We discovered this indicator is a “repainter”. That means the data changes after a period as closed. Do not use this one for your trading. We will try to find a non-repainting version and replace it on the resource page. In the meantime, you might want to check out the blog on repainting indicators HERE for a quick lesson of what it all means. Thanks again to all of our subscribers here and on the NNFX YouTube channel for bringing it to our attention!***
Welcome to the Big Show
Hello! We’re glad to usher you into the next Stonehill Forex indicator study. We spend a lot of time investigating many indicators across the web. Deciding what makes the “cut” are indicators we believe will help you become a profitable trader. While the “boxed set” which comes with the MT4 platform is an okay place to begin, there are many more gems out there. We feel that these indicators may provide you with better signals and more winning trades.
Stealthy…and a bit Chilly
In this blog, we want to bring to light an indicator with a funny name…the Alaskan Pip Assassin. It sounds kind of dangerous, doesn’t it. Don’t be afraid. It’s actually quite friendly and easy to use.
Mystery Coder…Where Art Thou?
The origins of this indicator are a bit of mystery. We’ve heard it mentioned here and there, but the indicator’s first sign of existence was found in a thread going back to 2008 where the code was made available for those who wanted to compile it into their MT4 platform.
Different versions of this indicator were developed; some with alerts, some with arrows or some other tools, but we’re sticking with the basic version for our testing purposes.
All that aside, whoever comes across the developer of the indicator, please let us know, and we’ll update this blog and throw a little spotlight on your academic endeavors. Shoot us an email at email@example.com. If you’d rather remain anonymous, no problem. We totally respect your desire to privacy. Okay, on to the show.
Cut to the Chase
There’s not a lot of mystery in this one. It’s a two-line crossover and colored to make it even easier to spot the signal. This indicator lives below your price chart, so it won’t clutter your screen. We like that.
As a “confirmation indicator”, its job is to serve as an initial checkpoint AFTER the baseline indicator (in most cases) provides you with the anchor of your algorithm. It would certainly make for a great first OR second confirmation indicator.
Can it be Used as an Exit?
This indicator can be used as an exit indicator – as many confirmations can; however, is it the best choice? That depends on the type of market, the indicator math and what settings it utilizes to create its signals. For some, it may get you out of a trade too early. For some, too late. Remember, the point of testing is to determine if an indicator can be used as an entry, exit, or both…or a hard pass. It’s what makes you a better trader.
If your trading buddy wants to use it as an exit, okay. It may not suit you. And that’s okay as well. Having your own personal algorithm is what makes you uniquely different from any other trader out there.
Easy on the Eyes
In the screenshot below, we’ve plotted the indicator but made a few minor changes, so it shows up a little more clearly. The light blue is actually a darker blue. We’ve changed the candle colors to white to remove bias from the chart, which allows focusing strictly on the indicator.
There are only a few settings for this indicator; however, we’re only really interested in two of them.
CountBars: The number of bars the indicator begins plotting from on the chart. The farther back you want to go, the higher the number.
SSP: This changes the variables used in the calculation of the indicator. The default setting is 7.
Kmin & Kmax: We found that any changes made to either one of these settings resulted in virtually no changes to our testing results, so they were left at the default values.
* Crossover indicators are clearly identified.
* Colors make visual signals obvious.
* Can be used as an exit signal.
How we use it
Long signal – When the two lines cross and close (blue above red), the entry is made on the open of the next period.
Short signal – When the two lines cross and close (red above blue), the entry is made on the open of the next period.
Let’s take a look at a marked up chart to see how clear those signals are.
Edit: Since we discovered this is a repainting indicator, we’ve removed the testing data since we’d considered it invalid. In light of that, we’re posting a screenshot demonstrating exactly what it does so you’ll know what to look for.
As we did with past indicator studies, we’ve made the Alaskan Pip Assassin indicator available for download on our site from the indicator library. If you want to download it to examine this repainter for yourself and use this as an educational moment, click on the link HERE.
More to Come
There’s a lot more to come. We are excited to provide more trading tips in the near future. Sign up on our contacts page or subscribe to our YouTube channel. Receive early notifications as we continue to publish helpful, relevant, and informative Forex related material to support your quest to become a better trader.
Our only goal is to make you a better trader.
BTW – Any information communicated by Stonehill Forex Limited is solely for educational purposes. The information contained within the courses and on the website neither constitutes investment advice nor a general recommendation on investments. It is not intended to be and should not be interpreted as investment advice or a general recommendation on investment. Any person who places trades, orders or makes other types of trades and investments etc. is responsible for their own investment decisions and does so at their own risk. It is recommended that any person taking investment decisions consults with an independent financial advisor. Stonehill Forex Limited training courses and blogs are for educational purposes only, not a financial advisory service, and does not give financial advice or make general recommendations on investment.