IDEA-NoTradeBand
hi,
this indicator has nothing to do with price patterns, its just a statistical analysis. the result is in the right upper corner.
this band has as centerline the 20EMA
upper_limit is the 20EMA + the average body of all bars with the Open > 20EMA and Close < Open.
upper_limit is the 20EMA - the average body of all bars with the Open < 20EMA and Close > Open.
this indicator is new for me too, so the methology of how using it has to be found. currently i use this as filter:
buys are only allowed if price is below lowerline
sells are only allowed if price is upper upperline.
this works kinda well in ranging markets (any channelbased strategy does that) but also my fraktalbased trendfollowing system get a slightly higher profit and lower loss per trade.
currently all history in chart is used but i plan to only use a period some swings.
//z
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hello,
inspired from the idea of CROM in this thread (https://forum.mql4.com/33332) and my following inspection about the up's and down's of bars above and under the 20EMA line a wrote this simply indicator.
i use it to mark a zone where no trading is allowed.
mostly of time when my TrendyEA wants to trade this filter surpresses the trade and my system got more profitable. maybe could also be used as a range indicator, but i did not yet try it.
so this is a self adjusting band which works on all timeframes. as centerline it uses the 20EMA the bandwith is calculatet by statistically movements over and under the centerline. both, upper and lower limit are calculated indipendently.
so why i don't add it to codebase?
because this is only a proof of concept, and for me and my systems the concept seams to work. feel free to adjust/edit the indicator.
comments critics (beside of programming issius (again! this is only a concept DO NOT USE IN LIVE MODE)) are welcome
happy pippin and a nice weekend
//z