A strength indicator based on Elder's book. I wrote it five years ago and couldn't delete it since then. I've changed many terminals and computers, and this indicator is always with me.
Its strategy is simple: when the slow curve grows and is greater than zero, and the fast one falls and makes a reverse, we buy at the reversal point.
When the fast curve moves up and turns down, close the deal. Conversely open a short trade if the slow strength indicator is less than zero and continues to fall.
The indicator works on any timeframes, but performs best on H1 and daily charts.
I've noticed that it can predict the price behavior for three or four days. Not all instruments are equally good. It shows best results on the pound and the euro.
- AlertLevel - the level to output alerts.
- SendNotification - send push-notifications to mobile devices, true/false.
AlertLevel - the level to output alerts
SendNotification - send push-notifications to mobile devices, true/false.