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Oscillator that flattens out at 0 or 100 during strong trend
It would be helpful if the name and possibly the settings of the displayed indicator where visible. I think you could create an oscillator where the settings maxed out at specific levels. The trick then would be how do you determine what levels to use.
Yes, the one in my pic is the one I'm trying to replicate. It is an indicator package that I purchased, and I like the way it works. It is called TSLine. There are no options to input settings as they are locked at a default. I would like to develop an auto strategy with it, but can not do that unless I know what it is. Any help is appreciated.
RSI is another popular bound indicator (0-100) but doesn't stay at 0 or 100 for very long, so most people use an upper and lower bound that interests them, like 10 and 90 in this RSI(2) example.
I use a version of what FatTails described. I have two Inverse Fisher Transforms in the same panel. One is a 2-period, the other is a 5-period. I've adjusted the uptrend/downtrend thresholds to .80/-.80. When trending the two indis will hold above/below the thresholds.
I use the faster/shorter of the two as sort of an early warning signal of potential trend which is confirmed when the slower moves beyond the threshold. The faster also gives an early warning of trend ending when it moves back inside the thresholds.
The default thresholds in the Inverse Fisher are .5/-.5. Don't use those as a trend signal. Wait till they move beyond at least .7/-.7.
Here is an indicator that I quickly threw together. It combines two Inverse Fishers into a single indi, allows you to set period lengths and trend threshold, and colors the back ground when one or both Inverse Fishers are beyond the threshold.
I am a rookie at writing indicators, so no guarantees.
