Monday, August 29, 2011

Trading on tick charts with MT4 system

Trade with MetaTrader(4) based on tick charts.
This gives a much smoother price evolution over time in comparison with bar charts like M1 or M5.
Indicators acts much better (faster) this way

Indicators to install
woodie cci50.tpl
download link in the end of the post
After installing in your Indicators-list, do the following :

Open a simple M1 chart (EUR/USD if you want to trade this one)
Put the LogTickData-indicator on this "naked" M1 chart (enable DLL)
Drag the PostTickData-indicator into the same chart on the Price-window (enable DLL)
and choose your own preferred ticks per bar on the inputs-tab, (15 if you wish a 15-tick bar chart)
but 33 - 133 - 233 are more random tick charts and the 133 is the one i use most.

Then you open the offline-chart !TickEURUSD, M5 (leave the time as is)
This chart will start to collect tick data and you will see bars starts to form.
Wait until sufficient bars has formed, and then add your favorit indicators.

PS. Always leave the leading M1-chart open, don't close it !!
There is one big disadvantage on this system - once you close MT,
you must wait again building new data to produce a new actual tick

As an example, i included my Woodies template...please compare the two included snapshots for a moment.

Nice trading to all of you

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