Absolute Strength Indicator

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Absolute Strength Indicator

Postby Apprentice » Mon Dec 20, 2010 6:53 am

AbsoluteStrengthIndicator.png

Bar Version
AbsoluteStrengthIndicator.lua
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AbsoluteStrengthIndicator With Alert.lua
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Tick Version
AS.lua
(8.65 KiB) Downloaded 859 times


MT4/MQ4 version.
viewtopic.php?f=38&t=69191
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Re: Absolute Strength Indicator

Postby deltayod » Mon Dec 20, 2010 4:30 pm

Thank You Apprentice for coding this indicator. You did it promptly and with an excellent result.

Humbly, I'd like to share what I've learned over time about the use of this indicator.

The Absolute Strength Indicator is an excellent tool to determine:

1.- Market Trend as well as the strength of the trend.

The Main Signal occurs when the Solid lines cross each other. Bulls over Bears signals long entries and vice versa. I consider this the most conservative entry point.

2.- Market Correction (Retracement and/or Reversal)

Correctional entry signals are my favorite. They occur when a Solid line crosses over it's corresponding Dotted line but before the main signal crossover (see picture attached)

3.- Market Consolidation (Moving sideways).

Another important aspect is the flatness of the market displayed by the lack of dominance of either bears or bulls. This occurs when both solids are under their corresponding dotted lines regardless of overall market sentiment (i.e., Bears over Bulls). When neither of the solid lines is over its corresponding dotted line, consolidation is taking place. It is too risky to trade and perhaps best to wait for either Correctional or Main signal.

Seek for the PIPS and you shall find them.

Regards,

Delta Yod

P.S. I have used successfully the following settings:
Method: RSI
Method: EMA
Period for Evaluation: 7 (10 or 14 work well too)
Period for Signal: 4
Period for Smoothing: 4
Overbought/Oversold: 0
Attachments
Absolute Strength Guide.JPG
Signals Generated by Absolute Strength Indicator
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Re: Absolute Strength Indicator

Postby MrPips » Mon Jan 03, 2011 12:28 pm

Could you please code this indicator as a MTF indicator.
Thank you.
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Re: Absolute Strength Indicator

Postby Blackcat2 » Tue Jan 04, 2011 3:38 am

Hi deltayod,

Thanks for the post regarding on how to use the indicator. Looking at the picture that you attached, can I ask why you didn't take the trade when there are occasions where the solid red crosses over the green solid?

Are there extra rules or indicators that you use?

Thanks..
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Re: Absolute Strength Indicator

Postby sho-me-pips » Tue Jan 04, 2011 9:57 am

A signal and later a strategy for the cross would be a great addition to this indicator.
"A hundred pips a day keeps the collector away"
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Re: Absolute Strength Indicator

Postby Apprentice » Tue Jan 04, 2011 10:20 am

Added to developmental cue.
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Re: Absolute Strength Indicator

Postby Apprentice » Wed Apr 06, 2011 2:36 am

Required can be found here.
viewtopic.php?f=31&t=3848
If you need a more complex strategy, I asked you to define the rules, if they differ.
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Re: BF Absolute Strength Indicator

Postby Giantball » Sat Sep 24, 2011 5:01 pm

can I request for the calculation of the Bulls. Signalbulls, Bears and SignalBears be one more decimal place over? ie instead of bulls being 1 right now, can it be 1.1, 1.2, 1.3 etc.

Thanks,
G

Thank you in advance for helping us small guys out!
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