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thanks gregid, so i did have a valid question afterall, so will it make a difference if there was an indicator that did this with reasonable results, or its not worth the effort....
I can't say if it is worth when it comes to utility of this indicator but you can't lose on learning something new/experimenting
I attached dirty version of your indicator - this version mirrors it from approximation of the price level but you may want to experiment with other similar ideas - like mirroring it from longer EMA.
well gregid, great job, im amazed with the kinda fast coding u did, at least now i know that besides the humor part u did take me seriously & just created something amazing, it will probably take some sort of smoothing but hey thanks for being on the same page with me.
I appreciate your hard work maybe now that such an indicator exists, now someone can tweak it to get results, i hope it helps someone in trading, the mirror ema kinda looks like feltons stochastics...
is it possible that the ema is reversed, say a 400 moving average is below price and is forming a curve can it be replicated that there is one forming above the price in the same pattern i mean no zig zag same kinda curve but on the upper side or opposite, so whatever the outcome of the original moving average is i want it to mirror in the opposite direction just like a upper or lower band but replicates the exact movement of the original moving average. gregid did make an indi that kinda roughly matches my idea!!!!
Is anyone familar with this indicator? There is an article in the January Stocks and Commodities issue with an extensive description and it also offers a free email link for the zip file. It is based on J. Welles Wilders directional movement indicator. …
To achieve what you look for, you would have to mirror the curve at a straight line. The only such line that could be used is a regression line. The problem with any regression line is that it repaints.
This means that the mirrored moving average would be a repainting average as well. Repainting indicators are not very useful in my opinion, as they change their appearance after the fact. So in summary, this could be coded, will look nice and be more or less useless.
I feel that you are looking for a kind of channel, one line above price and the other line below price. The better options for this would include
- Bollinger Bands, based on a moving average and standard deviation
- Keltner Channels, based on a moving average and average true range
- Fixed Envelope Channels, based on a moving average and a fixed percentage of the last price
- Regression Channels, based on a regression line and standard deviation
- The Supertrend, based on a moving median and average true range
All those are valid tools for professional traders.
thanks traderjon & fattails.
Vortex is kinda the indi that would resemble my idea all i want it to be on the price & be more smooth like the higher moving averages, the whole idea behind all this is i wanna experiment if price really bounces off the mirrored moving average. see the keltner channel & bollinger bands are fine but they move with price & i am talking opposite of price, say if moving average is moving down while being on top of price in a downtrend, i want the mirrored moving average at the bottom of the price go up & eventually cross & go in oppostie directions again if price continued that way. The key is distance has to be the same from price. if moving average is on top with a 2 point difference then the mirrored moving average would be at the bottom at a distance of 2 points. looking like the vortex indi repelling each other. I hope im able to explain myself.
