This is the final version of the older CCLFibBands. I took Fib out of the title because it is much more than Fibs and indeed Fibs are not necessarily a core component. Users can input Fib ratios for the band widths but apart from that it's really a multi-band-type tool which can be used in a wide variety of ways.
1. Mean price based on various types of MA including BMT collective and other collectives, vwap (24 hr).
2. Mean based on day-range midprice or manually input price such as the Open, Yesterday Close or whatever you like.
3. Several types of band: ATR-based, StD based or custom default which is combination of ATR and percentage of price; also can be more or less responsive to short-term volatility; also can be based on looking back to see average maximum ranges over time to fix the outer bands and work the inner ones back from there.
4. One more minor wrinkle: can average any midline with the vwap. Also dynamic PVP is available as a mean.
5. Has target printing capability as DataSeries onetime plot dots or more extended text prints (which cannot be autoscale = falsed unfortunately), based on instant crossover of a band or later confirmed swing points (in Calc Bar Close mode only for swing option).
As far as I can tell, the indicator works well with no errors. When choosing any option involving the targets based on swing, have to keep indy in CalconBarClose = true; that confused me for a while. This because the Swing Indicator used to determine swing prices is calconbarclose only.
The attached picture shows Jan 6 am action in Gold with the mean price based on the POC/PVP price from yesterday afternoon. This is using the Manual MAtype and having a price typed into the ManualOverridePrice input. Also in this case I had the Lookback option on the band calculations. The Std bands probably would have contained price better but the purpose of this setup was to gauge whether or not the morning was looking like a rangebound day or a trend day. The price charging way above the old PVP and the outer bands clearly indicated a trend day. So in this case not used for trading signals per se, simply perspective on market situation.
There are many ways this indicator can be used. Hopefully the comments are helpful given how many options there are, but hopefully also anyone who finds bands helpful will take the time to simply experiment with different options.
Double stochastic is used as a cycle indicator. You can use a long term and short term cycles on your chart and take oversold short term trades in the direction of the long term cycle. This is not holy grail!
This indicator is from the Ninja Trader Support Forum.
January 5th, 2010
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ZTR
This is the first version of a real-time indicator based on Buying and Selling pressure using a line to visualize the data. It is modified from jtRealStats and BuySellPressure. Works for NinjaTrader 6.5, and a related version was tested on Ninja 7. Gotta leave NT running all the time now or the data is lost. Chaging any other indicator erases it. Maybe for NinjaTrader 7 it will be able to use Historical data.
This is the first version that uses a line rather than bars. I suggest overlaying it with Volumn (not shown in my tick charts), as bars. Blue represents buying and Red Selling based on the price vs. the last bar. An example is shown below where it is used in conjuction with ADXVMA_sharky_paint & Bill Williams' Acceleration/Deceleration Oscillator (from NinjaTrader).
In the attached figure there is a buying climax that preceeds the Failure of a Al Brooks described (Chapter 2) micro trendline BreakUp and the maximum of the DOM for the morning. This is confirmed by a decrease in the Williams Acceleration Oscillator. All indicating that this rally has run its course.
This does a pretty good job of showing cycles and when to enter and exit staying on the right side of trend. Don't trade against the yellow line. Take trades with the red/green crosses. Blue coming together is bollinger concept showing a move should happen soon...
April 8th, 2010 04:18 PM anniebee321 i cannot see any data associated with this indicator?
January 10th, 2010 12:55 PM GoldStandard Thanks again for this tool. It's interesting to be able to view how the buyers/sellers order relationship changes at cer
tain points.
I ran across a site you might find interesting that is doing some work with order book analysis: tradingphysics.net. The
y have some interesting oscillators based on level 2 data & claim to have achieved quite a high success rate with them.
(i have no association with them)
I have a small request if its not too much trouble. For me it's a little bit counter-intuitive that the Total Buy line g
January 9th, 2010 09:18 PM GoldStandard Nice work and thank you! I'm trying this out now on replay mode.
January 7th, 2010 12:44 PM cclsys Thxs alot. I like indicators that give straight info that is otherwise hard to see (like Vwap and POC etc.). I also look
at the DOM alot and suspect this visual translation will prove helpful in learning to read various situations better.