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Thank you Admis for such a wonderful sharing.

 

Would like to give you all some feedback regarding the scalper.

 

It seems that it does not work on my favorite bars which are the renko spectrum, it does work on plain range , plain renko, or the renko no gap which usually i do not use.

 

In their samples they show 2 more indicators on the bottom ------ scalper wave xe3 and trend xe3 - both were not found in my indicator list after installation- wondering if i missed anything or they were not included.

 

Now- regarding this indicator---

 

We all have dreams about a magic indicator that will enable us to just put the orders in and make a fortune throwing away all this hard work of analysis and tough decisions that we have every single day , every single moment.

 

Now- before you call you car dealer and order a brand new Maserati car you need to understand or realize few things.I have seen many scalpers, they all work on measuring overbought or oversold conditions and few other items but again- they are all lagging and basing the decision on X amount of bar history. These scalpers ( the above mentioned included) will do very well in a sideways non directional market but will kill you on a trending day.

The best one i have used years ago is called MAGIC DOTS and i was using it in tradestation ela - at first it really looked like magic and i actually started trading it live and then i realized that overall i was losing money big time on a trend day because it was signaling always against the trend. i ended by tossing it away although when looking into the programing whoever designed it invested a huge amount of steps and programs- it included 18 separate functions each one was many pages long but bottom line- it did not do the work.

You have to be able to be successful in any type of market and you cannot say "oh well- i lost today because the market was trending but i will make it all back plus more tomorrow when the market consolidates".

The only other suggestion i have is to add some other indicator side by side to the scalper - maybe just a plain oscillator that will confirm the dot- problem with such a combination is that by the time we enter it might be too late or not even worth it compared to other signaling indicators.

Would love to hear other ideas .

Would love to see if there is a way to make it work on a renko specrum bar.

Thank you again

Traderbeauty-Jane

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Thank you Jane. On my side the scalper works with RS (I don't judge the quality of this work). Inside of the package you can find only one indicator: ScalperNinja7.

Below it's the link to the source version:

https://www.sendspace.com/file/b5570i

pw: known

Close NT, remove .dll version (or remove assemblies inside of NT), run NT and import the sources.

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Thanks Admis-

You can also see what i meant- in the chart that you posted- most of the signals are losers and deciding to change timeframe will not solve this problem, it will just give you losers in a bigger timeframe with bigger stops.

If an indicator is working it should work well in any time frame.

thanks again

jane

 

That's right and I agree with you, but as I wrote, I don't judge it, because everyone is looking for something different...

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I recall testing this indie a long time ago with the other missing indicators and there was no consistency. The developer admitted, as Jane surmised, it works in a chop (ironically, the opposite of most all other indicators) but gets crushed in a trend. He also claimed they were not meant to be a standalone Buy/Sell indicator but just another tool to see if your own methods would confirm.

 

Personally, when I start to add indicators to confirm others That's beginning of the end for making discretionary trading a more simple endeavor. Perhaps in an automated mode it can work, because the machine has all the eyes--and code--to take trades when the stars align.

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Thanks Admis-

You can also see what i meant- in the chart that you posted- most of the signals are losers and deciding to change timeframe will not solve this problem, it will just give you losers in a bigger timeframe with bigger stops.

If an indicator is working it should work well in any time frame.

thanks again

jane

Actually, most of the signals are winners in the chart admis posted if you are SCALPING. Take a loser if it trades one tick above/below the trigger bar. Test to see if it has enough of a win rate to compensate for the negative RR and have a hard daily PnL target.

 

Do these dots paint immediately after a bar closes or does it wait, then "repaint."

Edited by yamantaka
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