WISH LIST for new releases of MTP

[Gene]

Hi all members,

I think a WISH LIST including trader's proposals for new releases/editions of MTPredictor will help Steven and us.

I would like:
- MTP EOD (I use EOD) with the ability of multiple charts on the same page (first of all for multiple time frames analysis - daily and weekly chart - with the same indicators) for easy and fast decisions.
-Multiple indicators at the same time - now you can see only one on the bottom of the chart.
-The addition of WMA.
-The addition of Open Interest to the Volume indicator. Probably many of you know how important is OI in trading, helping us in avoiding many bed trades or confirming good trades.
-The possibility of applying automatically the tools we use for a chart (of course excepting TS1, TS2 and TS3 analysis, FIB, DGLs) to all charts - a great time saving.
-The posibility of adjusting the thickness of the chart bars (fat bars) or candlesticks.
-A pivot points analisys showing P, S1, S2, S3, R1, R2, R3 and midpoints, based not on the classical formula, but on a 3 days average, or even better, user defined as number of days for calculation.
-A DDL for accepting high quality third party indicators will be great too.
Of course, these proposals and other ideas cannot be implemented overnight.
Have a good trading.
Gene

[Angel]

Hi all MTPredictor's members,

I like very much the idea to get our trader's proposals in a WISH LIST (Thanks for that Gene ;) )

I read the latest annoucements concerning the version 5.00 and I sincerely think that the new modules will be a significant enhancement. Having said that, I would like to thank and congratulate all the MTPredictor's crew and the software developpers for the all you have been doing :)

Personally, I would like to add one more whish for the RT version :
- Would it be possible to improve the scanning power of the scanner ? By that, I mean that actually we can ONLY scan a max of 30 items. Improving the ability for the scanner to scan up to 100 items would be perfect ! I really hope that someone will hear my request. By advance thanks.

Have a good trading.

Angel

[Steve Griffiths]

Hi Guys,

Thanks for your suggestions. We do read and then carefully consider any and all suggestions, so please free to email me directly as well with your suggestions.

We will do our best to incorperate as many suggestions as we can, but some suggestions are either not pratical nor not technically possible, so cannot be included. But we do try our best for you.

Yes I am excited by the new modules in v5.0......... as well as the new TS8 .eld's This will bring MTPredictor to a wider audence..

Thanks

Steve

[Angel]

Hi Steve, Hi all members,

It's nice of you to consider so carefully all of our suggestions, so thanks for that :)

In my trading style, I only take a DAILY set-up if it goes in the direction of the WEEKLY trend, showing by a 20 EMA. For example, I will take a BULLISH daily set-up ONLY if the 20 EMA on a weekly chart is UP and vice verca.

When you get a bullish/bearish daily set-up, it would be easier and faster to plot a sign or an indicator (if my English is good :o ) which tell you that the DAILY set-up is in the SAME direction or not of the WEEKLY trend. I hope that my explanation is understandable ?


My humble suggestion would be to include it in the V5.00 and is it technically possible ?

Thanks for your attention.

Have a good trading.

Angel

[ADM]

What will the TS8 ELDs have?

What would be the difference of having TS8 with the elds... or having MTpredictor?

[Steve Griffiths]

Hi,

Thanks for these two last questions.

We are looking at providing a weekly trend Filter. I should have more info on that nearer the v5.0 launch.

On the TS .eld's, again I hope to have more info on the main MTPredictor web site in a few weeks

Thanks

Steve

[craig]

While I understand why you wouldn't want to do this, it would be nice to be able to type in a symbol and have MTP produce a chart - that way when my wife reads an article in a magazine that says company xyz is going to be tripling in the next 2 days I can pull up a chart and explain a more likely scenero <grin>

Thanks,
Craig

[Angel]

Hi Steve, Hi all,

I see that you are looking at providing within the v5.00 a WEEKLY TREND FILTER and this would be a decisive enhancement for taking or not easily and quickly a daily set-up. May be this trend filter will be based on :
- a 20 period EMA
- or a momentum indicator
- or more advanced trend indicators like we can find on a TASC US
magazine because EMA are lagging indicators. I mean that is the main
pitfall particularly when the market is at a reversing level.

As I see that many MTpredictor's users are giving us their suggestions so let me give your an other personal wish. Could you include the possibility to SAVE easily all the weekly trend chart studies when we close MTPredictor in order to re-find them after ?

Thanks for your attention.

Have a good trading.

Angel

[mcdirt]

The new TS8 version of MTP looks great.

