?

2) Can Global Variable do the same jobs?

3) In terms of working efficiency (e.g. CPU utilization, working limitation or easiness to learn), would you say any one is superior than the other?

4) In terms of working capabilities, would you say one is superior than another? (e.g. say if ELCollection + ADE can do something more than Global Variable, or vice versa)

5) It appears to me that ELCollection and ADE are more attractive to me, I may learn it first (probably I won't spent time in Global Variable. Is it a wise choice?

Thanks in advance!!!

Sa

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Postby bowlesj3 » 07 Jun 2009


after you have read the first one... you would want to read the second one...

after you have read the second one, you might want to read the third one.

if you decided to skip to the second one without reading the first one, it is most likely that you will return to read the first one, then read the second one again, which does not leave you much time to read the third one... Which might lead you to start reading with the third one.



Hey TJ,

I was going to close the post down until I read this. I like that. It made me laugh. My response would have been much more boring; "Just keep reading them all over and over until you know them so well you start to fall asleep". Actually maybe that is funny too!

John

To Spaceant,

Actually getting more serious, I started with GV's, found most of that worked for me but wanted to read/write to CSVs and then learned only as much as I needed from the EL-Collections to get what I wanted to work. Later I had some free time away from my computer and finished reading the El-Collections properly and fully understood it only at that point. I still don't use it beyond my original purpose. The ADE I haven't looked at it at all but I guess I should some day if I have some spare time.

It depends on what you want I guess. Generally I do a quick read through all of this stuff right up front to list the features it has and keep some sort of reminder poping up to remind me of what it can do so I can dig deeper into it if my needs change in the future. To me that seems like the efficient way.

John.


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