Hi guys, just signed up as it seemed like a good place to start looking for help with an indicator.
I'm looking for a price action indicator.
It would need to mark off the swing highs and swing lows on a given time chart.
Is there already such a indicator, or does someone have any idea on how to code one?
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What you describe applies to almost all indicators that are commonly used: RSI, MACD, Stochastic, CCI, TRIX, ROC, ADX, Bollinger Bands, Keltner Channels, Fibonacci levels, etc..., etc... If there was one single indicator that would do what you describe perfectly, in all cases, then trading would be a piece of cake, for just about anyone... As a matter of fact, price action is an indicator by itself as well.
You'll have to do the necessary research into all of these, and find a strategy that fits your personality and circumstances, and pick the right indicators for that, as well as their right settings.
There are many many possibilities, and you will find tons of ideas for this even just by browsing forums such as these, and doing a couple of searches with search engines like Google.
One suggestion: try to keep things as simple as you can, as much as possible. Use at most 3 off-chart indicators (such as Stoch, CCI, etc...) at a time, for any type of system.
Good luck with it.
You can start trying the simplest ones, maybe an oscillator or maybe the momentum indicator can also give you what you are looking for.
You can try to find what better fits your strategy, there are a few good ones to analyze the trend, though you can also consider starting to analyze the price I mean to become just a price action trader without using indicators, just S/R.
I will agree pattern recognition, I've been doing great with some patterns. And take into account having a good platform with fast execution.