There were a couple indicators that I could find helpful and I was wondering if anyone knows whether someone has coded them or not.
In an Elder trading book he talks about trading with "channels", the channels being a line above and below an MA that is always a set distance from that MA. This may even be IN ninjatrader already and I am just not recognizing it or not understanding what it's called.
The second thing I would like to see is an atr line that actually plots on the price chart so I can see it and use it for volatility stop placement. For instance, if I am long and the atr is 2, I want to be able to see what price that would be under it. Am I making any sense here? haha. Thanks for any help! This is for ninjatrader btw..
Hello.I run 5 moving averages on my charts.
At different times of the day these 5 MA's align themselves in a tight group.
This tells me that a breakout or MA fan is about to appear.
An indicator that would alert me that the 5 MA's are in a tight group would be super.
One of the user variables would be "How tight of a group" or "width of the group"
If I want to wait for all of the MA's to be within a 10 tick width---I would set it at 10 ticks.
If I don't want to wait for them to get that tight, then I might try a 15 or a 20 tick group.
The other user variable would be for me to enter the 5 MA's that I want to monitor.
13 SMA or EMA
20 SMA or EMA-----and so on.
Here is an idea for an indicator.
When range bars are being completed at a fast rate it is usually indicative of market movement in that direction.
A handy indicator would show the speed--perhaps in color---of range bar formation.
red- very slow
dark green-very fast