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FiveMinuteOdysseySignals_v2

FiveMinuteOdysseySignals_v2 is the indicator I refer to and describe in my thread,

MWinfrey's 5 Minute Odyssey

This is a takeoff on what AR01 and TMFT were talking about in FatTails thread All those smart guys inspired me to do something a bit simpler than what I'm currently doing with the LLMA. I'm not giving up the LLMA by any means but exploring another …

. This indicator encapsulates rules 1, 2, and 4 as described in the quick summary of that thread. There is accommodation for rule 3 stuff in the indicator but isn't implemented other that a simple filter. However, anyone knowing how to program can find that portion of the code and add some filters if you like.

The indicator can be used for backtesting and accounts for intrabar wiggle. I won't go into detail on how I did that. You can view the code and see for yourself. The main thing is that you understand that what you get in backtesting is what you get forward testing. Of course slippage in live trading exists but not accounted for with this indicator.

You can only use this indicator with COBC = true. Trying to use it set to false does not work. I coded a fail-safe so you can't set it to false.

Parameter Description:
1. You can set up to 4 different trading sessions.
2. Either show PNL or not.
3. Use a trailing stop if you want which triggers with one tick of profit and trails behind profit by the amount you have set for the stoploss.

Indicator colors CAN NOT be customized. Encourage you to use this indicator as-is to prove a concept before you start asking for customizable colors. I really don't intend to spend the time making it any prettier than it is. So, please adjust the colors on your chart so you can see the graphics that I use. Their colors are white, black, red, lime, and blue. However, if you have ideas for rules then please forward them to me and I'll take a look.

Category The Elite Circle

Details: FiveMinuteOdysseySignals_v2
Category: The Elite Circle

July 11th, 2011
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