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I went through the thread 2 more times tonight. Not sure about the most updated chart setting. Enclosed ES chart has the following:
1. 4-Range - Should it be a minute chart? If yes, what interval setting please?
2. EMA 5 (black line) and SMA 14 (blue dot line) on Panel 1 - EMA 7 and SMA 15 were recommended on an earlier post while EMA 5 and SMA 14 are more recent.
3. Force Index on Panel 2 - I used Version 2 and have turned HMA 7 to transparent. Notice I do not have the zero line?!! Not sure what I did wrong. Please help!
4. JeffsADX (5,15) was mentioned and I've included it on Panel 3. Not sure if it should be a histogram or line format. Please help!
My guess on entry:
1) Long if blue signal bar closes above both black and blue dot lines on Panel 1 + blue Force Index line is above 0
2) Short if red signal bar closes below both black and blue dot lines on Panel 1 + red Force Index line is below 0
To me, the signal will be a high probability one if the JeffsADX indicator aligns with the trade direction.
Thanks for the webinar information. I've found out their suggested PT/SL.
Okay, I am ready to make a complete idiot out of myself on the intranet - here it goes.
I, like others in this thread, am trying to come up with a comparative indicator(s) application for Boomerang, as seen in the attached screen shot.
The price panel contains the earlier suggested indicators along with one application of the SMI4. I have turned off most parameters, except "Show Arrows" - see attached screen shot.
Issue with SMI4: While the screen shot looks fairly descent, what you don't see is the following issues that arose during the live market today (main trading hours):
There are times when the Arrows will paint two or more red arrows and no blue arrow in between. and there are times when it will paint two blue arrows and no red arrow in between. Finally, there have been instances when it will paint a blue arrow, then a red arrow (during chop) as I think it should, but it will not paint a blue arrow (in this instance) when price takes off to the upside.
I would send a screenshot of these issues, but those issues "disappeared" when I updated an indicator (EX. change the setting in one indicator on the chart and pressed ok or apply) or reloaded historical data from the chart (in affect, refreshing the chart), the SMI4 will paint the arrows almost perfectly - as I think they should and seen in the screen shot.
Has anyone had this issue arise with the SMI4 or any other indicators? Could it be as simple as "Calculate on bar close" True/False? I am a little corn-fused.
After putting the ForceIndex onto the forum, it has developed into so many variations and questions, with the introduction of the boomerang, all of which is very similar to the way I trade, I though it best to put a full scale model up for discussion.
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Attached are screenshot from the NQ and YM markets today (morning) that show the issues I am having with SMI indicators and the painting of the arrows (see post #44). I do understand that it is essentially a momentum indicator, but my simple logic says that if a blue arrow appears then a red arrow should appear next. I can certaintly be wrong!!!!!!!! If someone could point me in the right direction it would be greatly appreciated.