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All indicators in EA Studio are reliable. The checkmarks in the Available Indicators page shows which indicators to be used by the Generator when generates new expert advisors and which indicators to be ignored. Some indicators are not suitable for all cases and that's why they are no in the "Recommended" list, however, a experienced user may include all of them.
There are several reasons why some indicators are ignored by default:
- "Accumulation Distribution" includes the sum of the volumes since the beginning of the data series. It will give different values, if you test your strategy on data with different length or from different broker or data server.
- "Bears Power" and "Bulls Power" are not completely symmetrical for long and for short positions. They also use only Exponential Moving Average in MetaTrader.
- "Donchian Channel" indicator measures the bars High and Low for a particular interval. Because EA Studio trades only at Bar open, it appeared that this indicator gives signals only when there is a gap in the data, which is not very common for the forex market.
- "Entry Time" and "Exit Time" indicators determine entry and exit time intervals. The Generator may choose intervals that are not very suitable for our market. These indicators are best for use as "Preset Indicators".
- "Long or Short" makes the strategy trading in one direction only. It may be good for experiments or for some stock markets, but is suitable for every case because we want symmetrical strategies in the general case.
- "MACD", "MACD Signal", "Moving Average of Oscillator" use only Exponential Moving Average (EMA) in MetaTrader. The EMA calculates its current value based on its previous value. This method leads to slightly different values for different length of the data series. It may give different signals if we have different data for testing and trading. Using EMA is OK if we import the full data series from the broker.
- "On Balance Volume" uses volume, which may give different signals if we use different data.
- "Do not Exit" - obviously we want our strategies to use indicators for exit. The indicator is useful if we are sure we want to exit only at Stop loss or at Take Profit.