5NITRO+ Formula

How Does 5NITRO+ Work?5nitro+ forex mt4 indicator formula breakdown

5NITRO+ calculates the most data + most parameters of any Metatrader Indicator or EA … ever


    INFORMATION

    5NITRO+ Provides Us Information about the trend direction, trend strength, trend momentum, and trend overbought/oversold levels.

    Or simply, is constantly supplying us with possible inertia based opportunities in real time. When this inertia begins to show signs of faltering, it then suggests possible profit taking opportunities.

    5N+ arrives at these possible opportunity conclusions by dynamically calculating, dynamically aggregating, and then dynamically displaying this abundant data all in real time as each new tick comes in.

    The meter is ultimately outputting:
    Net percentage of the 24+2 different indicators, strength measurements, and breaches of support & resistance across up to seven variably-weighted time frames… all agree with the same binary direction bias of Long or Short.

    Or as is the case with the new matriXx ‘maybe take some profit’ feature … all agree with a similar binary bias of a overbought or oversold condition.

    Because it uniquely uses additional data from additional time frames, this gives us up to one hundred forty-six total parameters in reaching the ultimate ‘Global Percentage’. This Global Percentage is the large, main number preceding the % sign on all display modes.

    200 Percentage Points Possible

    As broken down and illustrated on Trading Page 3 under the sub heading ‘NITRO Mode’, there are 200 of these Global Percentage points possible. 100 points Short and 100 points Long. Or rather, 100 points negative and 100 points positive.

    The large, main Trend Arrow accompanying the Global Percentage on all display modes represents the general trend direction bias of either Long or Short with 0.0% acting as the centerline.

    Generally, pushing through 50% in either direction tends to act as an indication of possible inertia-based opportunities. Such as, trading methods rooted-in or giving a higher degree of influence to momentum.

    Generally, this large area of percentage points from negative (Short) 49.9% to positive (Long) 49.9% tends to act as an indication for a neutral or sideways or choppy trend bias. Or rather, lesser inertia-based opportunities are currently present.

    Summary:  5N+ dynamically-aggregates up to 146 parameters calculated from up to 7 variably-weighted multiple time frames

    Instant Relativity

    Regardless of methods and strategies, users begin to learn over time the nuances of all percentage point ranges and how to best apply in different price action situations. These percentage point ranges and their accompanying visual cues combine to begin providing instant relativity in a much clearer and simpler manner than what charts can often accomplish by themselves.

    This ‘instant relativity’ aspect becomes apparent and even more valuable when trading from a large selection of instruments available in our Market Watch Window or using any as correlated leading indications.

    An example of this constant relativity can be witnessed when using global equity indices such as DAX, CAC, NIKKEI, S&P500 as leading indications for certain Yen Pairs such as GBPJPY. 5N+ provides relatively identical visual output and relatively identical percentage outputs whenever any are exhibiting certain similar strength and momentum properties or matching similar criteria in and around support and resistance levels.

    Once positive correlation has been previously established, these visual cues and percentage outputs from one instrument can then be used as a leading effect in real time to expect similar in the lagging. Or at the least, expect an increased probability for the similar-type action to occur.




      Pick-a-Size

      Match your display setup and availability by selecting different options. If screen real estate is scarce, or if you wish to view many meters on one chart showing additional pairs or additional time frames of the same pair, there are eight options allowing only the display of this ultimate Global Percentage + Trend Arrow. matriXx along with Symbol, Price, and matriXx are turned On or Off in all display modes either through an On / Off switch or by choosing a specific display option.

          Smaller – Compact Display Mode Options:metatrader 4 new indicator compact display mode
    1. compact [ price - symbol - right ]
    2. compact [ price - symbol - left ]
    3. compact [ symbol - right ]
    4. compact [ symbol - left ]
    5. one click panel width [ small font - right ]
    6. one click panel width [ small font - left ]
    7. one click panel width [ large font - right ]
    8. one click panel width [ large font - left ]
    9.     Larger – Full Display Mode Options:FOREX MT4 NITRO FULL Left Right
    10. full [ price - symbol - right ]
    11. full [ price - symbol - left ]
    12. full [ symbol - right ]
    13. full [ symbol - left ]
    14. full [ price - right ]
    15. full [ price - left ]
    16. full [ right ]
    17. full [ left ]
    18. What Does The Main GLOBAL% Represent?

      The overall main Global Percentage % ultimately arrived at by 5NITRO+ equals = ‘How many of the median 102 parameters are indicating a particular trend bias for that specific time frame realm’

      The ultimate goal of 5N+ is to inform us of the prevailing trend and how many of the up to 146 parameters agree with this Long or Short prevailing trend bias.

      In doing so, 5N+ helps to provide us with additional …

    19. Information
    20. Confirmation
    21. Confidence
    22. Clarity
    23. How Is The Main GLOBAL% Derived?

      It uses trend indication or trend bias from a total of twenty-four of the most popular and widely used trading indicators in addition to two separate look back periods of Strength.

      5N+ does this using information not from just one time frame, but from up to seven time frames for twenty of these indicators. In doing so, assigns each one of these chart time frames with its own coefficient. Four of the indicators and the two Strength outputs use one time frame each either a non-linear higher time frame or the current time frame depending on the actual current time frame.

      This ‘Actual Current Time Frame’ is selected by the user in one of two ways. Either by the chart’s time frame that the meters is loaded on, or by the periodicities chosen from the drop down list in the settings box next to Time Frame.

         up to 146 Parameters Calculated Dependent on Time Frame Loaded:All MT4 Indicators Calculated and Compiled

      Time Frame Coefficients Assigned

      For Example:  While information gathered and calculated from the M15 time frame may receive a higher weighting of 4X when the meter is loaded on a M5 chart – that same M15 information only receives a 1X weighting when the meter is loaded on the H1 chart.

      These different weightings or point system along with the non-TITAN III portions of the Global Percentage using non-linearly scaled timeframes gives this version the ability to automatically self adjust its ultimate aggregation based on timeframe loaded or selected.

      Classic Probability Meters

      This is in contrast to Classic Probability Meters that were “One Size Fits All.”

      Classic, legacy versions of this meter distributed back in 2008-2009 by a seller named Fe***FX may have been acceptable as guidance help for a select group of trading newcomers trading the 1 Minute, 5 Minute, and (possibly) the 15 Minute charts and looking to capture 12 pips every so often. It was great at producing possible opportunities when ‘all the planets aligned’ possibly once during the London session and once during New York.

      Unfortunately, the Classic version was nearly useless as guidance for Traders trading the H1, H4, or D1 charts looking for consistent 30 to 1000+ pip gains.

      This tool considers Time Frame to be similar to an inverted pyramid of time or time realm represented by a group of adjacent periodicities – rather than being limited to only one standard periodicity that is available from your Metatrader broker. Again, the adjacent periodicities in this group are variably-weighted with different coefficients assigned to each dependent on which actual time frame the meter is loaded upon.

