seems like their version has more parms and candle wick/tail stick out more, just some observation. On other hand don't raise your blood pressure sometimes it could be an improvement of your version which you can steal some ideas back or sometimes it's just a pure coincident. If Elders worries about this he won't write another book.
Any lawyers in the house? I've heard of the GNU public license, but I don't know how it works. Does anyone know if it is applicable and would it provide recourse for anyone who publishes their work on a forum? Are there other options? Or are people basically screwed without legal copyright?
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Yes, noted. No rising blood pressure since I posted it free for all on futures.io (formerly BMT). They just added colors as parms. Just po'd that they made it into a dll.
re: First screen shot is "my" free indicator TrendGRaBer posted on futures.io (formerly BMT) in downloads section.
I agree silly to sell colored candles based on 34 ema. GRaB is an acronym that stands for Green, Red and Blue, which is a trading style used by Interbank FX Chief Currency Analyst Raghee Horner. Raghee uses 3 exponential moving averages to help her in her trading.
WOW, the resemblance is EXACT! If I or someone knew/could peek & disassemble the DLL code well ....
Completely sad that this goes on, although it is never surprising, and, certainly reinforces how the vast majority of indicators by "successful" traders are their main source of revenue, while they tout the monthly thousands that can be made with a $2500 account to unsuspecting newbies. It's infuriating and immoral.
Platform: Abacus, Slide Rule, HP-65, Metastock, TOS, NT
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Yes, that is pretty much what I explained in futures.io (formerly BMT) download area. Here is the what I wrote:
"I wrote this indicator based on a chart setup used by Raghee Horner for trading currency pairs but it can be applied to any instrument. So, credit for the idea goes to Ms. Horner.
Although this indicator is very simple, it is very powerful when used correctly. The indicator is a trend following setup that will keep one out of choppy markets and on the right side of the trend.
It is helpful to watch one of Raghee's seminars on IBFX to understand how this indicator is applied.
Enjoy!!
Added on October 10, 2011:
Here is a link to free Raghee Horner's eBook on this setup.
My personal mine:
Its very diffical to create new unique tool. For example: i have create my here free published t4tCumUD (is a UpDown Volume based "delta" custom draw indicator) without read any source code line of gomi's GomCD or the ACME VolumePackages. The resulting optical function of GomCD and t4tCumUD is nearly equal!?
When is now see the ACME volume Package, its dont need many changes for full replicate this function... without one line of copy any code!
What well i say: Many of public concepts can be realized with 100% different own code. Full function compatibility is not a bad feature, its a nice confirm for a good concept.
Publish free tools can don't destroy a vendor business based on true customer support... publish compatible or equal tools for a lower or a higher price by a other vendor... this is the true live. More providers of one good concept, give the warranty for a good support and the continue development to realize new nice features
My vendor mine to the WebSite:
ACME has a nice, clear strutured WebSite with good user oriented (promotion) descriptions... when i well create my own website with a webshop, then i copy this concept.
(i can free write this, while up to this time i dont publish any content on my site)
The following user says Thank You to TimeTrade for this post:
@aligator: Honestly, I would not bother about 3 EMAs with a few paintbars. This can be coded by everybody in five minutes and is a child's play.
I had a look at the indicator at the website of Rancho Dinero. It is not a copy of your indicator, he has properly serialized the colors, which proves that it is his own indicator.
He did not steal your idea, he did not copy your code, so what do you complain about?
By the way I have bought a book by Raghee Horner a few years ago. It is one of the worst books on trading that I have ever read. I stopped after 30 pages for good.
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They clearly give credits to Raghee Horner in their site and its also free for everyone to download..
"This is an idea we, er, borrowed from noted forex trader Raghee Horner. It’s also known as the 34EMA Wave, and GRaB Candles. We won’t spend much time explaining it, because you should read all about in the inventor’s own words here"
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There are sites on the net where some folks share copyrighted material with a sense of entitlement.
I've seen threads on discussion boards where traders talk about starting a group effort to reverse engineer some vendor's expensive indicators or methods.
How much time and money would it take to get a legal injunction... and how would you enforce it?
That was from a description someone got from a TradeStation indicator. But it's not much different from the Keltner Channel. It uses a set number of ticks and Keltner uses a multiple of the ATR.
