481# MT4 Prosuite Various Templates
MT4 package templates
Submit by Buddy 12/08/2013
You have in this package, the 5s, 5sb, 6s and 6sb templates. 6s and 6sb are the same except for the ribbons being shown as single lines in he latter, which is really all you need to look at. Also, you have a nice Daily template given to me from a friend. Copy the Ash Daily tpl into the templates folder, and refer to the documentation for it.
Open up the #5s template in any currency’s chart, but be in the 1Hr time frame for starters.
You will see a vivid bar chart with Red and Blue ribbons flowing along the price structure. In the middle will be 3 stacked color bar indicators. They are the “Flux” Indicators. They will show up in your MT4 custom indicators as…. “Filter over…..etc”
At the bottom, will be a very unique indicator which is relatively simple, but a very few people even know about it, let alone use it. I’ll explain later. This indicator contains 2 colored lines which cross over each other periodically. Red / Blue. Later on, you may want to play with the values of these, and/or the colors for your own experimentation.
Starting at the top……..
The red and blue ribbons will ride along and cross over one another periodically in sync with the underlying trend of the chart displayed. To see the REAL Longer Term Underlying Trend, use this template on the 1Hr thru Daily charts. You will notice this so clearly, and with few flaws (whips). A crossover of the ribbons must occur with all parts of one ribbon crossing over all parts of the other ribbon, to be considered a trading signal, however; for an exit… it is may not be necessary to wait for a corresponding cross. I’ll explain later. Also, a crossover of the ribbons is just one part of the complete signal. I have also added a longer moving average (Super Trend Ind) to this template, just for trend confimation. Read on.
Next jump to the bottom of the chart. You will see a window with a number of things going on, but we will concern ourselves with Red & Blue lines which cross periodically. You will find that they will cross before the ribbons do. When this happens, you are in alert mode.
Once there is a cross make sure both lines also flow thru the -25 or -75 Horizontal Line in the same window. Now you have an impending trade. Look at the Ribbons above and wait for a clear crossover. In the 1Hr chart, that is your potential entry. At this point, you must go to the 1M and 5M charts for your tuned entry. ONLY trade in the direction of the LT indicated trend. If, on the 1M or 5M charts you see a move already triggered on that same chart, you may enter, if in the trend direction.
If it has retraced a bit, wait for a new setup, and then enter in the Underlying Trend direction only.
The “FLUX” indicators……. They are there for confirmation for starters, as you will see the colors pretty much line up when things are in order. However; their major contribution to this setup is when you are thinking of getting out. You will see mixed color patterns developing as a move is weakening. That is the clue.
Also, when all the colors are in confluence, it will tell you that the move is solid. As a change of direction is developing, you will see the colors go to the intermediate, then the final color.
UP = Blu-Grey then BLUE. Down = Orange then RED.
Exiting a trade: Firstly remember, it is more difficult to find your exit than to determine your entry.
Also….. As you start to look for an exit, there are more ways to make you get confused. It is not as simple as waiting for another opposite crossover, although it is possible to do so, but many times you will sacrifice profits to do that.
Only you can determine how much (once you are in profit) you are willing to give up, in order to capture the larger move. That is the 1st consideration. How many times have you seen a move take place which gains xxx number of pips….then a retracement takes place giving up partial or all of the gain in pips, Then…. A reversal takes place and away it goes xxxxxxxxx pips in the original direction. If you got shaken out, you will have missed the bigger move. On the other hand, if you had a considerable profit and saw 1/3 of it slide out from under you, and you did not get out….. how would you feel if it continued to go further against you to the point of totally dissolving all your profit.
However, with that being said, and after you gain confidence in this setup, you may want to refer to the chart to see if it is indicating “No Underlying Change” being imminent. That is what the Professionals do.
Next: You can just wait for the next reversal crossover, but you may also want to look at the chart and see only one ribbon (the Blue one) crossing price in advance of a full ribbon crossover. That may signal an early exit. When that happens, and you get out based on the Blue Ribbon / Price Cross….. you will have captured more pips than by waiting for the ribbons to cross. This will come with practice, experience, and confidence.
Look at the next picture
This is a variation of #5 with OSMA Indicator overlayed on Williams % R with a single moving average on it. The MA is selected by dragging to this window and selecting “1st indicators data”. I want you to experiment with this setup by changing Williams %R value and by adding and/or changing, moving averages upon it.
Below this, you will see the Forex Freedom Bar, which is a showing strength in 4 time frames you can adjust. Naturally…. Up = Blue, Dn = Red. It display’s the reverse of the values in the properties display. (in other words…. From top to bottom, if you put in 60, 30, 15, 5; then it displays 5, 15, 30, 60). Its pretty easy to observe.
Here you see the ribbons, a 45 MA, Williams %R MA’s, and the Traders Dynamic Index modified with MA’s, and the MTF (multiple time frame) Freedom Bars. We look for converging crossovers, in alignment with a color change in the Freedom Bars. Look at the vertical lines, and you will see the crossovers.
This is an interesting variation of the main indicator window. The ribbons are still there, but all but 2 lines have been made invisible. Therefore, you have a easy and more visual determination of the same indicator.
The reason I show you this, is for you to take the hint and experiment. You may also want to change one of the other indicators also, and then save the template in MT4.
A word about the 45MA in the main window. You may notice that many times this particular value acts as a center pivot point for price to move up and down around. At other times it acts as bounce point. See the photo called “Riding The Rail” and you will see what I mean. Once you see these setups forming, you may be able to take advantage of them. In the download file there are other templates with manuals.