Setup with 2 new MT4 indicators by OnlineForexMaster. Latest version of MT4 Autobox and 'The Alien's Gift'; latter will be built into a semi-auto forex EA. MT4 Autobox is an indicator that overlays multiple time frames. TAG looks for trend-following/trend-busting levels.
2 new forex MT4 indicators
Very proud to show off my setup on MT4 - the latest version of MT4 Autobox overlays as well as the latest indicator conceived by my colleague Binni Ong, which we have proudly named The Alien's Gift or TAG for short.
The setup looks cluttered but it's not. There are two indicators inside. MT4 Autobox in the price panel on top and TAG in the indicator panel below but including price levels and commentary in the price panel on top as well. They do not have to be used together. (Indicator panel below housing TAG is not shown in this screen capture.)
MT4 Autobox indicator
MT4 Autobox was designed to overlay price action from different time frames onto the same chart. In this way, price direction and key levels are meant to jump out visually.
In this example of AUDUSD below with MT4 Autobox only, it must immediately jump to you visually that AUDUSD is resisted by a strong horizontal level since 5 quarters or 15-months. 'Oh it's a strong level' must come to mind instantly so that you can plan your trade accordingly. In addition, the lime green weekly boxes (smaller ones on the right) tell you that AUDUSD has been trending up week-on-week since beginning of the year. Put these two ideas together and come up with your trading plan.
If you are keen how I came up with the idea of overlaying, look over here 'Earliest posts of our ‘Boxes’ way of trading forex'.
This version of MT4 Autobox shown here in these two screen captures above is being tested and has not been released yet.
The Alien's Gift (MT4) indicator
TAG was programmed with Fibonacci ratios and trend following in mind. TAG prints price levels that are based on combinations of Fibonacci ratios for trend-following entry. It also prints price levels that are based on Fibonacci ratios as reference for potential profit taking. TAG prints price commentary that to suggest action to users.
Important to note as always - users must have excellent knowledge of forex price action. TAG and MT4 Autobox are 'machines' after all - they show trend-following-trend-busting levels that have different meanings to different users; each user has got to decide what kind of action to take. After all, a level can be used to buy if supported or to go short if broken. We can look for high probability outcomes at levels but no one can predict final outcome.
The Alien's Gift TAG is under more advanced testing at this moment. It will eventually be released with conditions attached, chargeable to users. However it is already at use in The Alien Room. The Alien Room is our subscription service. Existing subscribers can catch up with TAG because we published a 74-minute duration 'how-to-use' webinar just 5 days ago (log-in required to view).
On the road to TAG Expert Advisor
Binni and I have come a long way since the first indicator we developed. This was TX Auto Alert. TX was first published and distributed for use some time in 2012. Support for TX was terminated in 2016. TX Auto Alert was programmed based on concepts of Elliott waves and Fibonacci ratios to show up price turning points. When a turning point appears, users receive an alert notification. TX was positioned and distributed as a learning tool for participants of our Tflow® Forex Course at that time.
In our mind, TX was an important development. We have always believed that besides money, most traders are looking for a lifestyle that allows us to pursue our passion. For some, trading is a passion. For many others, trading is a route to something else.
An 'Earn While U Sleep' approach is therefore very important - make money from market while doing something else (not literally sleep). Don't stick to the screen. It's bad for health (see here and here).
Therefore tools like TX, now superseded by TAG are very important tools that empower us. This is the path that Binni and I will venture deeper.
A semi-auto Expert Advisor, not a fully-automatic robot
We will be looking at an Expert Advisor or EA based on TAG that will eventually take over some trading execution. It will be a semi-auto approach. TAG EA will likely have long/short on/off switches. User inspects trend, decides to turn on long-only mode for TAG EA when the trend is up and short-only mode when the trend is down.
Here I want to share an interview I did with an EA developer, Mr Rimantas Petrauskas over at EA Coder. The full interview can be read here but I want to share important excerpts which we strongly believe in.
If you want to make a living trading forex then you should never blindly trust automated trading robots. Marketers use many tricks to convince people that their trading robot is the best and is the next big thing that will make you rich. Unfortunately the reality is different. Manual or semi-automated trading is the way to go. I would suggest you to make your trading activities easier by using special trading tools that fit your needs, but never blindly trust automated trading robots.
Many trading robots were not develop to follow trend. They were developed to follow simple rules like BUY OVERSOLD and SELL OVERBOUGHT and to do both. When a currency pair trends, only one trade is the right one. The other is going to be counter-trend. This also reinforces personal accounts that many traders have given to me that trading robots get trades right 50% of the time only.
I do not suggest auto trading myself, unless it is built using proven trading rules that you trust. I have been involved into auto trading for long enough to know that in the long run it will not make profit.
Trust only EAs built based on rules that you can understand because the rest sucks!