Example of using a custom indicator
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Hi everyone,
Is there an example of usage for a custom indicator that explains what errors to avoid, etc.?
Thank you for your response :)! -
AFAIK there is no examples in these forums. However, what you need to check WITHOUT EXCEPTION is if the indicator repaints or nt. If it repaints, the bot is doomed. You need 'unrepainting' custom indicators.
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After some research, I found this video on YouTube:
How to build a forex robot by fxDreema - Add Custom Indicator (MACD_color) Step by Step (EA):
https://youtu.be/SoE-YDbLiNU -
You should be VERY skeptic when trying to build EA based on Youtube videos. Is that indicator repainting? That is the question you should ask yourself every time a custom indicator is envolved. If it doesn't we can try to build it. Otherwise you will be wasting your time.
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@l-andorrà thank you for your advice. However, I would like to clarify an important point.
Using a repainting indicator is not a limitation in itself. The signals obtained can be made more reliable by using other indicators such as trend, momentum, volatility, and volume. It is the responsibility of each individual to make their own choice regarding the use of indicators based solely on historical data, which can result in a certain level of inertia in decision-making, or the use of zero-lag indicators that allow for more responsiveness. Candlestick patterns can also be used.
Another important factor is the choice of time frames used for trading.
I hope my response will encourage other users to reflect on these considerations.
Thank you for your response @l-andorrà, and on my end, everything is working perfectly. I look forward to reading your messages in our future exchanges.
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That's certainly a remarkable view on your part. My experience says that more than 95% of users here have no idea of the consequences of using repainting custom indicators. I'm glad to see you belong to the other 5% :).
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@l-andorrà I share your opinions, unfortunately, people dive into trading without any training or even a real idea of what they should actually do. Most of them think that trading is a game of chance, which explains why 90% of people lose money in the markets.
