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Looking for an indicator that simply marks on a chart where you are at x tics from an indicator. Specifically I am interested in being able to see where x tics from the high or low of the current swing is located. Any ideas of help?? I'm not a programmer so for me that is not a solution but I can not imagine this is rocket science.
Can you help answer these questions from other members on NexusFi?
If you take a standard indicator such as a moving average or an oscillator and define a distance in ticks and mark that distance, the result would be a fixed channel.
This can be easily coded.
However, if you talk about swing highs and lows the case is different. In this case you would first need to identify the swing high or swing low. You will need a set of rules how to determine a swing high or low (rules would include swing strength and/or minimum deviation). Once you have identified a swing high or low it is possible to draw a line n ticks above the last swing high and n ticks below the last swing low.
When a new swing high or low is detected you would start a new line and an abandon the prior line.
For a swing indicator it would be necessary to such a feature into that specific indicator. For a fixed channel indicator which plots a channel at a fixed distance around a moving average or oscillator it is possilbe to code one indicator and then select moving average / oscillator as input series.
I'm looking for something just like this. If there is something on Futures.io . I use a 233 tic timeframe and a visualSMA 10 period from a higher timeframe. And in most cases the further away price action is the less effective my signal is. Right now I'm trying to determine what the tipping point is. I want avoid taking my signal after that tipping point. If there was a way to measure the distance from the close of the candle and that SMA I could begin to determine my rules. I would eventually like to try and automate the entry in ninjatrader. But that is way down the road.
You would not want to measure the distance from the VisualSMA in ticks, but take into account volatility.
If you had a simple SMA - not the multi-timeframe VisualSMA - one of the best options would be to look at a Z-score indicator, which shows you how far away price is from the SMA in terms of standard deviations.
Alternatively you could simply use a Bollinger Band or Keltner Channel and adjust the channel width to suit your needs.
If you wish to filter your signals based on the VisualSMA, you would need to add a channel to the VisualSMA. I do not see a fast and simple solution here. Calling the VisualSMA from another indicator should work, as long as you stick with minute, tick or volume charts. I would probably try to call the VisualSMA from a Z-score or Keltner Universal indicator.
I'm trading a weaker low/weaker high indicator. I'm using the VisualEMA on the higher time frame to take only trades that are in line with that higher trend. I only take weaker low signals when the higher time frame shows bullish and vice versa. My problem is that as a trend indicator the EMA lags considerably and has no indication of choppy price action on that higher timeframe. Do you have any suggestions for a better filter to test? P.S I was confused the 233 tic trade uses a 10 minute EMA with 11 period look back.
Basically all trend filters are lagging indicators. This is linked to the definition of a trend. When the trend is down, and you observe a bullish bar, this will not immediately change the trend shown by any indicator. Even if this is the beginning of a new uptrend, you would not know. You will only know with hindsight knowledge.
Therefore when a new trend becomes obvious part of it is already over. You may use a model that divides the trend into three sections:
- early trend (the trend is not yet confirmed and may revert back to the old trend)
- middle chunk of a trend (professionals enter the trend)
- mature trend (when the trend is nearly over)
Your task is to find the sweet spot at the beginning of the middle chunk of the trend to make a profit. At that stage it is important that volatility is sufficiently high to drive prices further in the expected direction.
You may use moving averages, moving average crosses, trailing stop indicators like the SuperTrend, a swing indicator etc. to determine the current trend. The main difficulty is to select the correct higher timeframe for the trend filter.
I personally prefer the VWAP as a trend indication. I look at the VWAPs (average prices) of the last days. When price is above those VWAPs I call it an uptrend. When it is below I call it a downtrend.
