Good non-repainting indicators
Most complex indicators are just that: complex and they often repaint. Because a lot of indicators remain in overbought or oversold areas for long periods or never reach those areas and change direction, I have abandoned standard methods. Instead I have developed my system of relative ob & os. My theory is that whenever the indicator moves above or below recent amounts the currency pair is ob/os and is now changing direction. So I apply moving averages to standard indicators and watch the crosses with excellent success. I put my five favorite on the screen at the same time because it allows me to apply different strategies such as reversals, breakouts, continuations, and scalping counter trends, without different templates. Here are my five favorite but, you have to determine the best moving averages for your time frames and strategies. They are all simple and don't repaint.
RSI with two values (slow & fast) instead of a moving average, OBV - On Balance Volume with EMA signal, Williams A/D with LWMA signal, DPO - Detrended Price Oscillator with LWMA signal, and a fast moving ATR with a LWMA signal. Hint: I find that Fibonacci values work best for me in most indicators.
I suspect you were hoping find out about the exotic indicators that don't repaint but, I have spent thousands of hours testing scores of indicators with multitudes of values and the ones I have listed are very powerful and accurately compliment each other. I hope this helps.
You should ask the question other way around
"Repainting" indicators are coding errors (fractals for example are not coding errors - they are meant to work as they do, so exclude them from the "repainting" group - one should know that they are trying to identify peaks and that peak finding is not possible without that kind of "behavior").
As such (coding errors) the "repainting ones" are not in majority, just the opposite. The fact that people are "glued" to those exact repainting ones is yet another story and has nothing to do with TA at all, but more with believing in miracles instead in learning and knowledge
Test for repaint
While most repainting is caused by errors in code, some indicators repaint by design so that slick talking con men can sell you an indicator that appears to work magic when looking at the past but, they do really badly going forward.
A simple test if you have questions about repainting is to take a screen shot with the indicator and take another screen shot after four or five bars. If the indicator has changed in the area that is back four or five bars it is repainting. However, you also need to consider if it is just a lagging indicator such as fractals that is calculated after the fact because it has to consider the next two bars from wherever it currently is.
I prefer indicators where the inventor has publicly published his formula with an explanation of his rational, so that you can look under the hood and determine if it is doing what you want.
This indicator makes screen shots of active chart at regular intervals. By default, one tick after beginning of a new bar.
It is possible to test this "painting/re-painting" in the way as I did for example(just compare the images 'on close bar'):
thanks for great tool
Great tool! Thanks a lot ND.
Non Repainting ZERO LAG MACD
I decided to check in 1 minute and to my surprise the ZL MACD I am using is an horrible repainter. I dont know why, since it is not a MTF version. Anyone has a version that is 100% sure not repainting past bars??
Color MACD-OSMA Needs Fix
The colored MACD-OSMA is my favorite indicator. It is supposed to show one color when the MACD is rising, another color when it is declining, and a third color when the MACD continues rising or declining but the OSMA is getting smaller. I have a counter-trend strategy the relies on the declining OSMA. Last night I missed some good counter-trend/reversal trades because I was just quickly glancing at the colors instead of the shape of the OSMA.
It turns out my favorite indicator shows the correct colors when you load the indicator, template, or program but, if left on the third color (yellow on my chart) is not appearing when the OSMA declines. Likewise, sometimes it shows yellow when it should show magenta or aqua. I can only make minor changes and this is above my abilities. If anyone can fix this I would be very, very grateful.
One problem is the misuse of the term "repaint".
Another problem is how MT4 recalculates past bars.
Another problem is how the indicators are coded.
If you use iOpen(NULL,Period_D1,0) the answer doesn't change the entire day. However, using iHigh(NULL,Period_D1,0) will give you a different value each time a new daily high is reached. This is not a problem until you switch timeframes on your chart and switch back.
The market is dynamic so some indicators will be updating in real time. But when you look back, you don't see the updates because the "mark" has been moved.
Try this one!