Waddah Attar Scalping indicator

[bossxero]

This is a fairly new indicator which can be used for scalping the small timeframes. It can work alone but it not advised to use it as such as there are instances where the signal lags or fails. So use this indicator along with your other indicators and use a trailing stop to catch some profits. If you are using it on small timeframes, make sure you take your trade to breakeven as soon as possible.

The indicator is giving a buy signal when there are 2 consecutive green bars which has already closed and gives a sell signal when there are 2 consecutive red bars which has already closed. When there are no bars, it means that the indicator is not seeing any trade opportunity.

So, go ahead and play with it.... If you come us with some nice stuff, then please share with us.

Thank you

[Blaiserboy]

Questions.....

Have you actually traded with this one.... and what indicators or confirming tools did you use along with this one.

I am asking that just to get an idea as to how you would approach implementing this....

I will download it and use a couple oscillators and also perhaps a macd histogram...

and if I see any great things I will upload a chart.

Thanks for posting this.


daveM

[Blaiserboy]

I am attaching a chart with the indicator and CCI 14,6.....

What I noticed is that the indicator is very big user of system resources... it would be difficult to have a lot of charts open with this indicator.....

I guess it has some use as far as marking the trend, but to scalp, I think there are far more entries and exits than what the indicator shows...... my conclusion is that a person would use it only as perhaps a confirmation, not as a primary indicator, and that it is not really necessary for someone experienced with an oscillator for trading.

daveM

[ChartSecret]

How long have you traded with it?
Results?

Thanks for sharing. I'll program an EA for it and keep you updated.

[Xander Moss]

Hello traders

I find Waddah's scalping indicator interesting.
I want to make a system to scalp Eur/usd in 5min charts.
I open two tickets:
Stop loss 20 pips,profit of first ticket 20 pips and the second one to run if there is a big move, maximum 3 times the risk,or 60 pips.
I see that it signals 3-4 trades a day, or more in sideways markets, but as i see Forex market...there are usually two big moves,one in Europe,one in first 2-3 hours of US timezone, so perhaps we can deny other signals.

I would like to properly backtest it, but it cant print bars more than a few days worth of data. Its blank after that. I checked the code at metaeditor but i dont know what to edit to make it print more.
Can someone help?
Also, has someone find a indicator based filter, for the false signals? Although for scalping i think that only support/resistance has any meaning...

Xander Moss