You seem to be exploring the world of the pure and original RENKO on NT7. I did some exploration on this too at the early BETAs of NT7, but I've abandoned this for a while now. You seem to have a new setup too (WizardDragon). So, how has it been going with RENKO and your two-color rainbow-like WizardDragon ?
WizardsDragon is just a collection of futures.io (formerly BMT) Triple Smoothed Ema Optimized indicators (9,11,13,15,17,19,21,23,25,27,29,31,33,35,37,39,41,43,45,47,49, 51), set to DASH, which, when zoomed-out, give the appearance of the scales of a dragon, hence the name WizardsDragon. I've also got a 5 period ADXVMA to color the bars & a 34 period ADXVMA which plots the green / red line and also colors the background of the price panel.
The rules are simple.
When price is above both the spine of the dragon (51 period futures.io (formerly BMT) Triple Smoothed Ema, Optimized) AND above the 34 period ADXVMA - go long. Put the stop at the Dragon's belly & keep moving it up as price advances.
When price is below both the belly of the dragon (51 period futures.io (formerly BMT) T.S. EMA) AND below the 34 period ADXVMA - go short. Put the stop at the Dragons's spine & keep moving it down as price declines. That's pretty much it.
I'm not using RENKO, just happened to put it on that chart for illustration purposes. This works with any price-based bar type. Haven't tried it out on time-based bars (1min, 5min, etc).
My goal was to try to eliminate all sub-panel indicators and only concentrate on the price panel. I found I was getting too distracted by CCI's, SMI's, etc. etc. I thought the only way to progress was to eliminate those things which were mirroring price-action in panel 1. We'll see how this goes. It's not very good as a scalping tool, but seems to bear fruit when used for intra-day swing trading.
I've included a shot of the CL 09-10 set to 8 range for illustration purposes.
Nice to hear from you again. Congratulations on the birth of your child!
After all, it's what you learn AFTER you know it all, that counts!
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I downloaded the MACDBBlines v3 indicator (NT7) in download section and tried to find a way to set MACD dot colors differently whether the value is outside or inside the bollinger band, but couldn't do it. The indicator description includes this feature, but as of now the indicator only seems to allow dot coloring whether MACD line is up or down.
Anyone knows where to get a MACDBB indicator for NT7 where MACD line dots change color when the value breaks in or out Bollinger bands?
sorry i didn't see you are not elite member...well as far as i remember the version in download section can't change color when in/out bands....the wizard did some nice improvements but i can't post the file outside elite section sorry....