Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Is there a Programmer that can create this Congestion Indicator
I work with a few programmers and I am not sure they can create this indicator. Two of them are not exactly traders, they just understand how to program, so I would rather maybe someone who actually trades.
Anyways there is a thread someone posted with this PDF:
It's called the Congestion Count. I was wondering if someone here can program it into an actual indicator as specified in the pdf attached.
Many Thanks.
Can you help answer these questions from other members on NexusFi?
Took a few minutes to code. I think there is a problem with the definition. The indicator lags by one bar. If you have a large bar, it still will give you a high congestion count, although the break out has already occured. It is only the next bar, after the breakout bar, which will show a lower congestion count, as it has only one overlapping bar.
I think that there are better chop indicators, but anyway, here it is.
I tried to import it but I keep getting an error message: "NinjaTrader can not decompress NinjaScript Archive File: Version required to extract this entry is not supported. 45" Maybe it can be resent?
Also, What better chop indicators are there? I tried one from here names JEMA, but it lags somewhat (more than just one bar); It seems to miss a lot of opportunities or entries. I also tried a "VHF" one. But I didn't like it. It didn't seem too accurate for my style.
Maybe you could share a congestion indicator with us?
yeah guys - we always need infos of your Ninja-Versions, from the askers & from posters / coders .
because some are on NT 6,5 and others are on NT 7, the indicators should have this infos in their file-name.
thats what would be the best / clearest to avoid to mix it up.
Yep, this indicator was for NT 7.0, and even worse, I might have used a custom-built version.
By the way, there is a whole thread with a choice selection of chop indicators in the elite section of this forum, just read and enjoy. I am not copying it here.
What do you guys use to detect and stay out of chop? I've tried RSqueeze but it misses many moves coming out of chop or detects them too late. I've tried EOT's chopometer which seems pretty good, but I'm not subscribing to their stuff …
A well known indicator is the Bollinger Band Squeeze. It compares the width of the Bollinger Bands to the width of a Keltner Channel. When the Bollinger Bands are inside the Keltner Channel, this means that non-directional volatility (as measured via the ATR) is high compared to directional volatility (as measured via the StdDev).
You can also use the ADX by Welles Wilder or the Fractal Efficiency by Perry Kaufman.
For daily bars a congestion can be identified, if the close of the day is midrange. This is called a balancing day and translates into a narrow pivot range. Several balancing days increase the probability for a breakout.