Other than coloring lines and bars .... adding arrows and alarms.... combining a couple of existing indicators ... it is difficult to come up with a totally unique indicator.
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!"
I have seen strange things, one funny example is the CFG Momentum Oscillator, which was developed by Andrew Cardwell. The green plot is the first derivative of the RSI (called RSI momentum) added to a SMA of the RSI. The red and yellow lines are just to signallines, which are moving averages of the green line with different periods. You can code that one in less than an hour, and the code has been published by Constance Brown in the book Breakthroughs in Technical Analysis, the formula is on page 81. She calls the same indicator Composite Index. However, there is a catch:
Type of Work: Text
Registration Number / Date: TX0003375191 / 1992-07-22
Title: Relative strength index : advanced / by Andrew E. Cardwell, Jr.
Description: 1 v.
Copyright Claimant: Cardwell Financial Group (employer for hire)
Date of Creation: 1990
Date of Publication: 1990-04-27
Variant title: Relative strength index : advanced
Names: Cardwell, Andrew E., Jr.
Cardwell Financial Group
(copied from the home page of the United States Patent Office), link below WebVoyage Titles
@ThatManFromTexas: What I do not know, does TX stand for text or for Texas?
I will collect some rare mutations of the SuperTrend, add some colors and a bit of noise and then send it to the patent office and register it at Fat Tail's Swinging Oscillator.
For your info, I have never advanced the CFG Momentum Oscillator to the downloads, not because I am afraid of the patent, but because I do not want to annoy anybody. If you need it, the formula is public and easy to apply.
Chart attached under Copyright.
The following user says Thank You to Fat Tails for this post:
What makes you think he stole your code? Again, this is just three EMAs and anyone that can code can probably code this indicator. I am sorry but I don't understand what you are complaining about. Are you saying you were the first one to code this indicator? C'mon now. I am sure you might also say Rancho "stole" IRT .
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I agree with you kulu. If you draw an analogy with the three criteria for a valid patent application (novel, useful, nonobvious), variations of this indicator fail two of the three criteria.
And if TMFT thinks that I have a hidden motive in defending Rancho Dinero, I do not. I actually thought it was something like the Chicken Ranch in Nevada.
The Trader's Dynamic Index and the CFG Momentum Oscillator are somewhat similar. After I had discovered the similarities, I decided to use the same colors for both of them. Glad you noticed it.
Both are robust no-nonsense oscillators. The credit goes to Welles Wilder who developed the RSI. He did not file for a patent, so he lives in peace, as he does not need to fear that anybody violates the patent.
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It was not my idea (and for sure it was not originally Raghee's idea either) and I said that, but I wrote the code when there were no NT7 versions and made it available as open code, you sure have done many of them.
A five-minute child's play, true. Also, a child's play to add color serialization to an open code, hell we do that all the time here. But, we don't make it into a dll file and package it as a bonus for selling other stuff.
If you have not been on this board long enough and seen enough, then you might have motive for defending whoever they are.
Also, give credit to TMFT since Chicken Ranch was in Texas, he can defend himself without relaying on Wikipedia. In Nevada we have Cotton Tail, Shady Lady, (used to have Mustang Ranch) and many more, but they all have health cards and pay their taxes when they charge for anything.
Cheer!
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@aligator: Thanks for responding. I absolutely agree with you here.
I would not call the vendors a fraud, but they are catering to unsupecting newbies and fools, selling overpriced indicators which can be easily found for free elsewhere. We are the ones who do the work for free, so we are inclined to cry foul, if somebody else collects money for selling the same indicators. Feels like we are paying taxes (working) and others are free riding using the public services.
But on the other hand, if I have made a piece of code public, it is public, so in fact everybody can use or modify it. If some fools are paying somebody else for the same stuff, that is not my business. There will always be fools and there will always be crooks to take advantage of the fools.
Also take into account that the fools want to be entertained, in the end they are getting their entertainment and the money may be well spent as it has served its purpose.
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Exported using NT Version 7.0.1000.6
1. Extract ZIP file.
2. Import NinjaScript.
3. Drop levels.txt file on your hard drive and change line 29 accordingly, otherwise indicator will not work.
Txt file format:
[level][space][width in ticks][space][1 …
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