      Time Frame Pyramid Weightings – General Concept Illustration:TITAN 3 (T3) Weightings Pyramid

      This pyramid of time has an option for further enhancement with this New 5th N+ version by adding additional precision. The new offline charts feature allows the meter to gather even more data from closely adjacent time frames such as from in between, non-standard time frames like M3 M10 M20 H2 H6 H12 as examples.

      But in actuality, the amount of data gathered already without adding this additional data from non-standard time frames by way of the new offline charts feature could still be considered extreme. Adding offline chart scripts such as ‘Period_Converter’ to generate non-standard in-between time frame data to add this additional precision into the mix may not produce significant enough results to warrant it.

      Because remember, a ‘Period Converting’ script needs to be installed and running for each pair and each time frame. So, if you specialize in only one or two pairs on only one or two periodicities total then the effort and additional machine resources may be worth it. This would require 2-4 additional charts open and running for these 1-2 pairs on 1-2 time frames.

      But if you trade from a large selection of pairs and time frames then operating these offline chart utilities to create non-standard data will be more hassle then the results merit.

      Though, you can still choose in-between non-standard time frames from within the 5N+ settings box however. The intended application is for a fine-tuning effect. For example selecting M12 when loaded on an M15 chart will quicken the meter response as the internal formula is adjusted slightly by lowering the center of time slightly. Full details explaining this type of fine-tuning method along with other fine-tuning methods is explained below within the new features section.

      Randomness + Market Noise Pollute Data

      5NITRO+ works hard to produce a useful Global Percentage for each time frame loaded or chosen by the user from the drop down list next to time frame within the settings box.

      Therefore, the aggregated information outputted by 5N+ and its predecessors has shown to be useful for many users throughout the years regardless of which time frame charts they trade from or their chosen style of trading.

      5N+ not recommended for use on monthly charts due to the lack of tick data supplied by most Metatrader 4 brokers. More info about (lack of) monthly data listed further below in the T3 section

      As outlined all throughout the time frame weightings + point system within the workpads further below, 5N+ makes an effort to improve the results for these noise-polluted time frames such as M1 M2 M3 M4 M5 M6 M10 M12. An effort has been made to help reduce much of this inherently bad data coming from these time frames within the code. The formula within these lower time frames is skewed higher. M1 receives the highest skew with the skew lessening in somewhat linear fashion until M12 is reached which contains the least amount of skew in this group.

      Prefer Giving More Weight to Randomness + Market Noise?

      If you feel these short time frames, or for that matter any time frame, are giving too much priority to the prevailing trends from higher time frames and not giving enough priority to the randomness + market noise + microtrends of lower time frames, there are two adjustments you can make:

    24. Time Outlook:  change the Time Outlook setting to ‘reduced’. Effects are explained below.
    25. Time Frame:  select a smaller time frame from drop down list. Effects are explained below.
    26. ‘Automatic Scaling of MTF Influence’ Classifies Users

      The assumption is that a trader who generally trades off of a certain chart periodicity has interest, primarily, in the trend continuing within his time realm or outlook.

      For Example:   An Intraday Trader using an M5 chart who is only looking for breakouts producing 10-20 pips a few times per day, does not and should not care about the indications of the H4 chart because he or she has no plans whatsoever to hold a position overnight.

      Therefore, that H4 chart time realm (or pyramid of time) that 5N+ has created a Global Percentage for is meaningless, in general, for most M5 breakout traders. The H4 chart information should have little direct influence on that Intraday, brief hold time Trader except for near support and resistance levels, in general.

      Now, this does not mean H4 chart technicals should be ignored entirely for that intraday trader, in general.

      The higher time frame technicals always have a large influence on the smaller time frames. This is why 5NITRO+ is also gathering technical information from that H4 chart to arrive at its Global Percentage for that trader trading primarily from that M5 chart.

      The difference however is that not nearly as much weight is given to that H4 chart information as it does that same information collected from the M5 M15 or M30 chart, for example when loaded on that M5 chart.

      In Other Words:   That information from the H4 chart is valuable and it should not be wasted by not including it. Accordingly though, H4 data should not have as much influence as does the M30 chart information when 5NITRO+ is loaded on an M5 chart.

      This principle is also applied in reverse by using parameter aggregation information from smaller time frames for the higher time frame Global Percentage. For example when 5N+ is loaded on a H4 chart, information from the H1 chart and M30 chart is used. Again, the information from these smaller time frames carry much less weight than that of the H4 and D1 chart.

      The full breakdown of different weights that each time frame carry when 5NITRO+ is loaded on the various periodicities is outlined further below on this page under the TITAN III section.

      Note:  The influence that each of the adjacently lower or higher time frames has, such as that H4 data when loaded on M30, can now be adjusted by the user with the new time outlook feature as described further below. The user can now also change the actual chart time frame the meter thinks it is loaded on by selecting different periodicities next to time frame in the settings box.

      Summary:  5NITRO+ is using time frame loaded or selected to classify each user and speculate their most likely style of trading.

      In doing so, it is compiling information from and outputting prevailing trend bias of pre classified pyramids of multiple time frames that it believes the User most likely utilizes for information and guidance.

      Do not exactly agree with how the meter has speculated your most likely style of trading?

      No worries. Each user can now fine-tune this classification through the adjustments of ‘Time Outlook’ and ‘Time Frame’. In addition, ‘Strength Response’ along with ‘matriXx OBOS responses’ can also now be adjusted.

      W.D. Gann Time Frame Theories Built Into 5N+

      This principle of using multiple time frames for guidance was originally made prominent by theories of W.D. Gann. It is the basis behind such indicators included with your Metatrader 4 platform such as Gann Grid and Gann Fan.

      In Short:  Gann proved that each time frame is its own entity and develops its own repeating patterns. Because each of these separate time frames taken separately are all ultimately related, patterns and indicator readings from one time frame can be used as a leading indication for the other time frames. Not necessarily for the same pattern (such as Head and Shoulders) to develop, but for patterns and indicator readings associated with the same trend direction to develop.

      But instead of simply applying equal coefficients across all timeframes often utilized by the User for additional prevailing trend guidance, 5N+ instead applies a non-linear, pyramid-type weighting system to the multiple time frame coefficients.

      This is where nearly every MTF tool ever created for MT4, including classic probability meters, fall short and fail. They lack these automatic, intuitive, MTF variability properties.

      As outlined further above, while utilizing multiple time frames for additional information and insight can be advantageous if weighted properly as does 5NITRO+, these extra inputs can actually do harm if not variably weighted with a scaled coefficient. Nearly every other MTF tool ever created for MT4 lacks entirely the ability for coefficient scaling, let alone applying the correct weighting automatically.