On my wish list for the EOD version would be that if Reversal Bars, Display Pivots, find Elliot Waves or find Trade Setups are placed on a chart, then when you use the UpArrow/DownArrow to move to the next/previous chart, the same items should be automatically drawn on that chart as well. ie Those functions toggle on and stay on until the user toggles them off again.

Seems that would be a great time-saver to me.

Very much enjoyed the Manual ABC seminar last night, really cleared a few things up and while it's nice to be able to ask Steve questions etc in the old conference format, I much prefer the new format as the videos can be watched repeatedly.

rgds McDirt

[Steve Griffiths]

Hi,

This is exactly what the new v5.0 will have, please see the new settings that control the actions when opening a new data file, including using the Up and Down arrows....:)

Steve

[mcdirt]

BLOODY EXCELLENT!
WHEN? (Late Fall means nothing to me) I want it now.

[Steve Griffiths]

In about a month, just need to test with our beta testers..........

Thanks

[Angel]

Hi Steve, Hi all,

Concerning the v5.00 release and if I trust the old adage : better later than never ;)

And what about the enhancement of the new EOD scanner ?

Thanks

Angel

[Krzysztof]

Hi Steve,
are you going to improve History Module in version 5.0 EOD?
It doesn't recognize many TS and W2,4 setups that occur in 'Trade Scanner'.
So it is almost impossible to do any backtests with HistoryModule,
because they are different than those in real trading.
My tests show that HistoryModule doesn't recognize 25-35% of setups from
TradeScanner.

Best regards,
Krzysztof

[rosow]

Krzysztof,
I too have found this to be an issue. I think the problem is that the history mode searches for pivots and if a pivot quickly disappears it will not see what the scanner sees for that day. I think you are better off using the scan mode with old dates. I'm testing this and so far so good. Do this test yourself:

1) Run a scan each evening and write down the scan results. (Steve, I'm having an issue printing the scan results. Sometimes it prints a blank page and yes there were hits : >) and sometimes it prints a partial text list??)

2) Do this for a month and then set the date back in scan mode to any prior date that month. I'm finding that the results are the same between real time and back testing!!

What's good about this is that eventhough we tend to know what the market did during that time period I have no clue what most of the scanned hits did. What's also nice is that when you scan an old date and click on the stock to see the chart it will show the last bar as of the scanned date not the current date. You are automatically in "training mode" and can start clicking new bars from there to see your fate!!

Steve, if possible, I would also like to see the history mode pick up all of the scanned hits for each day.

Thanks,
Lenny

[Krzysztof]

Hi Lenny,

Thank you for your response. Yes, I agree that your idea is
much more reliable, but if you want to backtest your mothod on
10 years of S&P data(or any other market),
so it is extremely time-consuming to scan it day after day.
It's 2000 trading days! Maybe HistoryModule could use the same
method to find setups as TradeScanner...


Best regards,
Krzysztof

[Steve Griffiths]

Hi Guys,

This is because the History module works differently from the Trade Scanner. So, yes, the most reliable way to "see" the automatic set-ups in history is to use the Trade Scanner.

We may change the History module in the future, but because this would be a major change and a complete re-write of the history module, this will not be in v5.0.

Thanks

Steve

[msmithbtl]

Steve,

I am not sure if the RT version is capable of this now or not---when I perform a manual analysis on a chart is it possible to be able to come back to that chart later and view that manual analysis without re-creating it? Currently, I lose my analysis when I switch from one chart to another.

In the EOD version it appears that I can save a chart with an analysis on it and come back and view how that analysis looks with updated daily data.

Thanks,

Mike

[Krzysztof]

Hi Steve,

It's very bad news for us that we still will not have
a reliable backtesting tool in MTPredictor 5.0.
So maybe you could explain what are the differences
between setups from TradeScanner and History Module.
It would be very helpful if we could know which setups
from TradeScanner will not be found in HistoryModule.
Once again, if I backtest a method on 10 years of data in
HModule, I want to take only these trades, because to use any
method we must know some (reliable!) numbers like max drawdown and
average drawdown, max consecutive losers etc. It is impossible
to know these numbers if we will have 30% more trades in real trading
than in our tests.
So please Steve,tell us sth about these differences.

Best regards,
Krzysztof

[Steve Griffiths]

Hi,

please email support@mtpredictor.com for all questions on the sofware.

Thanks

Steve

[ericd2281]

Steve,

I would like to make a suggestion for version 5.0.

Currently, the Trade Module shows an open table to enter values (Symbol, Tick, $ Point) for contracts.

