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Coloring an IndicatorLine by Slope: Questions for Optimal Coding
Don't understand. I was thinking about RangeNoGap candles, which have the same range.
Attachment shows much the same thing again.
The steepness of the moving average is
significant at the left for a bullish candle but at the right it is almost horizontal. That area at the right
might be a good cutoff point. The SMA of 2 should have that slope or less to be a neutral
candle. I opened the databox window but it only gives the value of the SMA of 2, which doesn't
help.
I am checking out the futures.io (formerly BMT) indicators now for one that might be helpful in this.
- Stephen
Can you help answer these questions from other members on NexusFi?
Trying this indicator out now to make some sort of progress hopefully. Didn't see any
indicator that is close to providing exactly what we've talked about.
MASlopeMTF
First version of MASlopeMTF, it display MA slope (only) of different time frames, it doesn't display the MA line itself.
Colored background colored by slope.
User defined text for slope box.
Currently it displays only real-time slope, no history at this version.
Exported using NT Version 7.0.1000.7
The indicator says 63 degrees, at lower right corner. Does this seem in the ballpark FalTails?
See next post for attachment.
Sorry to keep posting to myself. I checked out an area that
had the moving average going flat. The angle was 61 degrees. I assumed
the indicator would look at and use the moving average I had chosen, ( SMA2 ), however
the MASlopeMTF indicator used its own parameters here. Have to check this out to see
if MASlopeMTF can be helpful or not.
I have tried to explain about a hundred times that it is impossible to use angles on scalable charts. If this is too difficult to understand I cannot help. Angles were a concept used a long time ago as a proxy for momentum. That was when charts were printed on paper and neither time scale nor price scale were ever changed.
Using angles on a software like NinjaTrader is simply nonsense.
To decide whether a moving average has made a significant change you would need to compare it to the average bar size (average range) or the average bar size + gaps if applicable (average true range). If the change in the moving average exceeds a specific multiple of the average range or average true range, the momentum represented by that moving average can be deemed as significant.
@stephenszpak: Sorry myself, did not want to attack you.
I would measure the difference between the SMA of the current bar and the SMA of the prior bar and compare that to the average true range. That ratio would tell me, whether the momentum indicated by the SMA is significant or not.
The BollingerUniversalX indicator as per post #6 of this thread has a neutral area for the slope based on the average true range, you just would need to adapt the code to your indicator.
First off, it does work pretty well. The idea at the moment would be to color code the
candles or HiLo bars or whatever by where the closing price is.
If within the bands then, neutral.
If above upper band then, bullish.
If below the lower band then, bearish.
The problem that keeps coming up is with the dojis. Sometimes the indicator
will place the doji, that has the same close, within the bands. Then the coloring would be neutral, which it
should be. Other times the doji, that has the same close, is outside of the bands. The coloring would then
go bullish or bearish which it should not.
In the 6E using 3 RangeNoGap charts these dojis are always coming up.
If the bands are widened to include all the dojis, then candles that should go bullish or bearish
have closes within the bands and would be colored neutral.
Is there a way to make all dojis with the same close neutral, regardless of what
the computations of BollingerUniversalX come up with, within some code? I believe you
said once that NT can't do stuff like that.
