Wizdough - software for traders – Trade MES closer to ES 2000 ticks

Wizdough Chart Sync Indicator for NinjaTrader 8 - suggests and changes the current chart’s interval value to the one calculated based on another chart of your choice. The indicator measures the difference in the number of bars between the current chart and the one set in parameters. A typical implementation would be to compare MES tick chart with ES 2000 to find maximum proximity.

Indicator Overview

If you trade MES you probably wanted your chart to be as close as possible to the ES 2000 ticks chart. Determine the exact value of ticks for MES is a tricky part. MES is not an exact copy of ES and MES 2000 ticks chart will look very different from ES 2000 ticks chart. Some traders choose to trade MES at 955 ticks, others pick 995. Why they choose those numbers and how you can check if it’s the correct number?

Let’s measure how many bars did RS 2000 generated for the last 60 minutes and let’s find out how many bars we got at MES 955. If those two numbers are about the same then 955 fits well. But sometimes, more often than you think, MES 955 is too far from being a match to ES 2000.

One hour period at ES 2000 has 80 bars.

The same one hour period at MES 955 has 100 bars.

Wizdough Chart Sync Indicator lets you visualize this problem to make adjustments.

Here the indicator calculates a target tick period for MES chart based on a comparison of how many bars do ES and MES tick charts contain for a period of time.

Click the Sync button and the current chart period will change to the one calculated by the indicator.

Parameters

Settings.

You can set what instrument you want to compare your current chart. By default, expiry is empty, which means that your current chart’s expiry will be used. It’s possible to compare to charts not only tick-based but also any other types. So, you could compare your MES 1200 ticks with MES 5 min.

The smoothing period helps to avoid unnecessary fluctuations if you want to keep your tick period more or less stable.

Timespan to compare in minutes is a period of time back we use to count bars.

Output can be one of these 3 options:

Difference_Bars - after counting the number of bars of both charts we get this difference.
Delta_Ticks - Difference_Bars in ticks. Basically, tells how much we should change the current tick period.
Target_Ticks - Target_Ticks plus the current tick period. This value should be set as the target tick period.

As described above we can click the refresh button to sync on the calculated tick period. Auto Send Enter - will also press “Enter” to submit the value.

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Risk Disclosure:

Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

Hypothetical Performance Disclosure:

Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets Last updated June 13, 2019 in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.

Testimonials:

Testimonials appearing on this website may not be representative of other clients or customers and is not a guarantee of future performance or success.

Live Trade Room:

This presentation is for educational purposes only and the opinions expressed are those of the presenter only. All trades presented should be considered hypothetical and should not be expected to be replicated in a live trading account.