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Looking for a reversal Indicator
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Looking for a reversal Indicator

  #1 (permalink)
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Looking for a reversal Indicator

Does anyone use a reversal Indicator that they like and would recommend to someone? I would like to purchase one or have one coded by someone in the community. Thanks

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  #2 (permalink)
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  #3 (permalink)
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You may want to look at a 14 CCI.

It will show reversals, pull backs, and the strength of a market. It is all I use. Clean charts. It's free.

Look at whatever you consider to be a reversal, and see how the 14 CCI displays it.

There are other similiar indicators out there that will do the same thing. Paying attention to price helps alot also. Good luck finding a magic reversal indicator.

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magical reversal indicator

I thought I would ask it seems most indicators are worthless, but if there was a magical indicator, someone here would know about it. LOL!

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magical reversal indicator

Hey dbarno, The CCI is starting to look magical. Thanks

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Market Wizard
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Wipeout View Post
I thought I would ask it seems most indicators are worthless, but if there was a magical indicator, someone here would know about it. LOL!

Don't want to start a debate with you but i know a few people that are in the algo trading circle who use worthless indicators as you say but are profitable. How's that?

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Market Wizard
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I wasn't familiar with CCI and after this decided to investigate. In situations like this I like to see how the indicator reacts to certain things. I normally test against, made up theoretical prices comprising of things like significant trends, market chop, price shocks, and things like sine waves. In the case of this indicator, the denominator of the calculation, aka the median deviation, can have a significant impact on the indicator, and often not in a good way. Take for example a sine wave. As long as the cycle period is less than the CCI length everything is okay, but once the cycle length is longer you get some interesting results. Below is a plot of Price = Sine(t*PI/25) with a 20 period CCI of that price.

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no holly Grail!

Divergences on oscillators as well as overbought oversold, don't work as they last forever, move on oscillator should correspond to move in price and volume...and then it may or may not continue

I have another question as part of custom reversal indicator, how to program in thinkscript "setup condition"-meaning that based on set of conditions high or low would be designated a support/resistance and then I guess by using a lookback period mark breakout if close[0] >< s/r? So say 10 days ago setup condition was true and price was in tight range after and today close>high[10]? So every close must be compared to setup values. I am sure somebody already done this, please point to example. Thank you

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wang sell RSI

Wang Sell RSI is as good reversal indicator as any!

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xtrender View Post
Divergences on oscillators as well as overbought oversold, don't work as they last forever, move on oscillator should correspond to move in price and volume...and then it may or may not continue

Not sure if this was addressed to my post or not, but in my example the indicator seems to react before the price (sine wave) is even 50% through its move, so not sure where the divergence would be.

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