      In the M5 breakout trader example used further above wherein H4 chart information is gathered but whose influence is reduced accordingly, other MTF tools lacking self-optimization should eliminate it entirely. And those that choose to include H4 or even H1 chart information without a coefficient reduction? The formula is actually being harmed. The reliability of the entire tool itself is possibly also at risk.

      Furthermore, those developers recognizing this potential harm of giving H4 or even H1 data equal billing within the M5 chart loaded formula, will often then make the correct decision of eliminating the data entirely. And thus unfortunately, eliminate the full power and potential of the tool.

      Programming 5N+ to automatically scale the influence of such distant time frames, with a reduction of 80% for example, allows us to keep collecting, calculating, analyzing, aggregating, and then ultimately assigning the proper weighting to that valuable H4 information for the user.

      Instead of being forced to reduce parameters and thus its full capability and reliability due to the fear of polluting near time frame data, this self adjusting technique allows 5N+ to rank #1 in total brute calculations per each new incoming tick of any Metatrader tool created … ever.

      With a 28 pair multiple meter template loaded, it was roughly calculated 5NITRO+ is performing up to 15,000+ calculations per second during such times as NFP on a fractional pip Broker.

      These are only the parameter calculations done by the 5N+ meter itself across the 28 pairs over the up to six total time frames. This does not include the additional, whatever automatic internal calculations that are performed per each new tick by the 24 internally aggregated Indicators themselves such as ADX, Alligator, Accelerator, Awesome Oscillator, etc. These calculations are done automatically within your Metatrader platform, but only when they are instructed to do so. Such as is what happens automatically when 5N+ is loaded.

      New User Adjustable Features to Fine-Tune Meter Response

      The combination of the five following new features below allow the User to now fine-tune 5NITRO+ to meet exact response needs.

      Note that while the response of a new feature called matriXx™ is also adjustable by the user, effects are isolated to the feature itself. matriXx adjustments do not affect the response of GLOBAL% or TITAN III in any way.

      New Time Outlook Feature

      Fine-Tune Entire Meter Response

      The first new feature added that affects the weightings-based point system of the entire meter is called ‘Time Outlook’.

      There are two user options for ‘Time Outlook’ to select from … [extended] or [reduced]

      The default Time Outlook setting is [extended] and is similar to previous versions of NITRO+.

      Similar to how selecting either a lower or higher time frame from the Time Frame setting drop down list slightly adjusts the meter’s overall response, switching the Time Outlook setting has a similar effect. The center of time is increased or decreased by about 0.40 to 1.10 time frame.

      When [reduced] is selected, this decreases the overall center of time within the entire formula by about 0.40 to 1.10 (compared to the extended setting). This can provide a better response option for those Users with reduced hold times and reduced take profit goals. This mode is quicker to react to subtle changes in price action. This mode is more susceptible to micro trends and market noise. This mode gives less priority to the prevailing trends from higher time frames.

      When [extended] is selected, this increases the overall center of time within the entire formula by about 0.40 to 1.10 (compared to the reduced setting). This can provide a better response option for those Users with extended hold times and extended take profit goals. This mode is slower to react to subtle changes in price action. This mode is less susceptible to micro trends and market noise. This mode gives more priority to the prevailing trends from higher time frames.

      Full details listing the differences in time frames used in the formula dependent on which Time Outlook setting is chosen is displayed throughout the LightBox pictures in their respective sections further below outlining which time frames are used per time frame loaded or selected to calculate.

      Supplied Templates with ‘Reduced’ in their name have configured the ‘Time Outlook’ setting to [reduced]. Remember, the fifty-five (55) supplied Templates are intended to showcase the multitude of options. They are provided as a convenience to reduce the amount of work and time required to arrive at your preferred trading setup. If [extended] is the preferred Time Outlook setting, simply change this setting and resave the Template. Or, select a different Template without ‘Reduced’ in the name.

      New Time Frame Feature

      The User can now select different periodicities from the drop down list next to ‘Time Frame’ in the 5N+ Settings Box.

      Time Frame Options:

      M1 M2 M3 M4 M5 M6 M10 M12 M15 M20 M30 H1 H2 H3 H4 H6 H8 H12 D1 W1 MN and CURRENT

      Settings Paranoia

      “Have I chosen the right magical settings?”

      This new feature now allows the possibility for multiple meters to be added to the same chart of the same pair for variance creation and added information.

      While yes there is obvious overlap because 5NITRO+ is already MTF and calculating adjacent time frames while assigning proper non-linear weightings to this additional TF data, the overlap is not 100%. Overlap is reduced even further for distant adjacent standard time frames such as H4 and D1.

      This arrangement is already configured for the User with included Templates that contain ‘MTF’ in their names. The specific Time Frames chosen for these MTF Templates were chosen because something needed to be chosen. Templates are intended to be further configured.

      To create a preferred MTF multiple meter arrangement from these foundational Templates with your preferred time frames, select different periodicities from the ‘Time Frame’ drop down list in each meter’s settings box. Then, re-save the Template over itself or with a new name.

      Reduce Learning Curve

      These MTF Templates or user-configured arrangements have been popular with entirely new N+ Users that have not used any version prior. These multi-meter configurations are helping new users to quickly become familiar with the tool and its various reaction during various price action. Loading these multiple meters reduces the learning curve by speeding up the settings evaluation period.

      Now, multiple meters with multiple different settings can be evaluated quickly to arrive at preferred settings with a faster pace.

      Going forward, many users are choosing to leave multiple meters on their charts as their standard daily setup even after the initial 2-3 week settings evaluation period ends. These multiple meters allow variance to be created. Risk or rather paranoia of ‘have I chosen the right magical settings?’ is reduced with this multiple meter arrangement now.

      Fine-Tune Entire Meter Response

      The other advantage this new feature brings is the ability to tweek the response of the entire meter. This is a similar effect that the new feature ‘Time Outlook’ has. And because we have included the non-standard in-between time frame selections such as M3 M12 H12, this allows the user to precisely fine-tune the response to meet exact needs when this feature is utilized in combination with the other new features.

      For Example 5N+ Loaded on M15 Chart:  The User can select M12 from the drop down list to give more priority to Microtrends + Market Noise which serves to ‘quicken’ the overall response of the meter.

      For Example 5N+ Loaded on M15 Chart:  The User can select M20 from the drop down list to give more priority to the Prevailing Trends from higher time frames which serves to’smooth’ the overall response of the meter.

      Full details listing the differences in time frames used in the formula dependent on time frame loaded or time frame selected by the user from the drop down list next to ‘Time Frame’ in the 5N+ Settings Box is displayed throughout the LightBox pictures in their respective sections further below.

