Squeezed ema of stochastic with some additional stuff (alerts, multi time frame, interpolation ... ) : squeezed_ema_of_stochastic_amp_alerts_amp_mtf.ex4
I'd like to make a relatively easy modification to a mq4 file but maybe it already exists ... I saw and played with Stochastic Candles that display 4 colors (uptrend, downtrend, overbought, oversold) and first thing that came to my mind was a CCI version showing similar with +/-100 overbought/oversold and different shade of color for rising/falling trend. I spent some time in Google trying to find exactly what I was looking for but could only find 2 color versions only indicating overbought/oversold areas. I can provide what I believe to be original mq4 file (StochCandles.mq4) for basic logic which has copyright Christof Risch of forexfactory in header so that might facilitate appropriate changes in areas to substitute CCI code or in order to see the fundamental logic and not "reinvent the wheel". Once done I'd be able to compare the 2 and get a better idea of which provides better opportunities of getting into/out of trades and the other implications of having that type of candle indicator on the graph of one of my charts in order to refer to it from time to time. I've included a screen shot of StochCandles to give a better idea of the end result. Seems like this could benefit anyone interested especially CCI aficionados.
A question : overbought and oversold are clear. up trending and down trending should be determined using the signal line. Is that correct?
I normally use 100 and -100 for my signals and that works fine for me. It would be more flexible for others that use different settings such as +/-90 etc. if they can change it in indicator inputs but most of the time 100 is used and that works for me too thanks. Edit: Thinking on it further, I guess it is harder to do with CCI because of it's erratic nature compared to relatively smooth Stochastics and therefore might be impossible unless some type of smoothing is added. Might be why only overbought/oversold versions are in the internet.
Hello Mrtools/Mladen, could you please make this indicator mtf and add alerts on colour change and zero cross?
Many thanks, Mrtools.
Did you check the indicators from this thread : https://www.mql5.com/en/forum/177881 (some newer versions here : https://www.mql5.com/en/forum/177881/page2 )
sorry, during download I made little stupid thing when I changed the name of the indicator,
now it work
Would you please let us know which file or indicator need to be existed beside the Squeezed EMA of stochastic & alerts & mtf.ex4
It is a standalone indicator - it does not depend on any other indicator
yes mladen, I change the post if you noticed
it seems you prevent changing the indicator name which I understand the reason, so I made little change of name during downloading by removing "&", which of course prevent displaying the indicator, any way I kept the original name and it work now