Decision bar is one of the better idicators I have seen. It keeps drawing support & resistance lines on your chart throughout the trading day. Then when you get a breakout
or breakdown on your chart, decision bar labels the bar as a breakout or breakdown.
This way it catches all the big moves. I use it with an E20new & a coloured moving average indicator. In my trading I take most of the BO,s or BD,s that decision bar signals
in the first hour and a half after market open as long as they they don,t have any mayor pivots , trendlines etc right below or above them.
I have,nt seen any free indicator that works this way , but there may be one.?
The following 2 users say Thank You to loriley for this post:
I subscribed to the service for nearly two years. But here I am, not making money. You can see plainly which signals were excellent, after the fact of course. It really sickened me to see all the money that was out there for the taking. Unfortunately, I never seemed to implement the strategy properly.
There's a fair amount of tweaking involved with this software. The settings are user-defined. The idea is that you change the settings until you get good signals, but you're only seeing this after it occurred. I ended up adding other indicators to it try to keep me out of choppy conditions. My habit is to only enter when conditions are dangerous and when the market finally makes a nice move, I don't trust the signal when it's the real thing.
The real problem with the software was my inability to trust and follow the signals. All my fault. Were there times I did things correctly? Of course. But overall, I found it hard to figure out when to stay out. I haven't ruled out re-subscribing to it, but there's so many ideas on here, like Perry's Trading Platform, I just can't see subscribing again.
I have loads of screenshots of the signals it gave on the ES 1000 tick chart. And other various intervals of the ES. PM me if you want to see any. This concludes my very first post on any forum, anywhere.
The following 4 users say Thank You to tmmaggi for this post:
Yes you can look right here on big mikes indicator downloads & or NT indicators on the ninja trader forums. There is an indicator there called : dynamic support & Resistance. This is very similar to the decision bar set up, with the same type of dynamic S&R lines automatically drawn on your chart, but when you get a break out or
break down bar closing above or below the support or resistance lines this indicator does not label the bar as a breakout or breakdown like Decision bar does but its easy to see without the labels.
There is even a breakout / breakdown indicator that paints arrows on one or both of these forums that you could add if you think it will help. Yes just taking all the breakouts or break downs blindly won,t work.
Just like any other trading if you can wait for all your ducks to line up before jumping in , ie best times of the day to trade, double tops & bottoms, reversal bars, mayor S&R areas , convergence, breakouts or breakdowns after tight range consolidation your trades will have a higher success rate. good luck.