      When using an App that creates actual Offline Chart data for non-standard time frames such as M12 or H12, be sure to turn On the New Offline Chart Feature as explained above in its section. Or, you could instead simply choose a different, standard time frame from the drop down list.

      New Symbol Strength Lookbacks Feature

      Symbol Strength is not Currency Strength.

      Symbol Strength is Pair Strength.

      Yes, technically GOOGLE Stock is GOOG/USD. But because APPLE or GOOG or WHEAT or PLATINUM are not commonly referred to as ‘Pairs’, the term ‘Symbol’ is used.

      This (SS) formula is the precursor formula to the standard Currency Strength formula. (more info below under the Strength section)

      An additional strength reading has been added for a total of two (2).

      The first output number, named SymbolStrength #1 which is longer, is worth 57% while SymbolStrength #2 is worth 43%.

      The full details of the Symbol Strength Point System is listed below under the Symbol Strength section

      The User can now adjust both of these Lookback periods. The default Lookback settings are 48 Bars and 24 Bars.

      For Example:  When the meter is loaded on a time frame (or the User has selected a time frame from the drop down list) that uses data from the H1 time frame to establish Strength such as M15, the range to establish Support and Resistance levels to measure position against is 2 days and 1 day respectively. Or rather, 48 hours and 24 hours.

      When the meter is loaded on a time frame (or the User has selected a time frame from the drop down list) that uses data from the D1 time frame to establish Strength such as H6, the range to establish Support and Resistance levels to measure position against is 48 days and 24 days respectively*

      *Example of Time Outlook Feature Integrated Within The Strength Formula:
      D1 is used to establish Strength when loaded on an H8 Offline Chart or when H8 is selected from the drop down list. But if [reduced] is chosen for Time Outlook, then the meter uses H4 data to establish Strength for H8.

      The full details of which time frames are used to establish Strength per which time frame is loaded is listed below under the Symbol Strength section

      New Offline Chart Feature

      As is mentioned, the total time frames aggregated at once has increased by one … to seven.

      While seven (7) time frames total may seem like too large of a range and is actually an increase by one over the previous TITAN II formula, the average number of time frames used across the entire meter only increased by about 0.2 to about 4.8.

      This “up to” increase by one time frame is the result of adding a new feature to the meter for Offline Charts.

      When the new ‘Offline Charts’ setting is turned On by the User, 5NITRO+ is now capable of running on Offline Charts such as Renko, Range, and Tick Chart utilities that, as part of their functionality, create new time frame data within your History Center for such time frames as M3 or H12. But, not odd time frames such as M7, M9, M22, or H16 as noted below.

      Further Explanation:   because this new Offline Charts feature allows data from non-standard time frames such as M12 to be used, the total range of time is not necessarily increased because M12 is “in-between” M5 and M15. So instead of adding the 7th time frame to the outside of the time pyramid, it is being added to ihe inside … filling in gaps of time.

      Data for these non-standard time frames such as M3 or H12 can also be created using the ‘PeriodConverter’ or ‘period_converter_new’ script included in your MT4 Platform

      So if any type of Offline Chart Bars Generator is used, select -true- next to the ‘Offline Charts’ setting within 5N+. This will tell the meter that data exists for these non-standard time frames such as M3 or H12 in your History Center, and to go ahead and use this data in the formula. But, not odd time frames such as M9, M13, M52, or H20 as noted below.

      When not using one of these Offline Chart utilities, the non-standard time frames such as M3 or H12 can still be selected by the User in the ‘Time Frame’ drop down list within the settings. This allows the User to now fine-tune the meter’s response. This is explained above in the new feature ‘Time Frame’ section along with providing examples if loaded on an M15 chart.

      Here’s How It Works

      Let us propose you load the script supplied in your Metatrader 4 platform called ‘PeriodConverter’ or ‘period_converter_new’ onto an M1 chart, let’s say EURUSD M1. You want this script to create an M12 chart.

      So, you enter twelve (12) as the multiplier into the script settings. You close the settings box and wait for the notification indicating exactly how many new M12 bars from scratch out of thin air have been created into your History Center.

      Now, goto ‘File’ on your top toolbar and select ‘Open Offline’. After a slight delay, a box will open up similar to your History Center box. Depending on how many total symbols your Broker provides as apparent in the Market Watch window, this could take a very long time and even teeter on platform freeze.

      Now, scroll down to find your newly-created EURUSD M12 and select to open. A EURUSD M12 Offline Chart will open. It will display ‘EURUSD, M12 (offline)’ on that chart’s title bar and the main MT4 title bar if active.

      Now, you either load 5NITRO+ onto this chart or load a 5N+ Template. Then, you will need to turn -ON- the New ‘Offline Charts’ feature within the 5N+ settings. You do not need to change any ‘Time Frame’ settings in 5N+. Leave the ‘Time Frame’ setting as-is set to the default -current-.

      The meter will display M12 to the bottom right, the window title bar will display M12 (offline), and the chart will display M12 (offline) to the top left if chosen in chart properties. It will use that newly-created M12 data all throughout the formula that you just created and populated your History Center with.

      Leaving the ‘Offline Chart’ setting to -false- will still allow the meter to function. However, it will not use any M12 data in the formula. Instead, it will be similar to selecting M12 from the drop down list for the meter to calculate when on an Online Chart. Remember we do this as a way to slightly adjust the response because it allows us to modify the formula for a response in-between M5 and M15.

      And technically, 5N+ does not need to be actually loaded on the same chart as the script or even an Offline Chart. As long as that M12 data in our example is being created and continuously updated by something somehow then 5N+ will go get and use that actual M12 data in its formula. The ‘Offline Charts’ switch does need to be flipped to -true- so that it knows this M12 data does exist. This switch is the only way of communicating this to the meter. It is the only way it knows to go get it.

      Random Offline Time Frames such as M9 M18 M26 M33 H82 … Not Acceptable

      If your Offline Chart utility is not creating new data for and creating the new periodicities of M2 M3 M4 M6 M10 M12 M20 H2 H3 H6 H8 H12 or the standard M1 M5 M15 M30 H1 H4 D1 WK MN … then 5NITRO+ cannot and will not function with that utility.

      There is a whole lotta calculations within the formula that are dependent on whichever periodicity it believes it is loaded on. What it ‘believes’ can be manipulated in one of two ways. Either by the chart time frame it is loaded on, or the ‘Time Frame’ you choose from the drop down list in the 5N+ settings.

      Again, this tool is somewhat complex. Its complexity is then multiplied even more buy its multiple time frame and dynamic properties. New Time Outlook feature further complicates. Offline Charts further complicate.

      There are sixty-six (66) total options for the user to choose. So, sixty-six (66) different time frame scenarios needed to be created.

