Elite indicators :) - page 9
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ND can you tell me how the ChoppyBars indicator works? Blue is for Bullish, Red is for Bearish.. Yellow is for..... ??
So this STIX is almost as Demarker, right?
As to ChoppyBars indicator so Igorad explained me that we may buy on strong blue color and sell on strong red. Yellow is not trading. Also we may see the strength of the trade by color changing. It should work better on hogher timeframes. If we use this indicator on M15 or M30 for example so we should change the settings (optimize let's say).
I did not try this indicator live (just on historical data only).
This StepChoppyBars_v1.1 is using StepMA_v7 indicator and StepRSI_v5.2 indicator (attached).
Names (meaning) of the color in ChoppyBars indicator are the following:
MediumBlue: Strong UpTrend.
Crimson: Strong DownTrend
DodgerBlue: Retrace UpTrend
Tomato: Retrace DownTrend
LightBlue: Choppy UpTrend
Orange: Choppy DownTrend
Aqua: Be ready to change UpTrend
Yellow: Be ready to change DownTrend
So this STIX is almost as Demarker, right?
I not sure how Demark would be used, but I would use STix like this..
When Market is Trending (Use VQ to find long term trend) then Buy/Sell in the direction of the trend ONLY -- when STIX extremes below or above 50.
So for example there is a a bearish trend, then you would never buy when STIX is below 50 this would more then likely only be a retracement. Instead you would wait for the optimum time to sell when STIX is above 50.
When the Market is consolidating/ranging buy/sell at any time when STIX extremes below or above 50.
It looks like a good indicator to use like this.
In the last days I have been trying to discover how www.tradingcentral.com draws Support and Resistance levels. Because that levels works damn pretty well.
The first thing comes to my mind was dynamic levels. However after a little test and error I discarded possibility.
The second think I thought was dynamic fibo zones, so, I opened (another) trial with fibonacci trader to be sure. But there are not fibonacci zones.
The third thing is manual drawing. But it´s strange for company which provides signals and strategies to other companies doing all work manually. The charts are updated every certain time, so, they must have some automation to make the process easier.
I´ve attached some pics to see what I´m talking about.
First one is for the NY morning, second is current.
Maybe somebody can see something that I missing and we can develop an indicator to automate the process.
They call the blue line the "pivot", red lines are support and green resistance.
There is some indicator which is drawing those lines. I don't remember the name. It's like indicator is drawing the big fibo lines and small fobi lines (for smaller timeframe) in one main window. I did not play any attention because i still do not know why it was necessary to draw D1 fibo and M15 fibo on one chart (I am not an expert in this fibo subject sorry). But I saw the indicator which is drawing the lines as yours in the image.
Besides I saw some RSI or other oscillator which is drawing trend lines in separate and main window. I mean just one oscillator (may be RSI) is doing it.
I will try to find it inside my computer.
Please find this indicator. Not exactly the same but may be usefull.
And look at this indicator: Fibo inside Fibo. It means that "small Fibo" are using for retracement.
very similar with your images.
The other variation.
because I saw the channel on your image. It may be any channel indicator. Or just advised channel from Demark_trend_alert_and_mail.mq4 indicator. But seems it is simple SHI_Channel indicator.
Horizontal lines seems is "small Fibo" (see image attached).
It means that channel is using just to trade trending market and breakout. And they are using something similar with small fibo lines to understand the retracement.
But I am not very sure about it.