I've been watching this indicator for a couple of days and I like the version that retains the false signals. To state the obvious, in a choppy market you get a lot of false signals. But that doesn't mean the indicator is worthless. A few observations . . .
1] Looking at Major signals only, I've noticed the values generated by the indicator vary. It's deceiving because the numbers on the right always show +0.96 or -0.96. Turns out these mean nothing. The real values generated are something more like 1.5875. So the first Major Signal might equal 1.5785 but the next value for a Major signal might be 1.4222. In short, they vary.
2] The values generated are always positive numbers.
3] The code is a mess.
Since the code is way over my head I can't even begin to pick it apart. But I might have a coding expert take a look at it some time if it continues to show some value.
I am picking it apart... going through line by line and commenting on what it is doing.. also have a list of all the variables and input fields that control logic flow... 52 altogether. I'm like a dog with a bone on it... almost an obsession with me now and just hopeful my efforts will be worthwhile...
I do find value in the indicator and understand why markers are later erased. although it is a good "heads-up", it is unlikely it could be used on its own in a strategy or even discretionary trading, but combined with price action and other visuals, it can give you an early entry to a reversal or tradeable PB.
I've attached my efforts up through 9/30... been busy with other things since then...
Anyone looking at the code, please let me know what you discover about variables and logic flow.
The following 4 users say Thank You to Saroj for this post:
Nope. Not the Holy Grail. It always appears to have picked absolute tops & bottoms "after the fact". It recalculates & repaints all the time. I've tried using it in market replay off & on all day & have yet to win more than lose. I still say it's a bad indicator if you hope to be profitable. Just my 2 cents.
After all, it's what you learn AFTER you know it all, that counts!
shodson... you're giving me a chuckle... haven't programmed COBOL since 19... uh... 76... then did a little Pascal... then moved to meta languages... til 1986... then nada other than Lotus Notes and a little VBA... I started my IT career before you were born... 1965
This code is very bizarre... looks like a bunch of folks dabbled with it... I started out trying to do a sound alert for a friend... but it may be impossible without totally rewriting it... I'm just learning oo and NS/C# so using this as an exercise... but it is quickly outliving its value for that.
BTW.. I grew up not far from you... satellite view in my pictures (profile).. but now in VA.
Cory, why do you think that? On my charts it paints ahead of the SH/SL.. usually a few bars before actually... then repaints if that close is taken out... nearly always at least a PB. Still its "just" an indicator... has to be confirmed... I see it as a heads-up...