    27. 21 formula-dependent scenarios for Online Chart [extended] Time Outlook
    28. 21 formula-dependent scenarios for Online Chart [reduced] Time Outlook
    29. 12 formula-dependent scenarios for Offline Chart [extended] Time Outlook
    30. 12 formula-dependent scenarios for Offline Chart [reduced] Time Outlook
    31. The point is, that was a great deal of code for each scenario possibility. We opted not to create 5000+ more lines of code for all the other infinite possible time frames that could exist through some random obscure MT4 Offline Chart utility creating it, such as M17 M33 H14 or MN22.

      All of these sixty-six (66) scenarios and full details listing the differences in time frames used in the formula dependent on whether the chart is Online or Offline and separately whether [extended] or [reduced] Time Outlook setting is chosen is displayed throughout the LightBox pictures in their respective sections further down the page outlining which time frames are used per time frame loaded or selected to calculate.

      Note:  Only create new data for periodicities listed here:
      M2 M3 M4 M6 M10 M12 M20 H2 H3 H6 H8 H12

      Note:  You cannot create odd periodicities like M9 M14 M27, M43, M72, H5, H17, H54, D18 … and expect the meter to function properly.

      Note:  Confirm that you have turned -ON- the New ‘Offline Charts’ feature within 5N+ before sending emails requesting support

      Note:  If you do not see the standard ‘Time Frame’ displayed on the meter, it is not functioning correctly. Your settings are wrong.

      Note:  If your Offline chart does not print one of the following periodicities in the upper left corner or on the window title bar, it cannot and will not function properly:
      M1 M2 M3 M4 M5 M6 M10 M12 M15 M20 M30 H1 H2 H3 H4 H6 H8 H12 D1 W1 MN

      New matriXx™ OBOS Feature

      matriXx now adds exiting relativity to the meter by indicating possible momentary money flow + momentum exhaustion. The objective being to indicate possible areas of thinking about beginning to take some profit off of the table.

      This is in contrast to the rest of the meter culminating in the GLOBAL% which provides entry, hold, and add-to position relativity by indicating prevailing trend strength + momentum.

      So now with matriXx being selected to show on the meter, the full spectrum of relativity is calculated and outputted. This addition now means that nearly every measurable data point supplied to us by our Broker and MT4 Platform is gathered and then aggregated by the New 5NITRO+ and 5NITRO+Lo.

      Isolated Fine-Tuning Effects

      As mentioned at the onset of this section, although adjusting matriXx levels also help in allowing the User to now fine-tune the meter to meet exact response needs, doing so has no impact on TITAN III or the ultimate GLOBAL%. Changes are isolated to the OBOS feature itself.

      Contact MEGA+WYFXNeed Help?


      5NITRO+ Formula Breakdown:

      Individual Indicators, Strength Readings, and Time Frame Points-Based Weighting System

      64.4% of Total – TITAN III Indicators:

      TITAN III Algorithm Explained.

      TITAN III Scoring System:

      In general, the scoring system for TITAN III (T3) works by giving each indicator reading either a +1 or a -1 across each of the up to seven (7) total timeframes. While however, the Alligator indicator actually gives an additional point based on additional criteria being met.

      Please note that an overall weighting of ‘worth 2.96% of total’ for the top (20) in the list are for all of the time frames it is using. These top (20) indicators listed are components of the TITAN III (T3) formula. TITAN III uses the trend bias results of these indicators from up to seven (7) time frames in total.

      Simplified:  The ‘worth 2.96% of total’ for the TITAN III indicators needs to be divided by the mean number of time frames used since it is non linear, which is 4.555, to figure out how much worth each of those indicators has per each time frame. But, even that resulting number is not perfectly correct. You will need to use the ‘time frames used, and the time frames weighting for any given time frame currently loaded’ information below to arrive at the exact worth an indicator from any given time frame has on the total formula. This needs to be done for each available chart time frame 5NITRO+ can be running on.

      Note:  Either method of the popular 200 Moving Average could not be used due to variation in the amount of History provided by different brokers for different pairs. Although most brokers carry at least 200 bars worth of history for most symbols including exotic equity CFDs on periodicities up to the Daily, amount of bars can drop to below 200 on Weekly and Monthly for some symbols. Therefore, the 150 Smoothed Moving Average was chosen which plots very similar to 200 Linear Weighted Moving Average.

      Through testing hundreds of Metatrader 4 Brokers over the years, we have only seen a few instances where the amount of tick history has been under 150 bars, namely on Monthly charts. Within 5NITRO+, Monthly data is only used for calculation of Monthly TFs – to avoid having these instances pollute the more commonly traded lesser TFs.

      Now in 5NITRO+, a feature has been added to protect data integrity. As described in detail on the Home Page, the meter will not display or proceed to function uless there are at least (150) bars available in your History Center for each timeframe used in the formula. Instead, “5NITRO+ More Data Needed ….” will display in substitution of the meter. This message will also display as new data is being downloaded for the first time until at least (150) bars is reached.

      AC (Accelerator Oscillator)       Bill Williams Indicator

    32. if AC is above 0.000000 then a +1 point is given
    33. if AC is below 0.000000 then a -1 point is given
    34. Worth 2.96% of the total Global Percentage %
    35. Changing to Increasing/Decreasing within new 6NITRO+ formula
    36. Accelerator Oscillator - MT4 Indicator

      ADX (Average Directional Movement Index)       Trend Indicator

    37. if +D is above -D then a +1 point is given
    38. if +D is below -D then a -1 point is given
    39. Period (14)
    40. Worth 2.96% of the total Global Percentage %
    41. ADX - MT4 Indicator

      * Alligator (Alligator Indicator)       Bill Williams Indicator

    42. if Alligator Lips are increasing (Alligator Jaw Opening) then a +1 point is given.
    43. if Alligator Lips are also above Jaws (Alligator Eating Upside) then another +1 point is given.
    44. if Alligator Lips are decreasing then a -1 point is given
    45. if Alligator Lips are also below Jaws (Alligator Eating Downside) then another -1 point is given.
    46. Period (13,8,5)
    47. Worth 2.96% of the total Global Percentage %
    48. Alligator - MT4 Indicator

      Bears (Bears Power)       Oscillator Indicator

    49. if Bears is above 0.00 (this means long) then a +1 point is given
    50. if Bears is below 0.00 (this means short) then a -1 point is given
    51. Period (13)
    52. Worth 2.96% of the total Global Percentage %
    53. Bears Power - MT4 Indicator

      Bulls (Bulls Power)      Oscillator Indicator

    54. if Bulls is above 0.00 then a +1 point is given
    55. if Bulls is below 0.00 then a -1 point is given
    56. Period (13)
    57. Worth 2.96% of the total Global Percentage %
    58. Bulls Power - MT4 Indicator

