"Coron forex" (a variation of rsx) from here : Coron Forex — сигнальный индикатор
Hi Mladen and Mr tools,
When you will have time, can you create an indicator who draw a regression linear channel, based on the zigzag of RSI
In other words LRC around the zigzag as on my picture,
And arrows (code,color and size), when RSI close outside the previous LRC
Like this it will indicate a very good reversal based on RSI
The only 2 options except Arrows are the options for zigzag (points or %), and the appliedprice for RSI
Thanks a lot I think it will be a great indicator for MT4 (I code it and use something like that on PRT)
Have a nice day Guys
For example, what it need to look like (on PRT we can draw only one LRC at the same time)
THE LRC and the Arrow when RSI close outside the LRC
Of course sometimes it needs to reajust not really repainting
Thanks lot for this and all you do
Have a nice day
Are you using a classical zigzag or a highest high and lowest low?
Thanks for your answer Mladen,
I don't see really the difference...
What do you call a "classical zigzag" ? Here it is a zigzag based on point or %
For example if the parameter is 10 points, when the RSI is higher than 10 points of the previous turning point, a new line is drawing.
Same thing with percentage.
Do you mean "classical" zigzag when the turning point are the highest/lowest of a certain period (10, 15, 20 candles ...) ?
Thanks for your interest on it
PS: To "avoid" a recalculating we can probably use a parabolic SAR on RSI, or Gann High/lo on RSI (turning point based on the last crossing between them and RSI) ...I haven't try...
I think we should try with non-repainting immediately. Will see what can be done
Thanks a lot Mladen,
I think Gann Hi/lo on lowest/highest will be better to determine reversal point with no repainting
There will be probably a problem with that because RSI will break the LRC before the RSI make a new turning point
A will see too
I confirm, unless you have an idea, it seems to be difficult, because as you see, the RSI break the LRC very eraly
Probably, what I use on PRT is better even if it need to recalculate at some times when there is another highest
For example as you see,
The indicator draw a first LRC based on the Zigzag
First signal when the RSI break the LRC
BUT, some minutes after we have a new high (who invalidate the first signal)
So, the first LRC is invalided too, and a new LRC based on zigzag is drawing
And we have a new/second signal based on the second LRC
Hope I'm relatively clear
Try, but I think that it will be the better option to 1/ draw the Zigzag 2/ calculate the LRC on them 3/ Draw arrow when there is a break of LRCs
Thanks a lot for your help on this one
If zigzag is used for linear regression channel, the the absence of the leg would mean that there is no channel there (and the channel should be strictly limited by the length of the zigzag leg)