Custom Indicator

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What do you guys think about this indicator?
I just finished the first beta version, I'm gonna use it to identify the market inertia, red means only sell, blue stay away, green only buy. I will be looking the indicator at a higher timeframe of where i'm trading, like.. I will look the daily or weekly chart, if its green I will be looking for buy in 4h.

 
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Hannan

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Inertia Indicator

What do you guys think about this indicator?
I just finished the first beta version, I'm gonna use it to identify the market inertia, red means only sell, blue stay away, green only buy. I will be looking the indicator at a higher timeframe of where i'm trading, like.. I will look the daily or weekly chart, if its green I will be looking for buy in 4h.

Hi,

I just looked at the chart n indicator. I am new to this forum. Anyway, I am curious about ur indicator... First thingy, color looks good ;)

BTW, you are using 4H chart to pinpoint entry point, and daily or weekly chart to find trading opportunity, right? Please confirm.
 

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Hannan, I will look at D and W charts to identify where the market is going, and I'll look for entry points in the 4h charts ONLY in the direction D and W tells me. I will be doing some backtesting today, I think the indicator could works good for swing trading the 4h too. Like in this chart http://img27.picoodle.com/img/img27/4/1/3/f_Untitled2com_23f57ce.jpg
The indicator in Daily turns red so i look for sell in 4h, a simple price below 55sma signal gives a good trade there, exit could be the indicator turning green in 4h, but as i said i will not use it for signals.
 
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Code:
http://img02.picoodle.com/img/img02/4/1/3/f_1m_0424c4f.gif
http://img03.picoodle.com/img/img03/4/1/3/f_2m_610739d.gif
I finished the "Power Meter", it measures the bullishness or bearishness of the market.
 
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Hannan

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Back Testing Custom Indicator

Code:
http://img02.picoodle.com/img/img02/4/1/3/f_1m_0424c4f.gif
http://img03.picoodle.com/img/img03/4/1/3/f_2m_610739d.gif
I finished the "Power Meter", it measures the bullishness or bearishness of the market.
Hi,

How did your backtesting being coming up? May you share the result with us?

Thanks in advance.
 

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The automatic backtesting in mt4 is useless, I tried it but I had no real results, the trades doesnt follow the plan, but yesterday I backtested 7 months manually and it looks pretty good, without filtering signals I only found ONE fake signal, I will post some images of this first test later if you want to check it out.
 
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This are a few examples in major pairs.
The signals used in the chart are only an 8 and 21 ema crossover in the 4h chart.
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EMA crossover down in 4h && daily indicator is red.

http://www.imagehosting.com/out.php/i1488841_1.jpg
Exit could be first ema crossover up, and daily indicator turns blue.
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EMA crossover up in 4h && daily indicator is green.

http://www.imagehosting.com/out.php/i1488847_2.jpg
Exit could be first ema crossover down, and daily indicator turns blue.
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EMA crossover up in 4h && daily indicator is green.

http://www.imagehosting.com/out.php/i1488862_3.jpg
Exit could be first ema crossover up, and daily indicator turns blue.
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Stop loss should be at last valey or peak, and should be trailed because sometimes it catchs big trends just at the beginning. Also I think it works better in bigger timeframes, but I don't feel confortable even testing long terms trading yet, because of the risk involved (higher sl).
 
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