No I did not program the paintbars..... this is a Sharky project. All it is.... is a paintbar study based on the colored moving averages. The original was a SMA.....then it went to a WMA..... then of course we had to see it in an EMA.... and last but not least it found it's way to an HMA. For me the HMA was exactly what I was looking for as I was already using the HMA in the "All you Need" set up. So......I'm very happy with this develpment!
But, I promised Sharky that I would not share it and I keep my word. So when Sharky is ready to release it I'm sure he will.
Beside the fact that I am not showing the latest, greatest Sharky ECOBars (you lucky dog)...
1st HINT: Focus on the turning points, and I am not talking about the Zig-Zag dots that paint WAY after the fact (lag city). What I am refering to plots in real time and never re-paints (thank you Big Mike!)
2nd HINT: You can find the indicator that generates the difference (diamonds) in the Elite Member Circle section of this web site. (Please read the caution carefully)
The following user says Thank You to HJay for this post:
Sure, the basic concept was to identify areas where volume and stochastics were favorable at a time when a "reversal bar pattern" occured. In actual use I have found the volume portion of this to be too restricting thus the reason for a .75 setting. So in general, Hi/Low stochastics coupled with a reversal bar pattern and a little volume sprinkled in will generate these signals.
Here are some features of the indicator:
- Specify the length (# of bars) to calculate Average Volume for
- Specify the Volume Multiplier that current bar volume has to exceed the average
- Choose a simple average or exponential average for volume calculations
- Specify the Stochastics Period D, K, and Smoothing settings
- Specify the Upper and Lower threshold values for the Stochastic
- Specify if you wish to use the Period D or Period K for the trigger type
- Enable/Disable audio alerts when all conditions met
- Customize the file name of the .wav files for Long and Short patterns
- Choose from Arrow, Diamond, or Dot trigger notification plot style
- Specify the distance away from Price to plot the trigger notification
Mike, if I have misrepresented the indicator please feel free to correct me...