Triangular bands request
I think an alert when the price touches the band ( the first time for each candle) would be more effective. Otherwise it could be nearly two periods before a signal is given. Use would then be able to watch for an entry from this point ( first touch)
I use the triangular bands as part of a 1 hour scalp setup and an alert would be hlpful
I have tried to add the alerts, email and arrows at these points but there is some error in the code. it is getting compiled properly but when I attach it to the chart, its not showing arrows properly. Can anyone help me fixing it.
Kindly consider this request. Thanks
Attached is the TriangularMA centered abands alerts indicator.
This indicator gives alerts and emails when the price crosses the bands.
Can you modify this indicator to give alerts when:
The previous candle has touched the band and the present candle is of opposite color (Black for upper band and white for lower band).
By color of candle I meant:
When the 1st candle touches the upper band it is of white color(i.e. its close is higher than its open) and 2nd candle is of black color (i.e. its close is lower than its open) then the indicator gives a Down alert.
When the 1st candle touches the Lower band it is of Black color(i.e. its close is lower than its open) and 2nd candle is of White color (i.e. its close is higher than its open) then the indicator gives an UP alert.
Its a two candle pattern with Triangular MA abands alerts
Triangular moving average is confirming the overbought/oversold condition and candle pattern is confirming the reversal.
I am using H1 timeframe for this setup.
Please find the attached image for details.
Thanks and Regards
Thank you mladen!
It's very interesting how this works! The SR levels seen to work really well on the 30M and 1H TF for ranging markets. (it seems to go out of sync a bit on break outs, is that because it's factored on the last period balance point?)
I'm not sure if you saw my last post concerning the fixed balance point versus the dynamic balance point for the SR levels, but I have a feeling the intention of the dynamic point is for trend determination and the fixed balance point is for SR.
does that make sense?
Here is the pivot version of dynamic balance point.
previous period balance point highest for high
previous period balance point lowest for low
previous period last balance point (a sort of close) for balance point
previous period balance point lowest for low
Thanks a lot mladen
This is exactly what I was asking for. I really appreciate your efforts.
Request for midpoints
Can you please add midpoints on this indicator? Keep the same calculation, just add the midpoints. I would appreciate if you can do this by the begining of next week. Thank you very much in advance.
Here you go
I have made slight changes to the arrow conditions and I have done one major change with the bands. I have tried to use different timeframes for upper band and for lower band and I am getting good results.
The logic behind using different timeframes is:
On visual back testing I found that down arrows are doing good job in giving reversal signals but the Up arrows were failing occasionally.
Reason could be that he trend on longer time frame is down and when price bounces back and hits upper band the down arrow gives a good down signal.
Keeping this is in view I have used lower time frame (current time frame) for upper band and higher time frame for lower band and modified the indicator to two indicators one giving upper band and down signals on lower time frame and other giving lower band and Up Arrows on higher time frame.
One can use (M15 and H1 time frame) or (H1 and H4 time frame).
If trend is down:
Use lower time frame for UPPER Band and Higher time frame for LOWER Band
If Trend is UP:
Use lower time frame for LOWER Band and Higher time frame for UPPER Band
How to know when trend has changed:
In down trend, the upper band is of lower time frame, so when the price bounces back to this band go short.
The lower band is of higher time frame, when price crosses and closes below this band, it is most likely that the market is over sold, now when we get buy signal on this higher time frame lower band we can change from down trend to UP trend settings.
In Up trend, the Lower band is of lower time frame, so when the price comes back to this band go long.
The upper band is of higher time frame, when price crosses and closes above this band, it is most likely that the market is over overbought, now when we get sell signal on this higher time frame upper band we can change from UP trend to DOWN trend settings.
mladen, Please review this strategy and if you find it making any meaning kindly merge the two indicators to one indicator with different timeframes for upper and lower bands and it would be very great if you can you write a code in this that can automatically swap time frames when price crosses and closes beyond the band of higher time frame.
mladen, few more thing to add:
1. Please make the arrows appear on completion of the candle i.e. for arrows add Alertoncurrent=false .
2. Arrows are not giving alerts and emails. Kindly check that.
Mladan, does the "alert on current" indicate a cross of the band?