Need help with great indicator

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By the way, it does not look bad at all So simple, yet efficient, well done !

 

Ok, nevermind, think I figured it out, just check it to make sure it is what you wanted etc...

Laters,

FX Sniper

Files:
_bhale_indicator.mq4  2 kb
 

Thanks FX Snipper. This is perfect. Playing with the settings, I think they should be set to 4 and 5. The smoothing needs to track a little closer, maybe 4 and 6. This also seems to look more promising on larger time frames ( 1 Hr and up). I saw some promising trades using this indicator with RSI. If RSI >= 70 or RSI<=30, then take the signals given by the slope indicator. This looked good on daily and 4 hr, and somewhat on 1 hr. On 1 hr, I would take a quick 10 or 15 pips and be happy. Maybe target 100 or more on daily, but need to withstand drawdowns.

Thanks for the help. I may have another similar that's a bit more complicated in it's calculation.

 

You are welcome

Let's take a look at the next one you want coded. I have some free time at the moment, so I try to help where I can.

Laters,

FX Sniper

 

My document is at home. I will post the formula here this evening or tomorrow morning. In the meantime, if you see anything about this indicator used with others that look good on charts, please share. Since this is designed to take advantage of turnaround areas, couplng this with RSI, and maybe use fib retracemnets as target would work well, especially daily.

 
bhale:
Since this is designed to take advantage of turnaround areas, couplng this with RSI...

Hmmm, turnaround areas I am currently spending some more time doing statistical research and co-incidentally posted some suggestions about what you refer to as turnaround areas including a chart example and explanations at the following link https://www.mql5.com/en/forum/175709

This link will take you to the post in question: https://www.mql5.com/en/forum/175709/page2

Perhaps this can be combined somehow, at the moment I am using Jurik RSX extensively in my research.

Pop that formula on when you have some time and I'll take a look at it for you

Laters,

FX Sniper

 

here is the code for my other "invention"

Inputs are

LENGTH and SmoothLength

NumeratorValue = EMA ((close - open), 4);

DenominatorValue = EMA ((high - low), 4);

Summation function would just be the sum of the last x values where x = LENGTH.

NumSum = Summation(NumeratorValue, LENGTH);

DenSum = Summation(DenominatorValue, LENGTH);

if (DenSum != 0)

MyRVI = NumSum/DenSum;

else

MyRVI = 0.0;

SmoothRVI = EMA (MyRVI, SmoothLength);

The two plots would be MyRVI and SmoothRVI.

Let me know if this isn't clear. I tried to follow your example, but for some reason, all the buffers are 0.

Thanks

 

hi,

what would you propose the defaults for the Length and SmoothLength be ?

 

10 for both

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