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1-2-3 Pattern Indicator
There have been a few short discussions of why it is difficult to code an NT7 indicator for 123 pattern and Ross Hook here on futures.io (formerly BMT). I know very little about programming in NinjaScript myself but some of you guys are amazingly brilliant coders and have created some impressive indicators. Attached is a MQ4 version of a 123 pattern indicator and a screen shot if anyone is interested in converting to NT7 (A likely potential candidate for indicator of the year )
The following 3 users say Thank You to aligator for this post:
Thanks for sharing Jeff.
In hindsight it looks very nice. But the signal label doesn´t occur when the current bar closes. When you use the default setting 3 for "swing strength" the signal occurs at the beginning of the 4th bar after the reversal. Perhaps a little bit late for an entry. Or do you use a smaller setting for strength? But then there could be more false signals.
I put the 1-2-3 Pattern indicator to a Real-time test today, and it failed; the text signal did not display to trigger my trade, and which corroborates with TempletonPeck's post #6 above; it eventually displayed right at my point of trade entry, but long after my trade had been successfully concluded. The attached screenshot shows my trade (entry and Target filled/stopped), and this video here shows the Real-time live recording of the trade (you have to be an Elite member to view it) and which does not show the text signal.
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The following 4 users say Thank You to lolu for this post:
I haven't looked at this indicator. However, swing indicators require a strength parameter which mean if you have the strength set to 3, then the swing is identified after 3 bars are closed. Then the graphic identifying the swing is displayed. This is probably what you're noticing. Bottom line is that swings aren't swings until they are confirmed by a subsequent bar close. If you want the swing identified earlier try changing the strength to 1 but you will still see the swing identified after one a closes with lower high than the previous high or when the bar closes with a higher low than the previous low.
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