[euclid]

This sub-forum has been sitting empty for a while now, so I thought I'd kick things off with a poll to see if anybody here uses Metatrader and what for.

[Bear Mtn.]

I have only ever used it to sim-trade a few sporadic ideas, test out some EA's and throw on a few indicators for a quick look when I've spotted something potentially of interest on a forum. So, I have yet to find something to keep me using it (or seek out a supporting provider to take anything Live) but thanks for kicking this off euclid as it will be interesting to see what others are saying...

[BlowFish]

I've only messed about with it. Its fine for drawing S/R on currency charts. I tend to use 20min and 4 hour bars. Occasionally I look at faster charts or hourlies. Seems to be some interesting studies for it but when I do use it I use it fairly plain. Seems well supported for user generated stuff. Order entry and manipulation is pretty horrendous (imho) don't think I could ever get tempted into using it for that.

[Mysticforex]

I have been using it for about 4 years. I like it for charting and analysis.
Horrible if you use Market Orders, have never had a problem with Entry Orders, SLs or TPs.
I have found over the years that it DOES make a difference what broker data feed you are using. I have been using Gain Capital on a Live acct. Other broker data feeds I have used in the past have been on demo accts, that could make a difference.

[Ingot54]

I have been using MT4 for close to 6 years - mainly for the charting and for strategy development., but today I find it indispensable for pinpointing entry prior to placing a trade. Ideally I would like to be trading live from my charts, but we are just catching up here in Australia. The most popular broker does not offer MT4, and I feel this has held back the charting package development in this country, through lack of competition.

I have been very vocal about that, and more than once stirred the ire of my live broker's "cool" PR staff over it!!

That non-MT4 broker's charting is atrocious, yet they spruik they have the "state-of-the-art" platform and charting package. I guess it won't fool traders for too much longer - but there are newbies coming into the markets as quickly as others leave, I guess.

I have lost count of the templates created and discarded, and the systems utilized from other forums and vendors. I have learned something from all of it, and my current strategy and template was 100% developed on MT4 platforms.

I have found that the data feed I have on demo differs from my live broker's quote by 2 pips consistently - ie I get in 2 pips higher, but I get out 2 pips higher as well, providing the spread is also consistent.

Some of the larger USA and UK brokers have set up office in Australia in the past 18 months, and with them has come a local brand of MT4, as well as an offering of their own in-house platforms. So far I have not given in to the temptation to go live with one of them, because of the reports of slippage increasing, as spreads shrink.

I have friends who use live MT4 here in Oz, and this is their biggest complaint - delayed execution, requotes and slippage. Yet the brokers all like to claim: "spreads from 1 pip."

Hilarious ... and scary at the same time! At least with the current broker, I know the extent of slippage, and frequently place limit orders to circumvent their little games.

If I have one issue with MT4 demo, it would be that at times there can be a data-feed freeze. I have taken this up with the supplying broker, via email, and the response was that "it can happen during busy periods due to resources being diverted to live platform feeds as a priority", meaning that demo is a secondary consideration to the data needs of live clients.

That's as it should be.

[ajax358]

thx Ingot54,
I am thinking of using it here in the USA (PST/Seattle), for trading. Have a trading friend in Ohio that is using it for Forex trades & says it trades very well (he uses 30 & 60 minute charts)...he has been using it for 1 year now. He used to be on TS, like I am now....but he, & I, like the no monthly fees with this platform. As well as the indicators I have custom made, I have found on the net, that download into MT, so means that I can do the same trading.

One question I have tho, is if there can be 'more than one' indicator in a 'level'....ie., using a MACD & a Stoch in 'same level', as I do with TS (have found the Stoch leads the MACD in real turns on the charts, so is a great heads up)....so having them in the same 'level' is paramount to me to switch!

If anyone knows if this can be done, indicators in 'one level', ples let me know....thx ahead of time.

ciao....ajax358

[Ingot54]

Originally Posted by ajax358 »

One question I have tho, is if there can be 'more than one' indicator in a 'level'....ie., using a MACD & a Stoch in 'same level', as I do with TS (have found the Stoch leads the MACD in real turns on the charts, so is a great heads up)....so having them in the same 'level' is paramount to me to switch!

If anyone knows if this can be done, indicators in 'one level', please let me know....thx ahead of time.

ciao....ajax358

Hi Ajax

I am unsure whether you really mean having the MACD and Stoch display in the same WINDOW.

If so, all you do is drag the stochastic from "Indicators" or "Custom Indicators" into the SAME window as the MACD, instead of dragging it into the chart window at the top.

Check the attached pic ... is this what you are looking for?

Also with regard to the "Stoch leading the MACD on the chart" ... this is not strictly correct. I would not say I am an expert on Stochastic, but it is certainly one of the least understood and worst utilized indicators of the whole MT4 family. I find so few traders actually know how to use it, that they don't bother with it, and it is discarded before they ever get to the holding hands and kissing stage with it!!!

To tease you a bit with what is possible with Stochs, have you ever experimented with changing the %D Period, %K Period or Slowing Period? Try changing these settings while keeping the MACD settings the same, and you will discover that the 5.3.3 is not as accurate as the 14.3.3, or the 8.3.3. The settings are critical if you want early signals.

I have much more to share with Stochastics, and would do so if the interest exists.
But I am just as happy to keep it to myself.

.

[ajax358]

Hi mate/Ingot54,

Dang I just typed a long reply....then was bounced out after cat was on keyboard....ok, try again....lol.

Yes, this pic of your is the 'look' I was looking for!!......thx allot!! What I meant was to "layer indicators" in a "Level" under Price. In TS(tradestation), it is called a "indicator Levels", so why I used that term. In TS, one can use up to 20 ‘Levels’ of indicators under Price if one wishes. And, can ‘layer’ indicators into the ‘same’ level too, meaning have more than one indicator in a level, just like ur pic.

That is the trading system I have come up with after 5 years of learning & now 2 years of successfully trading this system of ‘layered indicators in the ‘Levels’ under Price. I have found the inputs I use for these indicators are very effective & are custom inputs….after years of backtesting & trading live, literally hundreds of hours to get the input values, as will share here. I have gotten the Slow Stoch to ‘lead’ the MACD, in the same ‘Level’, as it is easier to see in the same level & layered ‘on’ one another. The MACD inputs are (5,16,10). The Slow Stochastic is (11,8,8,1,30,70). The Stoch leads the MACD in ‘real’ turns, & if is a fakeout, or a very short run, it will be on top of the MACD, or lag behind it, & is why can see ahead of time how long & strong the move is. I post these ‘looks’ in the MIRC chatrooms I am in.

See, what you think of these input values….& see if they are of any use to you, & others that may read this. I share freely, as others have shared with me, to help me get to where I am now, & thus have a spiritual self duty to share back. As a semi-retired ‘doc’, am used to it too, helping one another….& can see by some of your threads, you council folks in here on the ‘psychology of trading’, & a few I have read, you are spot on with your assessments……...good on ya mate…. 

Thanks again for the reply & pic….is exactly what I wanted to do. Am considering using MBTrading as a Forex broker here on the west coast of USA, & they have the MetaTrader free charting on their platform, thus the question above, & the needs I have to layer the Levels of indicators, in my trading methods. Thanks again there mate….appreciate it.

Ciao…..ajax358/Reg