      CCI (Commodity Channel Index)      Trend Indicator

    59. if CCI is above 0.00 then a +1 point is given
    60. if CCI is below 0.00 then a -1 point is given
    61. Period (14)
    62. Worth 2.96% of the total Global Percentage %
    63. Commodity Channel Index - MT4 Indicator

      * DeM (DeMarker)      Oscillator Indicator

    64. if DeM is increasing using a Look Back of 3 Bars then a +1 point is given
    65. if DeM is decreasing using a Look Back of 3 Bars then a -1 point is given
    66. Period (14)
    67. Worth 2.96% of the total Global Percentage %
    68. DeMarker - MT4 Indicator

      Force (Force Index)      Oscillator Indicator

    69. if Force is Increasing then a +1 point is given
    70. if Force is Decreasing then a -1 point is given
    71. Period (14)
    72. Worth 2.96% of the total Global Percentage %
    73. Force Index - MT4 Indicator

      MFI (Money Flow Index)      Volume Indicator

    74. if MFI is above 50.0 then a +1 point is given
    75. if MFI is below 50.0 then a -1 point is given
    76. Period (14)
    77. Worth 2.96% of the total Global Percentage %
    78. Money Flow Index - MT4 Indicator

      Momentum (Momentum Indicator)      Oscillator Indicator

    79. if Momentum is above 100.00000 then a +1 point is given
    80. if Momentum is below 100.00000 then a -1 point is given
    81. Period (14)
    82. Worth 2.96% of the total Global Percentage %
    83. Momentum - MT4 Indicator

      * OBV (On Balance Volume)       Volume Indicator

    84. if OBV is increasing using a look back of 20 bars then a +1 point is given
    85. if OBV is decreasing using a look back of 20 bars then a -1 point is given
    86. Worth 2.96% of the total Global Percentage %
    87. On Balance Volume - MT4 Indicator

      * pSAR (Parabolic SAR (parabolic stop and reverse))      Trend Indicator

    88. if Bid Price is above pSAR then a +1 point is given
    89. if Bid Price is below pSAR then a -1 point is given
    90. Period (0.02,0.2,0)
    91. Worth 2.96% of the total Global Percentage %
    92. Parabolic SAR - MT4 Indicator

      RSI (Relative Strength Index)      Oscillator Indicator

    93. if RSI is above 50.00 then a +1 point is given
    94. if RSI is below 50.00 then a -1 point is given
    95. Period (14)
    96. Worth 2.96% of the total Global Percentage %
    97. Relative Strength Index - MT4 Indicator

      Stoch (Stochastics)      Oscillator Indicator

    98. if Stochastics MAIN is above SIGNAL then a +1 point is given
    99. if Stochastics MAIN is below SIGNAL then a -1 point is given
    100. Period (5,3,3)
    101. Worth 2.96% of the total Global Percentage %
    102. Stochastics - MT4 Indicator

      WPR (Williams Percent Range)      Oscillator Indicator

    103. if WPR is above -50.00 then a +1 point is given
    104. if WPR is below -50.00 then a -1 point is given
    105. Period (42)
    106. Worth 2.96% of the total Global Percentage %
    107. Williams Percent Range - MT4 Indicator

      SMA (Simple Moving Average (7))      Trend Indicator

    108. if SMA(7) is increasing then a +1 point is given
    109. if SMA(7) is decreasing then a -1 point is given
    110. Period (7)
    111. Worth 2.96% of the total Global Percentage %
    112. Simple Moving Average (7) - MT4 Indicator

      EMA (Exponential Moving Average (20))      Trend Indicator

    113. if EMA(20) is increasing then a +1 point is given
    114. if EMA(20) is decreasing then a -1 point is given
    115. Period (20)
    116. Worth 2.96% of the total Global Percentage %
    117. Exponential Moving Average (20) - MT4 Indicator

      * EMA, EMA (EMA(20)) cross (EMA(50))      Trend Indicator

    118. if EMA(20) is above EMA(50) then a +1 point is given
    119. if EMA(20) is below EMA(50) then a -1 point is given
    120. Period (20), (50)
    121. Worth 2.96% of the total Global Percentage %
    122. Exponential Moving Average (20) cross Exponential Moving Average (50) - MT4 Indicator

      * SMA, SMA (SMA(3)) cross (SMA(100))      Trend Indicator

    123. if SMA(3) is above SMA(100) then a +1 point is given
    124. if SMA(3) is below SMA(100) then a -1 point is given
    125. Period (3), (100)
    126. Worth 2.96% of the total Global Percentage %
    127.  - SMA(3) cross SMA(100) - MT4 Indicator

      SMA, SMMA (SMA(3)) cross (SMMA(150))      Trend Indicator

    128. if SMA(3) is above SMMA(150) then a +1 point is given
    129. if SMA(3) is below SMMA(150) then a -1 point is given
    130. Period (3), (150)
    131. Worth 2.96% of the total Global Percentage %
    132. SMA(3) cross SMMA(150) - MT4 Indicator


      TITAN III – Points Based Time Frame Weightings:

      As described in detail further above, three of the new features have a direct effect on the point system of the TITAN III formula. These new features and their effects are differentiated by their labels in the screenshots below of our formula workpad.

      TITAN 3 (T3) Weightings Pyramid

      5NITRO+ Loaded on M1 Chart or M1 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on M2 Offline Chart or M2 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on M3 Offline Chart or M3 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on M4 Offline Chart or M4 Selected by User to Calculate:

      *This picture below of our working workpad shows incorrect weightings for the [Reduced] Offline column to the very right. The M4 POINTS and M5 POINTS should be switched. The actual formula in the MQL4 code gives 2 POINTS to the M5 timeframe and 1 POINTS to the M4 timeframe.

      Indicator Explanation

      5NITRO+ Loaded on M5 Chart or M5 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on M6 Offline Chart or M6 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on M10 Offline Chart or M10 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on M12 Offline Chart or M12 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on M15 Chart or M15 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on M20 Offline Chart or M20 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on M30 Chart or M30 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on H1 Chart or H1 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on H2 Offline Chart or H2 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on H3 Offline Chart or H3 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on H4 Chart or H4 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on H6 Offline Chart or H6 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on H8 Offline Chart or H8 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on H12 Offline Chart or H12 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on D1 Chart or D1 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on W1 Chart or W1 Selected by User to Calculate:

      Indicator Explanation

      5NITRO+ Loaded on MN Chart or MN Selected by User to Calculate:

      Indicator Explanation


      19.2% of Total – Strength (SS) Box

      Probability Meter Symbol Strength Algorithm Explained.

      How Does The Strength Calculation Work?

      Symbol Strength (SS) is calculating position of price in relation to recent highs and lows. The recent highs and lows are established over a default rolling 48 bar Lookback period and a default 24 bar Lookback period. These Lookback periods are now adjustable by the User

      Symbol Strength (SS) Box – Scoring System:

      Indicator Explanation

      In general, the scoring system of the Symbol Strength box works by assigning a different score to each level of strength. Strength is measured on a scale from 0 to 9, with 9 representing very strong.