I would like to suggest that the contract information be already entered into the Trade Module within MTP (in an editable format to all for contract rollovers) to reduce or eliminate data entry errors (i.e. tick value of .1 instead of .01). These data entry errors would certainly change position sizing and cause traders much grief when they recognized the errors. Additionally, this would reduce the time requirements to setup the Trade Module within MTP as only one programmer would have to setup the table instead of each individual user.

With that modification the trader would only have to ensure that the symbol listed in the Trade Module matched the data file name for the appropriate symbol.

Keep up the great work.

Regards, Eric

[ADM]

It would be great if MT would support tick chart time frames.

[Gene]

Hi Steve and all traders,

It seems that my idea of having a WISH LIST is of interest to many of you.

What about MTP having PIVOT POINTS on charts, Support and Resistance levels and Midpoints? (Well...the MTP Pivot Labels is a different story...).
Probably many of you are using PP in your trading, especially FOREX traders. Just remember that PP are not very helpfull in the days dominated by news or other events making the markets more volatile than normal.
PP and Fib together are a great combination; if they are almost at identical or very close level, it will give you a great signal.
It will be nice having a user's choice formula including Classic, Camarilla, Woodie, with 4 levels for S and R and Midpoints - like in the free calculator at
www.deltat1.com/education/tools/pivot-calculator

Have a good trading
Gene

[Steve Griffiths]

Hi Gene,

These are already available as a free download from the eSignal efs archives.

Please see chart below, where the low of the day on the AB Z5 on Friday was right at one of these "floor trader" levels.

Thanks

Steve

[Matt Bowen]

Yeah, I agree... The Floor Trader pivots are a great combo, but nothing takes a back seat to risk management...

[stevej]

Can the version 5 test software be installed alongside MTP v4 or would I have to remove v 4 before installation?

[Gene]

Hi Steve (Griffiths),

Thank you for your post about PP .
My posting is about having pivot points in the STAND-ALONE MTP, hopping that you will include PP in MTP version 5.
I'm glad you agree that PP can help, but you can help users of the STAND-ALONE MTP by including PP with a multiple choice formula. It seems that Camarilla is working better in many situations (PP is the same in all formulas, but S and R levels are not).
Best regards,
Gene

[samirkpatil]

Hi Steve,

I have 2 requests if possible for new release for manual wave analysis.

1. We have Intermediate and Minor level symbols for 1,2,3 and A,B,C already in MTP4. Can we have additional Major level symbols for 1,2,3,4,5 as the cirled 1,2,3,4,5?

It becomes easier for manual analysis to have visibly differnet symbols rather than just different coloured numbers.

Roman symbols i, ii, iii, iv, v would be nice too but I guess I can use annotation to type these. It would be nice to have though.

2. The annotation toolbar does not save the color and size setting in MTP4. It would be nice if remembers my preferred color and text style. Also it would be nice to select bold and regular or dotted line to draw rather than just one regular line. But that's trivial.


Regards,

Samir.

[Angel]

Hi Steve,

Concerning the "New Scanner" and the ability to restrict for trades with a greater than 2:1 initial risk/reward, could you include a function that allow us to indicate a precise risk/reward number like 1.5:1 or 1.6:1 ...etc..?


Because by restricting for trades with a greater than 2:1 risk/reward, we miss some profit we can take in trades > 1.5:1 initial risk/reward !

Thanks for your reply,

Cheers

Angel

[dctommy]

Dear Santa:

For Christmas, I wish Steve would add the following to MTP:

EOD:

1) labels for the waves that write on the screen
2) the ability to save setup charts without opening errors
3) The ability to walk forward test the setups quickly by being able to
simply change the PC date and not be required to tweak the data files

For RT:

1) labels for the waves that write to the screen


I've been a pretty good boy this year and would appreciate it!


Tom :D

[jtrade]

Steve,

I'd like there to be a user selected default for the standard trade scanner, please, so I don't have to uncheck boxes every day for my futues and forex scans (I leave only "Last point is a coloured reversal bar" checked).

OK, I know.... I'm lazy !

J.

[ADM]

on an EFS or ELD? showing the 12345 etc

[CapTech]

It might be easier to just get MTP5Eod being fed realtime data from TS or E-signal so you can have all the tools in one place. This was promised for MTP5Eod and I'm sure it's in the works. Esignal does this already with the MTP RT product.

[dctommy]

Steve & Co:

It would be great if MTP could flag setups on weekly AND daily timeframes
and then have the charts overlay...keep the setup on the screen when
changing from weekly to daily and vice versa.

