Anyone want to program "The Force" ?

[eDanny]

OK boys and girls traders. A couple of slight improvements for those trying to use this indicator. I changed the plot order for the line segments so the green neutral segment will not overlap and cover the red or blue segments, although now some green sections may be covered, oh well. Kept the black line option for visual purposes only and replaced with SmoothROC for a filter. Now the filter can be turned off so the indicator can run in 'vanilla' mode. Added caution lines where it seems a bit riskier to take trades above or below. THIS should be the final update from me. If anyone can make improvements please do. This is not perfect code since I am a beginner and C# still looks like Chinese to me! New name also so it won't overwrite the previous version.

[pureporsche]

Hey eDanny, I'm looking at the posted indicator (great job by the way) and trying to make sense of it. Trying to figure out what triggers all the different colors/signals/dots etc.

I don't suppose you have a brief description of how one would use this and what we are looking at?

Thanks!

[eDanny]

A look at the very first post will spell it all out. Stochastics cross, rising/falling MACD, 5 EMA Open and Close cross.

[pureporsche]

Yes, saw the first post. But its unclear if you are using the stochastic of the MACD or the price action. In addition you have different dots, colors, etc. signaling at different points - again, it's unclear what's being signaled with what.
...Hence the reason I asked if you had a brief description or a legend detailing what is signaled by what. If you don't, that's understandable.
Cheers.

[eDanny]

If the Stochastics K line goes into overbought territory, > 80 and turns down and crosses the D line (the line segment should turn red), if the MACD of price is falling (the center line (50) dash turns red) and the EMA 5 Close crosses below or is below the EMA 5 Open (dot turns red), it is a signal to sell. If they are green, green, green, it is a signal to buy.

[Mike Winfrey]

I revisited TheForce indicators as I wrote them. Been using a 4 tick modified Renko bar that has wicks and sticks so you can see the actual high and low of the bar. Market is CL. This set of indicators looks really good on that chart configuration. I think it looks more promising than any other chart configuration.

Just thought I'd mention it in case anyone is still interested.

Mike Winfrey

[jtrade]

Thanks for sharing this, Mike : I will check it out. Cannot remember what my "Renko wicks" indicator was called : which one do you use, please ? (It may be that I only have it for TradeStation)

Edit : I have never managed to get my head around trading Renko live, unlike range bars : it seems to me that a 4 tick Renko is really a 12 tick range bar !?

Edit2 : I think you may be using Eds renko in NT7... I cannot use NT7 as I need 64 bit and ZenFire and NT have stated that they wll not update this connectivity until NT7 is well underway. Might be some wick code over at Big Mike's...

[jtrade]

I have now installed both Ed's (from this website) and Roonius' (from his website) versions of renko wicks and post a screenshot for comparison. Will keep them both "in for observation"...

[Mike Winfrey]

EdsRenko is what I use. I modified it a bit because that one has a couple problems. I'll post it in the miscellaneous section and it's called MikesRenko. It's only for nt6

Your observation that a 4 tick renko is the same as a 12 tick range is incorrect. You need to study the renko a bit more. Do a google search for What is Renko brick and read the stuff that comes back. You should get a pretty good grasp of what renko really is.

Mike

[jtrade]

EdsRenko is what I use. I modified it a bit because that one has a couple problems. I'll post it in the miscellaneous section and it's called MikesRenko. It's only for nt6

Your observation that a 4 tick renko is the same as a 12 tick range is incorrect.

Thanks, Mike - I will look out for your code.

What I should have said was that a 4 tick renko can sometimes be the same as a 12 range bar in the sense that price could trade that far above and below the 4 tick brick - ie 4 ticks above, 4 ticks below - before forming a new one. I personally have found this makes them very hard to trade live even with wicks, which do at least show you exactly where price is, whereas they almost always look fantastic with hindsight. My limited understanding is that they were developed to smooth daily price fluctuations in the rice markets quite some years ago, long before electronic day trading was conceived...

[Mike Winfrey]

Actually the most range a 4 tick renko brick can have is 11 ticks because if price gets either 4 ticks above the previous bar high or 4 ticks below the previous bar low, a new brick is started. That's one of the problems with EdsRenko. EdsRenko doesn't always form a new brick the way it should. MikesRenko does.

I use a 4 tick MikesRenko exclusively. That's the only chart I have up and have been using it that way for several months and doing pretty well now for the first time in my trading career. Also, I only trade CL...nothing else.

[jtrade]

I look forward to MikesRenko & will really check out CL - I see it's very popular in some circles. I am only trading during the European morning now and my primary market is FDAX, followed by 6B or 6E. I have been watching CL for several months and there seems to be sufficient liquidity that early in the day.

Do you enter manually, or have you set the strategy to enter automatically ?

[Mike Winfrey]

MikesRenko is in the miscellaneous download area. I put it there early this morning when I told you about it the first time.

http://www.ninjatrader.com/support/forum/local_links.php?catid=3

I only trade manually using the ATM. Just haven't had good experiences with strategies. Done a tremendous amount of strategy development but i experience a lot of slippage and besides I'm not a believer in long term success of strategies. Just haven't seen one that works over time. I know people claim to have them but every one i've looked at from people who claim that, just doesn't measure up.

Anyway, later...

[jtrade]

Ahh, got it now, tks - I looked in the Miscellaneous forum.

Totally agree with you about strategies - the ones that work over a period of years, even those with great-looking equity curves, almost invariably have months-long periods of going nowhere.

Edit : for some reason it didn't import correctly, it's in the indicator folder, unlike the other chart styles... but it's late here & I'm probably missing something really obvious, so I'll take another look tomorrow.