Hi Everyone,
I had mentioned a few months ago about a trend strength indicator that I was developing and would be posting online, other things in life got in the way so this is me back with the indicator.
Bascially you attached the indicator to your chart and enter a time frame value (i.e number of previous bars to check, default previous 50 bars). Working on the default of 50, the indicator then looks back over the previous 50 bars, and finds the highest and lowest prices within that period. Then based on current price, the indicator presents your with a value between +50 and -50. If the value is above 0, this indicates a bullish currency pair. If the value is below 0, then the pair is bearish. You can see from the attached image of the H1 AUDUSD chart, that during the long downtrend, the indicator dropped below 0 and stayed there for complete length of the down trend.
Also notice that at the end of the down trend, the indicator started to move upwards BEFORE the actual price started to move, a good time to close trades or move in stop loss!!
Two other indicators based on the same priciples above are in the pipeline, one based on moving average and the other is ADX based.
Have a play around with the indicator and I would like to have feedback.
Adrian Sproule - Price.zip (7.42 KB)
Also have a look at the post for a http://forums.babypips.com/expert-advisors-and-automated-trading/78009-community-based-ea.html that I am working on.
