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Has anybody used the Better Pro Am Indicator? How does it actually do at showing tops and bottoms? I see it's on TradersZone and e-miniwatch, has anyone found it anywhere else?
Better Pro Am was developed and is sold by Barry Taylor of emini-watch.com
I think it's supposed to be used in conjunction with his other indicators (bettersinewave and bettermomentum) in order to get the full value.
Barry uses multi-time frame analysis in conjunction with non-correlated indicators to generate his signals. I've been following his trading videos on emini-watch for a few weeks now and it seems pretty interesting.
I think in order to learn and use his indicators effectively, you'd have to become intimately familiar with his techniques for applying them. He has a lot of methods that aren't readily available or clear unless you dig into his videos and follow his daily trading habits.
Barry's "rules" are very blurry to say the least, but I think he operates on a set of principles and applies them to his trading by certain things he recognizes from his indicators and a confluence of signals (or certain combination) leads him to enter trades.
His targets are usually 4 points on the ES, but he uses a fixed target in combination with certain signals that may cause him to pull his target in or exit immediately.
"A dumb man never learns. A smart man learns from his own failure and success. But a wise man learns from the failure and success of others."
The Better ProAm indicator measures average trade size.
For a tick based chart, average trade size of a completed bar is the volume of the bar divided by the tick period of the chart.
For example, on a 100 tick chart, each bar consists of 100 trades. So if the volume for that bar is 250, the average trade size is 250 contracts traded divided by 100 trades or 2 1/2 contracts per trade. There, that wasn't so complicated, was it?
In practice, the average trade size per bar is one of the most valuable and revealing things you can watch.
The only problem with the algorithm mentioned above is that it only works for calculate on bar close on tick interval charts. For ANY types of chart, you can track and average the actual sizes of all the trades in real time. But for the backfill that doesn't work, because you only get one tick per bar. So for historical data you have to get the trade size data from the GomRecorder or from a secondary one tick data series.
Using GOM data allows the buy and sell transactions (based on comparison of trade prices to the bid and ask prices) to be precisely tracked and the average trade sizes for each to be calculated.
I think that emini-watch.com is a premier website for futures trading education, even if you don't use Barry's exact indicators. It's straightforward, sensible, and pragmatic. There is an abundance of valuable, free information.
Thanks Zondor. If I may, is the code available for the indicators that you've demonstrated here? They appear simple enough, but I'm transitioning from TradeStation's EasyLanguage to NT, and I'd be interested in seeing how this is done with NT.
Anyone can tell me if the indicator from image posted by Zondor is available for download? I can;t find it in the download area and does not seems to be in the gomi package.