Speedometer ...
If you think about this- just in trading terms.
The value will be meaningless- just think about it logically- having 4 ups on a chart with 5 bars will give you the value three considering the value of the last bar is negative
What is that hypothetically going to do for you in trading a game of probabilities? Nothing, unless you use the value of the total sample size to derive some sort of number- but you won't because there is no statistical evidence to prove any sort of edge.
Just my 2 cents.
If you think about this- just in trading terms.
The value will be meaningless- just think about it logically- having 4 ups on a chart with 5 bars will give you the value three considering the value of the last bar is negative
What is that hypothetically going to do for you in trading a game of probabilities? Nothing, unless you use the value of the total sample size to derive some sort of number- but you won't because there is no statistical evidence to prove any sort of edge.
Just my 2 cents.Each indicator produces a meaningless value, but I just need the code of the Speedometer .....
It's simple ... but I am not able to write it..
You do that?
K,
For one- each indicator does not product meaningless value- I'm trying to stop you from going in a direction that is completely meaningless.
You have 10,000 bar chart, 500 of which are up bars, 5000 which is down bars, and 4500 in doji- +/- 0.1% deviation.
You total is -4500. Tell me, how exactly is this going to affect your next trade.
K,
For one- each indicator does not product meaningless value- I'm trying to stop you from going in a direction that is completely meaningless.
You have 10,000 bar chart, 500 of which are up bars, 5000 which is down bars, and 4500 in doji- +/- 0.1% deviation.
You total is -4500. Tell me, how exactly is this going to affect your next trade.We are in a strong down trend and....
....when the Speedometer cross up the 5 period SMA......I'll BUY
You say it's meaningless....I say no......
But you are right and I wrong....cause I can not write the code... :-(
Thanks....
P.S. Someone could help me to code Speedometer.ex4 like post #1?
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Can someone help me build the "Speedometer"?
Each bar positive (close higher open) takes values +1, each bar negative (close lower open) takes value -1, each bar neutral (close equal open) takes value 0[eg (sequence of bars): 4 bars positive "Speedometer" +4, 3 bars negative "Speedometer" +1, 2 bars neutral "Speedometer" +1, 5 bars negative "Speedometer" -4, etc ...)
Thanks to all for helping newbies!