This is the EasyLanguage version of BMT_Envelop BigMike came up with.
I like the Averages & Fib Levels & since I use Tradestation, here is my version.
I made very minor changes for my use:
1. I changed 76.4% to 61.8%
2. I have commented the 100% & 161% plots (I find scaling of charts an issue with Tradestation)
Either of these changes can be un-commented very easily.
The inbuilt function in TS to get OHLC for the day is based on time so I had to customize to use sessions & have new functions attached as a part of ELD.
This is a simple port of the famous DoubleMA for NinjaTrader. I say simple because it's only a few lines, where the NT version is hundreds of lines (needlessly).
Read the code to understand the 'type' selections, it is easy.
Here is an ADXVMA port from NinjaTrader to MultiCharts.
I've built it as a function so you can use it in signals easily. The attached .pla MultiCharts file is both the function and the indicator.
I know that some NT users like to set the rising and falling plots to transparent so they are left with "shelfs" for the neutral plot. I tried, but there is apparently no way to do this in EasyLanguage. I've emailed MultiCharts for help.
I'm using this on a 5 minute chart. I am not sure of its usefulness on anything smaller.
You'll need a semi-wide right margin to see the text, or you can edit the indicator itself if you want to adjust that. v-d1..v-d5 just represents how many days back the line represents, I have it set to do a 5-day rolling action now.
All the lines are drawn ahead of time and do not change intraday.
The premise behind this indicator is to capture the overbought and oversold conditions of CCI, and then draw trend lines on the chart representative of the turning points.
It is designed for Range or Renko charts only.
The lines are drawn in realtime and do not change. They are drawn as soon as a bar closes where the CCI has pivoted to/from an overbought/oversold area, so you get instant feedback.
The idea is the top (resistance / blue) represents the top of the normal trading range. Price will normally bounce off this resistance area and move lower. The bottom (support / red) represents the bottom of the normal trading range. Price will normally bounce off this support area and move higher.
When price does break through either S/R area, it tends to make new highs and lows (ie: breakout).
This is my own interpretation of the popular SuperTrend indicator.
It is a function and an indicator, so you can also easily use it to generate signals.
To get the desired Indicator effect and control over plot colors that I wanted, I made Plot1 and Plot2 a real plot so you could precisely control the RGB color. You need to mark these plots as invisible once you setup the indicator! I will provide a screen shot below as an example.
Plot3 is the real plot, and it will be colored based on if trend is up or down.
March 11th, 2019 12:56 PM vmodus Not sure what I'm looking at, but it's interesting at least. My partner uses Fib a lot, so I'll send it her way.
September 26th, 2015 08:04 AM PharmDoc I use Tradestation 9.5, 61.8% in fibs, and session times to build bars. Thanks for your time in creating the ELD.