12345 count around 10.35 and 11.35 in TF 5min chart above, failed to reverse so how do you use BB to see whether it reverses or not. I dont say that count always should reverse to help us but like to see how BB is used. price can sneak out of outer BB, but sometimes it can enter back into the midband, or keep stay outside the outer band, anyway to spot this diff
thanks max-td. i use that method as well. In this case I used the drawobjects because it was easy and quicker than setting up a plot, 1 line of code versus a declaration, an initialization, a property, and then the several lines of code to actually plot the different colors. LOL. I was lazy. I was providing a proof of concept that I wanted feedback on to make sure I was doing it correctly and really didn't care about the aesthetics. I answered the dot question last night without really providing any background or plans for the future. However, read my next post and maybe I'll give some insight as to what the future is for that indicator.
BTW, max-td, seen you around for a long time in various forums and have always appreciated your participation. Thank you.
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There are several approaches when trading BBs. You can have a market when touched or a limit at the BBs to exit a trade or enter a reversal or double the number of contracts and do both. If the market is in a strong trend with a BB, wait for pullback to set the entry or exit at a BB. I have shown several reversals like that.
If you wait for the bar to close, it is to late to trade off the BBs.
Thought I'd give you an update on the future of the ESFXtrader_CCIBarCounter. Now that I feel comfortable that I am counting the bars correctly, I am going to start on prettying up the indicator a bit and make it customizable. The features I intend to add are as follows.
1. All colors will be selectable as well as anything else that needs to be customized will be allowed as much as possible.
2. Include the CCI in the indicator with 3 different colored bars. A color for those that break the +/- 45, one up color and one down color, and another one for those bars that close between the 45s.
Before I sat down to write this it seemed that I had more in mind for this little fella but for the life of me, I am unable to remember what they are. So, instead of wracking my brain trying to remember, I'm going to close this out and get started writing and hope it all comes back to me. However, if anyone has any ideas send them along and I'll see what I can do.
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At 10:30AM there was the 45 CCI bar for re-entry. Although I show the countback bars, there is a strong trend down and we would not exit, as I described earlier, until the move was over. You may miss part of a move at times, if you choose to take profits using the countback method and there is no re-entry. The more you see trades like this, the more you will hold some of your contracts through them till the end, for big winners. Experience in live markets will help.
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This version allows you to:
1. change the colors for up, down, and neutral.
2. change the period of the CCI
1. Plots the CCI so you don't need to plot it separately
2. Paints the bars with 3 colors depending on their relationship to the +/- 45
3. Plots the +/- 45 lines
4. Plots a dot for the +/- 45 cross that starts the counting of the CCI bars
5. Displays a count of the bars to 5
6. Plots a dashed line from the first cross of the +/- 45 line and continues until the #5 bar
5. There are 2 options for numbering the bars
a. "ResetNumbering = true" means the counting continues until #5 bar is encountered regardless when it occurs. This implies that you could have numbering occuring above the +45 AND below the -45 at the same time. This option is what ESFXtrader described in this thread which means that if you take one of the crosses of the 45 as an entry, the exit will be when this condition is fulfilled which means it could be when a #5 bar is encountered OR when the CCI crosses the opposite 45. You will see a dashed line between the 45 crossover to either the #5 bar or the crossover of the opposite 45, whichever occurs first.
b. "ResetNumbering = false" means the numbering starts over when EITHER the 5th bar is found OR if CCI crosses the opposite 45. So, you will ONLY have EITHER number above the +45 OR below the -45, but NOT both. This option accounts for the potential of holding a trade until bar #5 is encountered. Supporting this option, you will see a dashed line between the 45 crossover bar to the bar where both the #5 bar and crossover of the opposite 45 have occured.
This indicator supports CalculateOnBarClose = false. The default is set to true. At least I hope it does. It seems to be working correctly for COBC = false. I guess we'll find out.
I'll be honest with you guys...since I moved to nt7 I really don't have as much interest supporting nt6.5 However, I converted this indicator to nt6.5 but don't know how much motivation I'll have in spending time with it beyond what I've already done. I just hope it works right and it won't be necessary to make any modifications. One can only hope.
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