Quote:
Originally Posted by andyk
OK
Heres my updated indicator.
1. By default, the trend is set by whether 4Hr EMA 5 is above or below 4Hr EMA 10. This is the same as simply looking for a cross and the trend is always either up or down - same as the cowabunga blog
2. Changing 'Strict_4Hr_Trend' on the indicator settings to TRUE will mean we are only in an uptrend if EMA 5>EMA10 and RSI(9) > 50 and stoch is above signal line (this generally means stochs are trending up but allows us some 'wobbles' on the way which would otherwise cause the indicator to negate the trend and hardly give us any signals). Opposite for downtrend. This means there are times we have NO TREND - no line is drawn on the 15min chart.
3. Visually, I prefer up trends to be drawn under the price - like support, and downtrends drawn above the price so this is different in this version.
4. 15minute stochs must be trending up OR stoch has crossed signal line. This captures some trades that were in the blog but that the indicator missed before.
Enjoy
Andy
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Good going Andy, and Jeff n Lisa too I think.
I haven't looked into the detail of your work yet but I presume this fixes the problem of the 4hr trend sometimes being wrong (not picking up trend changes sometimes).
Cheers,
Pipalot
