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nt7 session template for forex

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Market Wizard
Berlin, Europe
 
Trading Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
 
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Posts: 9,779 since Mar 2010
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bobarian View Post
Thank you Fat Tails.I did in fact go back to instrument settings.Also thank you to Devil Man, TR8 ER,MRPHR,and Blash.Also, I downloaded Fat Tails TWAP, it just makes sense to use a time based indicator vs volume for Forex.I was told By Riley from NT support that NT8 is better suited for forex.I will stick with NT7 for now.Thanks Again everyone!

In case that your data provider supplies both historical and real-time tick volume, I would personally opt for the RWAP or VWAP for trading FOREX.

For data suppliers such as Interactive Brokers that do not supply historical FOREX data, I would use the RWAP.

The TWAP is an indicator that was originally used as a simple execution algorithm over a set period of time (not the fuill session). In case that you use the TWAP with the full session, it will overweigh low volume bars and price action will not correctly follow the bands.

Please find attached three charts that show RWAP/VWAP/TWAP with bands for EURUSD over the last two days. The TWAP is clearly the worst option here. The VWAP with tick volume supplied by FXCM is good, but in my opinion the RWAP, which does not use volume data, but only price data, is slightly better. But judge yourself.


VWAP (based on tick volume):

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RWAP (not using volume data):

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TWAP based on equal time intervals:

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