Ehlers' Cycle Analytics For Traders, TraderGB, April 20, 2021
Description: 18 indicators from "Cycle Analytics For Traders" by John F. Ehlers.
Notes:
1) All indicators will go to the "Ehlers" folder and will have a prefix of "jfe".
2) Only showing a few indicators on the chart. It wouldn't be practical to show all.
3) Within the script there's a description of the indicator.
4) If you really want to learn about the indicators, I suggest reading the book.
5) Doing an online search is an alternative to learning more about these indicators.
An implementation of the Elder Impulse trading system. Includes support for a second, higher time frame period for determining trend and momentum. The background is painted pink when the higher time frame trend and momentum is down, and green when it is up. The rules for entering and exiting a trade are described here on Investopedia.
In this pack there are three indicators:
- Elder's Ray: composed by BullPower line and BearPower line;
- BullPower only, histogram version
- BearPower only, histogram version
This is an oscillator created by Alexander Elder and explained in his famous book "Trading For a Living". The oscillator formula is simple but useful at the same time:
- BullPower = CurrentHigh - EMA(13, Close)
- BearPower = CurrentLow - EMA(13, Close)
The ROC Smoothed indicator is a modification of the ROC, as described in Alexander Elder's book Trading for a Living. It plots two lines: ROC, which is the difference between the current price and the price x-time periods ago, and SROC which is the difference between an MA of price and the MA of price x-time periods ago.
This oscillator avoids the major flaw of ROC. Smoothed Rate of Change compares the values of an exponential moving average instead of prices at two points in time. It gives fewer trading signals, and the quality of these signals is better.
Excerpt from the book "Trading for a Living"
To create S-ROC you must first calculate an exponential moving average of closing prices. The next step is to apply Rate of Change to the EMA. S-ROC is not very sensitive to the length of its EMA or ROC parts. You can calculate a 13-day EMA of closing prices and then apply a 21-day Rate of Change to it. Some traders calculate the Rate of Change of prices first and then smooth it with a moving average. Their method produces a much jumpier indicator, which is less useful than S-ROC.
Crowd Behavior:
An exponential moving average reflects the average consensus of value of all market participants during the period of its window. It is like a composite photograph that reflects major features of the market crowd rather than its fleeting moods. S-ROC compares each reading of an EMA to a past reading from your selected period of time.
It compares the average mass consensus today to the average consensus in the past. S-ROC tracks major shifts in the bullishness and bearishness of the market crowd.
Trading Rules:
Changes in the direction of S-ROC often identify important market turns.
Upturns of S-ROC mark significant bottoms, and its downturns mark important tops.
Divergences between S-ROC and prices give especially strong buy and sell signals.
1. Buy when S-ROC turns up from below its centerline.
2. Sell when S-ROC stops rising and turns down. Sell short when S-ROC turns down from above its centerline.
3. If prices reach a new high but S-ROC traces a lower peak, it shows that the market crowd is less enthusiastic even though prices are higher. A bearish divergence between S-ROC and price gives a strong signal to sell short.
4. If prices fall to a new low but S-ROC traces a higher bottom, it shows that the market crowd is less fearful, even though prices are lower. It shows that the downside pressure has lessened, even though the market has fallen deeper than before. A bullish divergence gives a strong signal to cover shorts and buy.
December 21st, 2017
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1944
affoltes
Custom drawing tool which allows you to draw Elliot Waves in NT 8
Supported waves are:
12345
ABC
ABCDE
WXY
WXYXZ
For each wave you can select if you just want to see the labels, or also the wave lines itself and
the degree of the wave.
After installing you can find the elliot wave tools under the drawing tools menu.
Note you can assign keyboard shortcuts to any of the elliott drawing tools using the tools->Hot Keys menu.
28-10-2018: Updated.. fixed memory leak and some other small changes
Here is an indicator that I spent quite a bit of money building. It still needs some work in my opinion so have fun and lets see what it can become. The only thing I will ask and trust everyone here for is please don't hand these out beyond the Elite club. Thank you!
Description for each parameter are at the bottom of the settings window when highlighted.
Please keep in mind as stated when I posted this, "THIS STILL NEEDS WORK", however, this is a great start for someone to take and run with. As I found out when I asked my program to build this, after many many tries, this is not an easy task. This is as far as he could take it and as much as I was willing to spend
This indicator might be best in a separate forum where you guys can work on it as a team!
January 18th, 2017 04:22 PM ronturner I think that this is also called the caos awesome oscillator. Some use this to identify wave 3 (strongest, ie highest o
r lowest crest) to identify wave 3. The next crest would show divergence (weaker) for wave 5 or the end of that impulse
ive wave.
January 27th, 2016 04:01 PM Trailer Guy Wow, this really works well on my 20,000 tick es chart. I don't understand the point of the color changes but that is O
K. If you want to see how someone uses this for counting go to studyofcyclesblogspot and see how the "Elliot Trader" co
unts. I just like the way it says "this move is over".
September 4th, 2013 01:47 AM poodman looks like the Awesome Oscillator, maybe it will be easier to install and use
July 15th, 2013 03:32 PM teamtc247 Awesome indicator for convergence/divergence.
December 4th, 2012 04:10 PM dilbert618 Thanks peakskill