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1) for a buy countdown, a count is registered if Close[0] <= Low[2]. There are a total of 13 printed counts in a countdown (this excludes the counts where "+" is used) and they do not have to be consecutive. There are 2 triggers you need to be aware of for a countdown:-
a) for an 8th count to be recorded, the low of that bar must be lower than or equal the 5th count. If this does not happen, the '8' is substituted with a '+' until the condition is true and an 8 can be printed. This is in addition to the criteria of Close[0] <= Low[2].
b) for the 13th count, you can substitute the "close" of that bar with the "open" of that bar when comparing Close[0] <= Low[2]. The Low of the 13th count also needs to be lower than or equal to the close of the 8th count. If this does not happen, the '13' is substituted with a '+' until the condition is true and an 13 can be printed.
2) Every completed setup initiates a countdown. So if you have 1 completed, one countdown is about to or has begun. If you have 2 completed setups, and 1 countdown which is still in progress, this countdown will continue counting until it reaches '13' or until it is cancelled. A 2nd countdown is initiated after the completion of the 2nd setup. So you will have 2 countdowns running together but with different counts. There have been occassions where the later countdown completes before the 1st countdown. The most number of countdowns I have seen running at the same time is 5...
I hope this is clear. Please feel free to ask if you need clarification or if you would like to discuss the indicator.
Can you help answer these questions from other members on NexusFi?
Another suggestion since there are quite a few different type of counts working at the same time...have different colors for setups and countdowns AND for buy setups, place the counts below the bars and for sell setups, place the counts above the bars...
decs0057, the counts seem correct though you seem to have a display issue with the countdowns and to a lesser extent the setups (please see chart a & b). could you have display look like chart c? (fyi, chart c is only buy setup & buy countdown)
If you noticed from chart a, there were 2 completed setups but only 1 countdown...we need to have a second countdown to go with the second completed setup even though the first countdown is still counting.
decs0057, here is an example of what we are trying to achieve (attached chart).
The chart starts with a buy setup followed by a buy countdown with a deferred 13 (note the "+").
This is followed by a second buy setup and second buy countdown (nothing deferred here). Note a third buy setup commenced and completed while the second countdown was still in progress. See the red number after the "13" of the second buy countdown? It is a "3". This is because another countdown had commenced, as a result of the new buy setup being completed. So the "1" and "2" were being counted in the background to avoid cluttering up the screen.
The third buy countdown also has a deferred "8". The green arrows on the buy setup "9"s are the perfection arrow.
The green dashed and solid lines are the tdst line - the difference between the 2 is the condition that you had already programmed. Also note that the green dashed lines stopped or were redrawn upon the completion of a setup in the similar direction.
Lastly, the purple lines - dashed and solid - are the td risk level lines. The solid ones are a result of the condition mentioned above. Note the risk level lines extend until 1) the condition is fulfilled or a setup in the opposite direction is completed.
decs0057, take a look. pretty similar. the two charts are using the same data so they should be identical.
what are we missing?
1) the risk level for the 2nd countdown.
2) how do you differentiate your risk level and tdst lines? as you can see, not all of them are solid lines.
3) i think i made a mistake. each setup must be preceded by a price flip...sorry for that mistake. so theoretically your last setup on your chart should not be there.
4) looks like you are pretty much done apart from some final touches for the countdown!
used the same data i provided you a short while ago. see the attached charts and compare it with NT chart.
From the Bloomberg charts, there is an "R" on February 21, 2008 and a buy setup "7".
Another thing is that there are actually 25 consecutive setup counts while NT produced only 18 consecutive setup counts. The NT setup count should have begun 5 bars earlier, just after the price flip. Maybe you need to take a look at your code. Could be a result of the wrong advice i gave you...
in bloomberg chart only 1 '+' occurs for countdown at Aug 20. The low of 5th bar on Aug 4 was 77.5
This is your definition for countdown
a) for an 8th count to be recorded, the low of that bar must be lower than or equal the 5th count. If this does not happen, the '8' is substituted with a '+' until the condition is true and an 8 can be printed. This is in addition to the criteria of Close[0] <= Low[2].
In our case the first low < low 5th bar was on Sep 09 therefore we have 4 times '+' for countdown
On Nov 5, i have '+' after countdown 12 (low is less low 8th countdown bar Oct 14). Bloomberg counts 13
your note:
b) for the 13th count, you can substitute the "close" of that bar with the "open" of that bar when comparing Close[0] <= Low[2]. The Low of the 13th count also needs to be lower than or equal to the close of the 8th count. If this does not happen, the '13' is substituted with a '+' until the condition is true and an 13 can be printed.