My Take on Indicators

[ezrydn]

We, as traders, operate in a very Dynamic environment. Being a fixed wing, rotary wing, Instrument pilot/instructor, I find the two worlds are much the same. Things/elements/positions are in constant change mode.

Yet, no matter where you look, you'll find comments like, "It's no good. It repaints!" Sure, you've read those lines. I won't ask if you accept the premise or not, only that you rethink your position, and here's why.

When I'm on an ILS approach, my "platform" is giving ever-changing indications as to where I am and where I should be. That's what keeps me alive.

Imagine if my instrument panel only gave the initial indication and no more. I'd fly into what's called "cumulo-granite!"

So, why do you desire a Forex indi that does NOT repaint? Dynamics, people. An ever-changing environment that you seemingly want no part of, at least, indicator wise. On a 1M TF, price can move 60 times. Do you want to be advised of those moves? I sure do!

Personally, I WILL NOT use an indi that doesn't repaint. Just as I won't fly any craft that doesn't show immediate changes to the environment I fly in. I know there are some pilots here. How would you like to shoot an ILS with a "single, original indication?" Idiotic, right? Yet, you may buy into the "herd mentality" of no repainters.

Another way to look at it is Supply/Demand. If non-repainting indis were so great, they'd be the majority, but they aren't. Repainting indis put you "in the moment" and not in the Time Frame!

So, give me a repainting indicator in Forex every time! As a renegade trader, you become a dynamic trader.

 

[Enivid]

I am not sure what you are calling "repainting" in indicators, but my definition is "changing of the indicator's reading for the past bars". And such repainting indicators, while they can be used for trading, are deceiving traders - they try to appear much better than they really are when you visually analyze their performance.

It serves no real benefit to a trader to work with an indicator that redraws its values for the past bars based on the current data. It has nothing to do with "ever-changing indications", indicators have the current bar for that.

 

[ezrydn]

It's gotta be more that being upset that an indi redrew a bar from 1-2 hrs ago. Check other forums and you hear it all the time. Does anyone really care about a bar being redrawn from hours ago? I seriously doubt it. They're upset about the bar they're on at the moment.

 

[hayseed]

It's gotta be more that being upset that an indi redrew a bar from 1-2 hrs ago.

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hey ez..... no, that's just what the deal is....... and yes, both enivid and i have seen the posts your referring to hundreds and hundreds of times on dozens of forums..... and we understand their concerns......

when someone buys because the indicator placed a buy arrow on the chart and then 2 bars later the arrow disappears, they feel mislead/cheated....

some indicators are notorious for this...... usually within a few seconds we can look at the code and tell if it repaints in a malicious way..... i say 'malicious', because some indicators repaint in a necessary to-be-expected way...... there is a difference.....

the real trouble is when we only have the ex form of the indicator..... then we can not see the code..... using any indicator, script or ea is risky without being able to see the code.....

some very useful indicators are completely useless with out their ability to 'repaint'.... those same very useful indicators are almost useless as trading signals...... their true use lies elsewhere....h

 

[Enivid]

Actually, the latest bar should be constantly redrawn, unless its value is based on Open price.

 

[ezrydn]

Well,

I see, over and over, a lot of wailing and knashing of teeth, over "repainters." And, if it's over something that may have happened an hour ago and I'm past that point with no recourse, pouting seems a big waste of energy.

 

[hayseed]

hey ez...... you are of course correct.... but you are experienced....
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unfortunately forex is a revolving door of unexperienced traders grasping at every flashy indicator with seemingly perfect signals.....

i have probably written several thousand ea's over the past 9 years for people all over the world....

hardly a week goes by that someone doesn't ask me to write an ea for the best indicator he has ever seen.....

then email whispers the indicators name......

solar wind...... or supertrend..... or turdorgirl vorticity ....... or fx fish...... or shi silvertrend ...... or fisher ...... or 3 level zz semaphor...... the list goes on and on......

igor wrote the original solar wind indicator for a trading system he was working on..... he was not intentionally trying to mislead people, he even made it clear it repainted..... he is a respectful coder.....

but there is also a long list of members that have been banned from many forums purely due to them scamming with repainting 99$ indicators/ea's..... forex can be a shady business.....h

 

[star082]

indicators are good for trading if u use good then u must use to aern so do it and earn more and more it will give u good income

 

[ezrydn]

Ok, hayseed, I got ya. However, what you say (and I agree with) and what people post are two separate things. It was one of the things that jumped out at me when I began learning. When I buy something, I look not at the rep of the vendor but, rather, the refund policy of the sale processor. I give items 1 week to pay for themselves. When they don't I go to the processor, not the vendor, and start a refund. And 1 week is a hard and steady rule with me.

 

[Rambo35]

Ok, hayseed, I got ya. However, what you say (and I agree with) and what people post are two separate things. It was one of the things that jumped out at me when I began learning. When I buy something, I look not at the rep of the vendor but, rather, the refund policy of the sale processor. I give items 1 week to pay for themselves. When they don't I go to the processor, not the vendor, and start a refund. And 1 week is a hard and steady rule with me.

I think a one week rule when it comes to this is reasonable. When it comes to trading, you have to be dynamic as the market is dynamic and not fixed.