Job finished
Specification
I’d like a new indicator producing that uses three instances of the same momentum indicator, to produce a valid buy or sell signal.
The indicator has five customisable settings and uses a histogram to display up or down momentum.
The basic signal is when three bars in the histogram line up the same colour.
There’s also a candle lookback rule which can be set.
Within this lookback there are additional settings that look for the max and min no of coloured blocks allowed, settings are thus:
- Lookback count = X candles/bars
- Max green blocks = Y (max no of green blocks allowed in X previous candles/bars)
- Min green blocks = Y (min no of green blocks allowed in X previous candles/bars)
- Max red blocks = Y (max no of red blocks allowed in X previous candles/bars)
- Min red blocks = Y (min no of red blocks allowed in X previous candles/bars)
- Max blank blocks = Y (max no of blanks, so no red or green blocks, allowed in X previous candles/bars)
- Min blank blocks = Y (min no of blanks, so no red or green blocks, allowed in X previous candles/bars)
There’s also an additional filter required using an indicator that draws lines on the chart.
The buy or sell signal can be restricted if price is either above, below or in-between two different instances of this filter.
The additional filter has four settings.
Both indicators will be provided on application.