Last week I posted an article called Playing the Odds – Return of the Stats, which was about the various techniques I was using to improve my use of stats within my trading.
One of the areas, I have worked on, is looking at the various statistics and when they worked / completed and then looking at the how far the maximum adverse exclusion (MAE) was for each instance. I then compiled these into a sample, where I could then work out the most common (mode) and the Standard Deviation of the MAE. I then used this to help me identify potential areas of entry and defined my risk and reward.
I use RT Investor to calculate these stats and the various MAE results. David asked me to post a one of my charts with the text definition, as he was having struggling to write the code.
Whilst I initially said I would post the chart definition, I have realised that each of my charts definitions use the code from one of Hugh’s charts from the webinar. Therefore I do not feel comfortable posting my definitions, as this is a paid webinar and the original code is not mine to give away.
The chart in question is Breakout Failure Part 2
There are a couple of solutions to this
1) Ask Hugh to post the definition for this chart.
2) Buy the Play the Odds webinar. It is 14.99 GBP, for that you will get the webinar and 15 templates that are compatible with MD or RT Investor. Of course if you only want the above chart, then it might sound expensive, but you could look at this way. I had put at least 5 hours in, trying to implement this, before I reverse engineered Hughs code. The question I would ask myself would this amount of money be worth the time saved.
To be totally clear. If you buy this webinar, I receive no monies from Tom or Hugh. If you want to go directly to the site then use Google search and the keywords Tom Dante Playing the odds, it is the 4th entry on the 1st page.
Hugh is much better than me at writing the code, and I would pay 14.99 for a webinar from him, on how to do these sort of charts covering various stats, as I sure that I would learn from that experience, as I have from watching his previous webinars.
But the choice is yours. If anyone has questions on the additions I made to Hugh’s original chart then I will do my best to answer them.