#DTosc with floating levels?
I really like the "rsi - floating levels" indicator and I am wondering if you could possibly do the same for the "#DTosc" as well?
Looking forward to hearing from you.
I can do that, but then the RSI would be "deformed". The problem is that the floating zero line (middle line) is constantly changing place and value and metatrader 4 can draw only strictly zero based histogram in a separate window. It would mean that the floating middle line would need to be fixed at zero value and all the rest should, in that case, be calculated relative to that new artificial "zero line". It would keep crosses at the same place, but the values would be completely different than the real rsi values
Let me know if that would be convenient
Is it possible to have the "rsi - floating levels" in histogram format such as "rsx 2"?
Would appreciate your expert advise please.
Thanks for replying..
Thank you for replying Mladen, much appreciated as always.
I am not sure that this solution would be helpful to me at least.
saw that you already modified this indicator. Would you please be so kind and add also smoothing ?
thanks in advance
Dtosc floating levels ...
This is a dtosc with floating levels added. You might want to experiment a bit with MionMaxPeriod. Default for it is set to 50 bars look back period
Good morning Mladen,
Thank you ever so much. I certainly will experiment with it and let you know which settings worked best for me.
As always deeply appreciated.
Successful day to you.
This far the settings I found best on my 14,14,5,3,3 setting is 90/10-levels and 50 look-back. As a matter of interest, if I switch "look-back" to 100, does that than represent the "normal" levels on an indicator?
See attached screen-print for overheating areas, where I find it to dove-tail perfectly with the RSi-floating levels.
Excellent work as usual and thanking you once again for sharing your expertise with us.
Wishing you a great weekend.
MACD floating levels ...
You pointed out one thing that I seem to forgot to explain in more detail. The what does the MinMaxPeriod exactly do.
Floating levels work on an assumption that the changes in the values of the indicator should be used for levels instead of some "abstract" levels. To do that indicator is looking for minimal and maximal value in the required period and then uses that range as a 100% of a change. As a consequence, the longer the look back period, the higher the probability that minimum and maximum are going to resemble to actual minimum and maximum values. So, if you want a more "dynamic" levels, make the look back period shorter. If you wish it to be "inert" make the look back period longer
The good thing with floating levels is that they do not need a bounded indicator in order to have some levels.
Here is an example : made a MACD with floating levels. As we all know MACD is an unbounded indicator (without a known minimum and maximum) and that is the reason why it is not used with some levels for over bought and over sold as rsi or stochastic are usually used. But try it with floating levels, and all of a sudden MACD becomes a completely different story. That way we are squeezing out more information than it was originally possible from an indicator and that is the main reason why I like the floating levels idea
To cut the lengthy post short : I wish a pleasant weekend to all
Most excellent Mladen
First and foremost, thank you for a brilliant explanation of the floating levels and I now know why it makes sense for me when trading them.
Secondly, for using the MACD to illustrate the point, is magical.
Finally, may you enjoy the weekend with your family.
Best personal regards.
Anyone know where to get MACD Oscillator like picture above, Please tell me.