      The points given are not linear, with the largest point increases by volume given on a move into the strength levels of 7 and 8. The largest point decreases by volume occur on a strength level move down to 2 and 1.

      There are a total of eight (8) points available for Symbol Strength #1 which is worth 57%.

      There are a total of six (6) points available for Symbol Strength #2 which is worth 43%.

      Symbol Strength (SS) Box – Time Frames Calculated:

      The strength is taken from either the current time frame or a higher time frame which is non-linear. The effect that the new features of ‘Time Outlook’ and ‘Offline Charts’ have on which timeframes are used for calculation in Symbol Strength is differentiated by their labels in the screenshots below of our formula workpad:

      Indicator Explanation

      Pair Strength, Not Currency Strength

      This component of the meter measures Pair Strength, not Currency Strength. As mentioned towards the top of this page in the New Features section, the term ‘Symbol Strength’ is used because 5N+ functions on more than just FX Pairs. It functions on CFDs, Commodities, Futures, Equity Indices. Google stock is not traditionally referred to as a ‘Pair’. Even though it is technically the pair GOOG/USD.

      This 5NITRO+ strength formula is the precursor formula to the standard ‘Currency Strength Formula’ devised by Thomas Yeomans out of Eastern Canada sometime in the mid 2000s.

      A Currency Strength Meter would take the Pair Strength results outputted by 5N+ for each of the 28 Major FX pairs. Then, would categorize each dependent on which Underlying Currency group they belong. Then, it would aggregate these strength results to arrive at an ultimate underlying Currency Strength.

      5NITRO+ functions properly with well over 350+ Metatrader Brokers worldwide. Opting for the CSM formula would limit 5N+ usage to only around 30 Metatrader Brokers that provide all 28 Majors needed in calculation. In addition, our meter could not function on CFDs, Commodities, Equity Indexes, BitCoin, LiteCoin, Bonds, Bund, Futures, and the 40+ other FX pairs that are not one of the majors.

      In addition, non-standard symbology such as EURUSDFXF or iamEURUSD would force users into modifying the settings each time the meter is loaded onto a chart by having to always enter a suffix or prefix. 5N+ presently deals with this non-standard symbology automatically without requiring the user to lift a finger. A CSM formula would eliminate the ability for this automatic behavior.

      Currently, customers are able to use their 5N+ tool on every single symbol displayed in their MarketWatch Window on over 350+ Brokers. That is a very large amount of capability provided by this one single tool. And with that in mind, this is an individual pair tool. It is not a Currency Strength Meter. It is not marketed as a Currency Strength Meter. If someone requires a CSM on their charts, there are plenty available whose job it is to be a CSM and only a CSM.

      Besides, there is not a more precise or more perfect measurement in the universe of all EUR rate of change versus all USD rate of change while they exist in tandem … than the EURUSD chart itself.

      So then, the Pair Strength Formula inside of 5NITRO+ is equivalently measuring the strength of every single EUR pair and every single USD pair that exists and is represented in tandem.

      Then, it automatically subtracts the strength differential of these two underlying Currencies for you. It essentially produces for you a “Net Strength” after automatically calculating the differential of the two Underlying Currencies.

      For Reference, you can view currency strengths @ the free currency strength meter page.   Once there, choose your Time Frame and each of the eight Currencies you would like to calculate. Make sure you have your Flash or Pepper Flash plugin turned on or enabled.


      16.4% of Total – Bottom Four Boxes:

      Algorithm of Bottom 4 Probability Meter Boxes Explained.

      [listed from top to bottom; respectively]

      Bottom 4Boxes Scoring System:

      In general the scoring system of the bottom four boxes and indicators in the list below, Moving Average Convergence Divergence (MACD), Moving Average of Oscillator (OsMA), Relative Vigor Index (RVI), and Awesome Oscillator (AO) respectively, works by giving each indicator reading one of three different points. It assigns either a +1, -1, or a zero (0).

      The zero points is given for ‘sideways action’, or better ‘no clear trend direction’. These bottom four boxes do not display arrows when the trend bias is neutral, or better ‘no clear trend direction’. These bottom four indicators only receive either a +1 point or -1 point if both criteria is met, indicative then of ‘clear trend direction’

      MACD (Moving Average Convergence/Divergence       Oscillator Indicator

    133. if MACD is above 0.00 AND MACD MAIN is above SIGNAL then a +1 point is given
    134. if MACD is below 0.00 AND MACD MAIN is below SIGNAL then a -1 point is given
    135. if both criteria are not met in either trend direction then a zero 0 point is given indicating no clear trend direction
    136. Period (12,26,9)
    137. Worth 4.1% of the total Global Percentage %
    138. MACD - MT4 Indicator

      OsMA (Moving Average of Oscillator)      Oscillator Indicator

    139. if OsMA is above 0.00 AND is increasing then a +1 point is given
    140. if OsMA is below 0.00 AND is decreasing then a -1 point is given
    141. if both criteria are not met in either trend direction then a zero 0 point is given indicating no clear trend direction
    142. Period (12,26,9)
    143. Worth 4.1% of the total Global Percentage %
    144. OsMA - MT4 Indicator

      RVI (Relative Vigor Index)      Oscillator Indicator

    145. if RVI is above 0.0 AND MAIN is above SIGNAL then a +1 point is given
    146. if RVI is below 0.0 AND MAIN is below SIGNAL then a -1 point is given
    147. if both criteria are not met in either trend direction then a zero 0 point is given indicating no clear trend direction
    148. Period (10)
    149. Worth 4.1% of the total Global Percentage %
    150. Relative Vigor Index - MT4 Indicator

      AO (Awesome Oscillator)      Bill Williams Indicator

    151. if AO is above 0.00005 AND is increasing then a +1 point is given
    152. if AO is below -0.00005 AND is decreasing then a -1 point is given
    153. if both criteria are not met in either trend direction then a zero 0 point is given indicating no clear trend direction
    154. Worth 4.1% of the total Global Percentage %
    155. Awesome Oscillator - MT4 Indicator

      MACD Box – Time Frames Calculated:

      Indicator Explanation

      Bottom 3Boxes – Time Frames Calculated:

      Indicator Explanation


      OBOS dot matriXx™

      The twelve (12) matriXx dots represent possible Overbought or Oversold levels. When these dots illuminate, this may be an indication to begin to think about taking some profit. With possible OBOS price action, and thus visual indication from the matriXx dots, also brings possible upcoming turning points.

      These (12) dots are comprised of (6) separate individual indicators being ADX, CCI, MFI, RSI, STOCH, and WPR. The calculations are taken from 2 separate time frames.

