Elite indicators :) - page 595
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RSI adaptive indicator from this post : https://www.mql5.com/en/forum/178733/page29 with an addition of improved jurik smoothing to the final result (very mild length used for smoothing, so there is almost no lag at all added to the final result as it can be seen from a comparison of the two indicators)
With a smoother result, slope of the adaptive rsi becomes a bit more useful for momentum (and trend) determination. In the example : upper is the non smoothed version, lower is this (smoothed version). On the lower picture it is a bit longer period used for calculation (Length 25) and still it reaches the overbought and oversold levels (which is the result of adapting the RSI calculation length)
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PS: this indicator should not be mixed up with rsx nor adaptive rsx - those are two completely different indicators as far as the way how they are calculated are is concernedThis is some great work. Make the RSI useful again. I hope to see more Adaptive upgrades on other indicators too.
Great stuff!
ish
This is some great work. Make the RSI useful again. I hope to see more Adaptive upgrades on other indicators too.
Great stuff!
ishYep, making something adaptive makes a huge difference sometimes. We just have to "measure" when it is effective (useful) and when it is not. Takes some experimenting - and will see which ones can benefit from it
One post today reminded me of this indicator : https://www.mql5.com/en/forum/general and i decided to see what results could we get if we replace the rainbow moving average with some of the usual averages types that we are using in some indicators.
So this version allows you to chose what average (smoothing/filtering) you wish to use in the indicator. Results for EMA 5 are almost the same as RWMA (not quite the same but very similar) all the rest is different and is a matter of experimenting. As I am a sucker for trends, decided to set default values so that it is more trendy than the original. Here is an example of 15 period rsi and a 15 period ema used in the indicator
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PS : it is a multi time frame version with alerts added to it already (alerts on levels crosses)Can this indicator be made to show slope colors too?
Thanks in advance
Hi SearchingFx, Added the slope coloring.
mrtools, thanks
Special request
Hello Mladen,
Any chance of you building us an indicator that draws the Resistance/Support Highs & Lows based on the CLOSE of the price rather than the High/Lows? Attached an example for your kind perusal.
In my ignorance I was wondering if the ZZ would not do the right job seeing that we are only interested in already defined Hi/Lo areas?
Your kind comments would be appreciated.
Thanks in advance.
Hello Mladen,
Any chance of you building us an indicator that draws the Resistance/Support Highs & Lows based on the CLOSE of the price rather than the High/Lows? Attached an example for your kind perusal.
In my ignorance I was wondering if the ZZ would not do the right job seeing that we are only interested in already defined Hi/Lo areas?
Your kind comments would be appreciated.
Thanks in advance.ValeoFX
Do you have any math (or a description) that we could use in coding such an indicator?
Mladen, I am afraid I don't other than what I had given you. But thanks anyway.
I was thinking that we start off where the ZZ anchors itself, but that we use the close rather than the Hi/Lo as I mentioned. Lines in stead of blocks will suffice too, but from what you can see, these areas are extremely important areas.
Best regards,
Mladen, I am afraid I don't other than what I had given you. But thanks anyway.
I was thinking that we start off where the ZZ anchors itself, but that we use the close rather than the Hi/Lo as I mentioned. Lines in stead of blocks will suffice too, but from what you can see, these areas are extremely important areas.
Best regards,From the example picture, it looks more like a market profile should be used for support resistance than some kind of a zigzag. Have you considered that option?
Hello Mladen,
Sorry for the delay in replying to you, but I had to think through what you were actually suggesting and I decided to reply with a true story:
A prominent heart surgeon who rides a Harley over weekends, took his bike in for a knock somewhere in the engine. Month later he could collect his bike. The repair charges were astronomical and so he asked the owner of the bike shop why it is so expensive to which the owner replied that the heart surgeon charged twice the price.
Not to be outdone, the surgeon asked the owner/mechanic whether he can work on the piston and valves of the bike whilst the engine is running. "Obviously not" replied the mechanic, to which the surgeon answered, "I do it all the time"
In this case, consider you to be the surgeon, my friend.
Best wishes always.
Hello Mladen,
Sorry for the delay in replying to you, but I had to think through what you were actually suggesting and I decided to reply with a true story:
A prominent heart surgeon who rides a Harley over weekends, took his bike in for a knock somewhere in the engine. Month later he could collect his bike. The repair charges were astronomical and so he asked the owner of the bike shop why it is so expensive to which the owner replied that the heart surgeon charged twice the price.
Not to be outdone, the surgeon asked the owner/mechanic whether he can work on the piston and valves of the bike whilst the engine is running. "Obviously not" replied the mechanic, to which the surgeon answered, "I do it all the time"
In this case, consider you to be the surgeon, my friend.
Best wishes always.So to make an open heart surgery?
:):)
Most support and resistance theories are based on some kind of minimum and maximum, but that is the idea I do not like too much (from experience it is never exactly at those minimums or maximums but a bit shifted towards the median of the two). Hence was the market profile idea : more orientated to a frequency than to extremes seems to be a bit more logical choice.
Need some time to sort out the whole idea (since I do not use support an resistance) and to see what can be cooked