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Looking for a reversal Indicator


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Looking for a reversal Indicator

  #1 (permalink)
 
Wipeout's Avatar
 Wipeout 
Springfield, Missuouri
 
Experience: Intermediate
Platform: SC, NT8
Broker: NinjaTraderBrokerage
Trading: ES, NQ
Posts: 39 since Oct 2017
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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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  #3 (permalink)
 
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 dbarno 
Madison, Wi
 
Experience: Intermediate
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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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  #4 (permalink)
 
Wipeout's Avatar
 Wipeout 
Springfield, Missuouri
 
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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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  #5 (permalink)
 
Wipeout's Avatar
 Wipeout 
Springfield, Missuouri
 
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Hey dbarno, The CCI is starting to look magical. Thanks

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trendisyourfriend's Avatar
 trendisyourfriend 
Quebec Canada
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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SMCJB's Avatar
 SMCJB 
Houston TX
Legendary 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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  #8 (permalink)
xtrender
Boston
 
Posts: 5 since Feb 2019
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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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  #9 (permalink)
xtrender
Boston
 
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Wang Sell RSI is as good reversal indicator as any!

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  #10 (permalink)
 
SMCJB's Avatar
 SMCJB 
Houston TX
Legendary Market Wizard
 
Experience: Advanced
Platform: TT and Stellar
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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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Last Updated on March 5, 2019


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