This is a common feature in many charting packages. It would be useful to
easily show multiple timeframe reversal points, adding much strength and
credibility to setups.


dctommy :D

[qitrader]

I would like MTPredictor support for Ninjatrader. Here is the link if Steve is interested in contacting the developer.

www.ninjatrader.com

If Steve can add the plotting of Reward/Risk in the charts of Ninjatrader and the DP levels, this will be the ultimate trading machine.

Hope this trigger some interest.

thanks

Qi

[qitrader]

Another great software that I use is Amibroker which should make a perfect companion to Mtpredictor. Here is why:

http://www.amibroker.com/features.html

To sum up:

1) Powerful scripting language. Easy to implement any trading ideas.
2) Poweful Portfolio manager for position sizing strategies.

I'm just a proud owner of Amibroker and Ninjatrader. I do not get any commission for posting this information.

Qi

[Nagpada]

May I state from the start that this is a wonderful trading software with a equally outstanding and responsive support team. Isn't that unusual in this world of non- stop hype with little substance. All " piss and wind " as the saying goes.
But at the moment there seems to be a preoccupation with trying to implement this on any and all platforms. There appears to be a blurring of focus. Instead of jumping all over the place users should, as has been pointed out by so many on this forum, put in the time and read the setups. This is a tool, only a tool on. Any decent platform should do, just learn to use it well.
Does that mean that the tool itself cannot be improved. Of course not. We users are trying something all the time. What can this software do to help me be a better reader will be in my next posting.

[Steve Griffiths]

If you would like to learn to use the software to a more advanced level, then I definately recommend attending my advanced training Webinars, as these will teach you how to read charts better and as such apply some of the more advanced "manual" modules on the charts to uncover additional trade set-ups

I hope this helps ?

Steve

[Nagpada]

Ah Steve me man , the last statement of my previous posting was a retorical statement. No reply was elicited just yet. One of the beautifully appealing aspects of MTPredictor is it's visual display of the results of it's calculations. It shows, on the screen, the probable path ahead.

It uses OHLC bars to do so. Hold it, there is something wrong here. This is like going to a valve radio for news and entertainment. But we live in the age of high def. colour TV I hear people say. That's right. So what are we doing with OHLC display. A system from the days when data was difficult to transmit and a the diferent system of presentation was used. What information does a OHLC bar give us? Just the price and the fluctuations of the period. Todays data transmitions carry a lot more useful information.

The value of Candlestick presentation too, I think is overblown. The body consists of open and close with thin lines foe head and tail to represent the fluctuations, how ridiculous can this be?! As though the first customer of the day and the last customer of the day are the principal traders. So in my view candlesticks and what they represent are overrated hype belonging to a bygone era.
What we should be using a visual display that provides us more market information on the chart itself.

For starters, one option should be the use of range bars. These filter the gyrations of the market. Incorporate into this volume information. Now were getting a better snapshot of the market. Next incorporate demand and supply information into the bar and now we are at the color TV stage.

So instead of having a display from the valve radio era, spend the time and effort to move on to a color TV era. As you may have noticed, many of your users are using additional filters to trade. It all has to do with picture quality.
So Steve me man, stop worrying about platforms and concentrate on upgrading MTPredictor presentation into the 21st century.

The cost of consumables should always be tightly controlled, I have to use a different software at the present to get the same picture. It is also, not so satisfactory. Here is the link to a page that could give you some ideas, but I'm sure that a smart laddie like yourself already has the knowledge.http://www.ensignsoftware.com/tips/tradingtips81.htm


Thank you for your attention.

[Steve Griffiths]

Yes I hear the new NinjaTrader 6.5 will have range bars as well as eSignal v10, so you are more than welcome to use either of these platforms. our RT MTP add-ons work on both these, so it looks like we can satisfy your wish list pretty easily.........;)

Steve

[Steve Griffiths]

As a PS.

I may be old fashioned in liking OHLC bars charts but then all I am interested in is making money, and these still do just that, please see a great TS3 sell on the 3min Bar chart form today.....

While I know some people like to use other charting methods, (and that is OK), in my personal opinion it does not matter what you use, as long as you use it consistently. New traders have to be careful to not spend more time hunting different chart methods and therefore getting distracted form the important point - which is learning how to trade.

You have to be careful to not lose sight of what is actually the most important point of trading - keeping your initial risk small and profits large. And just using a different chart type will not necessary do that without the correct analysis applied onto it... Hence MTPredictor.

So while other chart types do have their place and do work well for some more experienced traders, they are not the only method and the humble OHLC bar still has its place. So I think your post here is a little over the top, especially when the humble OHLC bar chart still does its job of making good profits

But each to their own ;)

Steve