I’ve written VERY simple indicator, which may be used to build a reversal strategy.
Stupid Oscillator (SO) How it works?
As input it takes number of candles.
The indicator reflects the percentage of long and short candles weighed by candle range.
It always stays between 0% and 100%, where 0% means, that all candles were short in the period, and 100% that all candles were long. 50% reading means, that there were exactly the same number of pips long and short.
How I believe it can be used?
It does decent job in identifying extremes on the chart. From first observations good “oversold” and “overbought” areas are 40/60 for period - 100
It gives rough area so it may be better for strategies which scale into position (average down?)
Unexpected feature
It seems that indicator tends to stay away from oversold/bought areas during range markets even with different dynamics. Percentage of pips strongly favors real moves and ranges offset themselves.
Below screen with potential buy sell areas (red green) and potential profit (light blue).
This is fresh one I’ve written this yesterday and had only generally looked around. Dropped to public so you can check it yourself and maybe share, if it’s useful I will probably build EA based on this soon and drop into this thread if results are not terrible.
From all oscillators I know, this is the most primitive one ( It only says, that during n-period there was x% pips in long
I’ve wrote a simple averaging down EA.
Attaching just for testing and fun - do not try to trade live with it as it was barely tested
Attaching also results of H1 backtesting on EURUSD (2016 - 2021) - apologies for polish version, that’s default for my brokers MT4, in case of questions let me know and I will explain/translate. I like the way how equity curve correlates with parameters - there may be something there
Hi @Jungletrader, thank you for kind words
There are two core elements:
Programming - being able to write code, which solves problems
Design - being able to create new problems (strategies / indicators) to solve
I have programming background, so learning basic MQL was a matter of few days. Nowadays you can google tutorials for general programming concepts, MQL and every language so it’s a matter of will, time and practice
For design part, it comes down to trading experience and education (good to have but not necessarily required). I have tried A LOT of strategies and different approaches/indicators. When I find a strategy online (on forums, youtube, blogs) I will launch the chart and try to manually identify few trades, how would they play out, trying to understand what are the moving parts of this particular strategy maybe even demo trade for a while. I believe this expands the “vocabulary” in trading. Having such “vocabulary” + just a little bit of creativity allows to play around with strategy design.
If I would start from zero - I would definitely focus on strategy design / ideation part. Programming is not required and if you come up with something interesting, you will always find someone to do it for you (for free or for money). But it is not likely, that someone will do the creative part for you
I’ve written this yesterday and had only generally looked around. Dropped to public so you can check it yourself and maybe share, if it’s useful 