      These dots illuminating can also present opportunities to add-to or replace units on retracements from meter readings that exceed 80% to 85%. For Example: when a momentary normal and healthy retracement causes the meter to briefly drop down to 45% after previously reaching a recent high greater than 80% to 85%.

      Each OBOS High and Low limits can be adjusted by the User along with color of illumination and non-illumination.

      Aggregate, Not Individual

      These twelve (12) matriXx blocks are intended to be analyzed in aggregate as a whole. They are not intended to be analyzed on an individual basis.

      These twelve (12) matriXx blocks are not intended to trigger decisions based on their individual illumination.

      As with all illustrations on this page that identify individual meter components, matriXx illustrations here are intended only to provide the user with familiarity of their tool. Becoming comfortable and familiar with one’s tool would be a reason for identifying individual matriXx blocks.

      If the user desires to adjust individual Indicator settings such as reducing RSI High Limit to 67 for example, this is possibly another reason to identify the individual blocks if settings confirmation is desired or deemed necessary.

      There should be no other reasons why identification of individual blocks would be necessary. This is not what is intended for the matriXx blocks. This is not what is intended for the 5N+ tool.

      The 5NITRO+ tool is based on the overall aggregation of hundreds of parameters guiding our decisions, not any singular Indicator from any singular time frame.

      … the matriXx component is no different.

      In Other Words:  It does not necessarily matter which matriXx block coincides with which underlying Indicator such as RSI or MFI (as shown in the illustrations below) or which particular time frame it is using. What is intended to matter is the percentage of blocks illuminated with the same color during any given rolling period of time.

      Further intended matriXx usage explanation provided in This Post @ ForexFactory.com in reply to a Customer

      The matriXx legend illustration:matriXx obos indicators

      *these matriXx dot positions illustrated above and below are flipped horizontally whenever a display configuration is chosen from the drop down list that has ‘left’ in the name

      The matriXx blocks are grouped into two sections   #1  and  #2matriXx groupings

      The section containing the #1 matriXx blocks generally contain calculations from the current time frame. The section containing the #2 matriXx blocks generally contain calculations from one time frame higher. Though, this is not always the case because of non-standard time frame selection by the user already using a higher time frame for current if ‘Offline Charts’ option is turned Off.

      Whether a lesser or greater time frame is used for groups #1 or groups #2 also dependent on whether the Time Outlook setting is set to -reduced- or -extended-.

      Better terminology for group #1 matriXx blocks might be ‘primary’ with group #2 matriXx blocks being ‘secondary’. Though when both groups are displayed and viewed in aggregate, they are intended to carry equal weight and equal importance.

      In addition as it relates to non-standard time frames being used when the ‘Offline Charts’ option is not also turned On, only one section of matriXx blocks is being used for two of these time frames. These time frames are M4 and M12.

      Further Explanation:  When M4 is selected from the meter’s drop down list next to ‘Time Frame’ for it to calculate, M5 is used as the stand-in for the current time frame whenever a utility or script is not being used to create actual offline M4 data in the History Center. In this case, the ‘Offline Charts’ settings is turned Off.

      While with many of these non-standard time frame selections such as M20 or H2 we opted to use lesser time frames for the second group of matriXx blocks labeled with #2s, this was not done with M4 and M12. The ‘lesser time frame’ option is either too distant or does not add value. As would be the case with M1 and the latter when the meter is told to calculate M4 when not in Offline mode.

      M4 Example:  Again when M4 is chosen as the time frame for the meter to calculate, the meter is using M5 as current. So, the #1 group of matriXx Indicators are calculating M5. Using M15 for the #2 group of matriXx Indicators would be too distant. While it may actually seem then that M1 would be a viable choice for the #2 group, this would be true if that lesser time frame was not M1. The OBOS results using M1 have proven far too unreliable and almost meaningless because of the choppiness and noise. Therefore, M1 usage for matriXx was limited to only M1 M2 and M3.

      M12 Example:  When M12 is chosen as the time frame for the meter to calculate, the meter is using M15 as current. So, the #1 group of matriXx Indicators are calculating M15. Using M5 or M30 for the #2 group of matriXx Indicators would be too distant both ways.

      An illustration of only the #1 group of matriXx blocks being used when loaded on M12:One matriXx time frame grouping only

      OBOS dot matriXx™ – Time Frames Calculated:

      matriXx OBOS Indicators Explanation
      Time Frames used for both #1 and #2 matriXx Indicator groups in the pop-up ullustration above dependent on which ‘Time frame’ is loaded or chosen by the user along with which ‘Time Outlook’ setting is chosen by the user.


      The Six (6) Individual dot matriXx™ OBOS Indicators:

      RSI (Relative Strength Index)      matriXx component

    156. if RSI is above 70.00 then its Overbought matriXx dot will illuminate
    157. if RSI is below 30.00 then its Oversold matriXx dot will illuminate
    158. Period (14)
    159. Relative Strength Index - MT4 Indicator

      CCI (Commodity Channel Index)      matriXx component

    160. if CCI is above 190.00 then its Overbought matriXx dot will illuminate
    161. if CCI is below -190.00 then its Oversold matriXx dot will illuminate
    162. Period (14)
    163. Commodity Channel Index - MT4 Indicator

      MFI (Money Flow Index)      matriXx component

    164. if MFI is above 80.00 then its Overbought matriXx dot will illuminate
    165. if MFI is below 20.00 then its Oversold matriXx dot will illuminate
    166. Period (14)
    167. Money Flow Index - MT4 Indicator

      WPR (Williams Percent Range)      matriXx component

    168. if WPR is above -10.00 then its Overbought matriXx dot will illuminate
    169. if WPR is below -90.00 then its Oversold matriXx dot will illuminate
    170. Period (48)
    171. Williams Percent Range - MT4 Indicator

      Stoch (Stochastics)      matriXx component

    172. if Stochastics MAIN is above 90.00 then its Overbought matriXx dot will illuminate
    173. if Stochastics MAIN is below 10.00 then its Oversold matriXx dot will illuminate
    174. Period (14,3,3)
    175. Stochastics - MT4 Indicator

      ADX (Average Directional Movement Index)      matriXx component

    176. if ADX is above 55 then its Overbought/Oversold matriXx dot will illuminate
    177. Period (14)
    178. ADX - MT4 Indicator

      top

      Related Pages

      5NITRO+ Main Page
      5NITRO+ Download Instructions
      5NITRO+ Installation Instructions
      5NITRO+ Installation Tips
      5NITRO+ Trading Instructions ( 1 )
      5NITRO+ Trading Instructions ( 2 )
      5NITRO+ Trading Instructions ( 3 )
      5NITRO+ More Examples
      5NITRO+ Provided Templates
      NITRO+ Trade Results
      Currency Strength Meter
      Free Metatrader Indicators

      Comments are closed.

      Page Updated: