Is it at all possible to have three colours, RED, GREY, GREEN, if this Adaptive T3 Rainbow is CONVERTED into a horizontal bar histogram? This implies that we would retain all the current selections in the tool that determine the profile of the 8 lines (T3 Periods, T3 Hot, T3 adapt period etc.) and then use this data to generate the horizontal histo bars. If it can be done then I would like the tool to take the weighted average of the eight lines to determine whether the histo bar should be RED, GREY or GREEN. Grey would be the colour for the weighted average when the lines converge "horizontally" (flat-lining).
Thanks & regards
2 questions :
1. Would you mind explaining a bit more about weighted average of the 8 values? What weights would be used?
2. I understand the 2 colors, but what would be the criteria for the 3rd color of one basically average value?
Adaptive T3 histo of rainbow
1. We could simply use the average of the 8 lines - ought to be adequate enough.
2. Grey colour - I was thinking that if the average deviation vs previous bar was "near zero" (more or less flat-lining) a third colour could be incorporated into the formula to reflect this phenomenon. However if it's not possible/extremely complicated we could drop this idea.
Thanks & Regards and have a great weekend!!!
Made this one as a first step (was checking what would be the average value - a sort of generic value - like). As it is obvious it is not hovering somewhere around the middle length t3 values (the generic value is the thick green line on the example picture) so it seems to be a kind of a new value. Will make the histo version as the next step
Updated version posted here : https://www.mql5.com/en/forum/general
And this is the histo version (color changes on slope direction changes)
Will see if we can do something additional as the slope direction is concerned (to get the 3rd color) and I would like to avoid the so called "angle" of that generic value
Thank you sincerely. It certainly looks very, very promising.
Have a great weekend!!!
Good Morning Mladen/MrTools
I've come across a very interesting CCI designed between Linuxser & Igorad on 5/24/2007 (post #287). Could you please do me a favour and convert this tool into a "horizontal histo version" with Green for upward zero-cross (& above) and Red for downward zero-cross (& below)? I've been back-testing this "CCI Alternative tool" and it certainly tracks price more accurately compared with the conventional CCI's.
PS. Just in case you've been wondering why I like your "horizontal histo's" so much it's because they are compact, graphically clear, pretty accurate & simple to follow, and my price charts get up to 90% occupancy of the screen.
First this one : it is a much simpler way of calculation (all in all, 5 lines of code for the CCI calculation) but with a same result as the "alternative" version
And here is the histo version of the alternative CCI. It is a 3 state histo. When it is bellow the lower level it is one color, when it is above the upper level it is another color and when it is between those two 3 levels it is the third color
Alerts added to it (on levels break up or down). If you wish a zero cross alerts set the levels both to 0 (then it will be only 2 color histogram). The example bellow is for length 50 and levels -100 and +100 (upper is the previously posted indicator - so that it is obvious how the colors are assigned in this one)
Audible alert and lines on candles
Trust you had a great weekend too.
Be so kind as to adding an audible alert to the attached indicator for me, please.
The vertical lines to extend onto the candles when the indicator change direction signalling the alert.
Much appreciated and thanking you in advance.
Mladen, how does this one differ from the ordinary CCi found in the MT4-Indicator folder, plse?
I see that there is a noticeable difference in reaching the levels.
Thanks for replying.