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MWinfrey
This indicator plots the difference between 2 moving averages as a multicolored plot. The zero line is actually the slower of the 2 moving averages. You can select from 6 different moving averages. The screenshot shows the combination of EMA and SMA. So, you can pick your poison.
The multicolored plot is the difference between the slow and fast moving averages. Lime indicates the plot is rising, red is falling, and yellow is flat.
The dots on the zero line tell you the plot is above or below the zero line.
The histogram tells you the slower moving average is rising or falling.
Written by Mike Winfrey, aka Joe Blow, don't remember when I wrote the first iteration. However, this one, Version 1, was completed on May 11, 2010.
Exported 6.5.1000.15
Haven't done anything with NT7 yet. Not worth the effort yet.
Just a note...send a PM to me if you have questions or comments. I won't be notified if you leave a comment here with the indicator and as a result you may never get an answer.
I use range and volume bars. Many times it takes an inordinate amount of time to build a bar but it isn't obvious unless you do some basic math to find out. So, I created this indicator that works on any chart that is not time based. Really if you think about it you don't need this indicator on a time based chart.
It has two parameters. One is used to declare the number of bars you want to use to calculate the average time per bar and is called "Period". The second parameter is called "MaxLevel" which is used to set the level that you consider to be the acceptable level. For example, I base everything on 5 minutes so my "MaxLevel" is set to 5. So, if the average time per bar plot is below the "MaxLevel" line, I consider the market to be moving in an acceptable manner. Anything over the "MaxLevel" line is considered too slow for trading.
That about covers it. Pretty simple stuff.
Good luck and I hope you find it useful. In fact, I'm curious if anyone actually finds it to be useful. Please let me know.
September 29th, 2013 10:35 AM mdl060374 very nice!
July 7th, 2011 03:53 PM gg80108 imported into 7 works good
April 25th, 2011 01:29 PM wireford Mike-
Thanks for all your hard work. Downloaded this from NT a year ago but never realized you had programmed it until I joine
d BMT.
Andy Crawford
June 7th, 2010 06:53 AM enriquec Thanks man !!! Great job .I was looking for that . I have some ideas about the aplication of this stuff .Maybe we will