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I believe I have found an indicator that is very similar less the bells and whistles (alerts). No disrespect to Big Mikes, home of the best free indicators, but I found the one I am using on Ninja support forum. It is called Dynamic support and resistance and I use the default settings. It's on this page about 2/3 of the way down Links and Downloads Manager - [AUTOLINK]NinjaTrader[/AUTOLINK] Support Forum I have used DB's as well in the past, I had good luck, but it was primarily with the breakouts and the breakdowns. I currently use this indicator in conjunction w/ The Wizards Holy Grail II. BTW, like everything else, it will fail to give you anything in choppy, narrow range markets.
BTW, if anyone could add a breakout alert to this (NT7) I would be forever greatful. I would do it myself but I am still battling the Ninja Script/programming learning curve.
I no longer have Decision bar or any of the free dynamic suppport & resistance indicators that can be found
on big mikes on my charts. Entering orders on breakouts usually means lots of slippage & bad fills.
I used to wait for a pull back after the initial breakout to enter a trade.
Now I get in at the bottom or top of a move with the add of divergence & only shoot for small initial targets ,
targeting previous swings & or first fib.
initiated the decisionbar on the charts today and believe a similar compare to the chaos fractal on the multichart, I changed the point plot to a line on upper and lower band and walla... a decisionbar break style indicator. also can optimize the single input. I pulled the simple 2 liner from the chaos fractal and turned her into a strat with an added bar count input . backtest results appear excellent. thought I would share and its free besides.
this is the original code, I replaced the "80" with an input "barstrength(80)" for added optimazation.
IF VALUE1>-1 THEN PLOT1(VALUE1,"BUYFRACTAL");
IF VALUE2>-1 THEN PLOT2(VALUE2,"SELLFRACTAL");
remember to change the point to line in the plot setting.
to strat replace the plot to buy next bar on val 1 , short on val 2
heres the strat:
INPUTS: barstrength(80), STRENGTH(2);
VALUE1=SWINGHIGH(1,H,STRENGTH,barstrength);
VALUE2=SWINGLOW(1,L,STRENGTH,barstrength);
//go long
IF marketposition=0 and VALUE1>-1 and close is > value1 then buy next bar at market;
//for added confirm, i added "low > value1 and close > value1"
if marketposition=1 and close is < value1 the sell next bar at market:
IF markeposition=0 and VALUE2>-1 and close is < value2 then sellshort next bar at market;
if marketposition=-1 and low is > value2 then buytocover next bar at market;
this was by memory and my mind is shot, yet you get the idea, optimize and have fun.
Not a vendor, just a trader. I do not sell anything. Current studies involve EasyLanguage, Money Management and Technical Analysis. Do Enjoy: Fibs, S / R's , Eliotts, Cycles, Trends , Skews. Not Enjoy: fundamentals, Main St Media . It's all about keeping your emotions out of trading and work a system. Appreciate all insight as will be returned. Scotty B.
Wanted to post my actual code of the chaos fractal in indicator and trade system. Also needed to note that the use of Heikin-Ashi bars outperformed ohlc bars.
if marketposition=0 and open is > value1 and low is > value1 and value1>-1 and time is < 1540 then
buy next bar at open ;
if marketposition=1 and close is < value1 or time is > 1550 then sell next bar at open;
if marketposition=0 and close is < value2 and high is < value2 and value2 > -1 and time is < 1540 then
sellshort next bar at open;
if marketposition=-1 and close is > value2 or time is > 1550 then buytocover next bar at open;
//
notice i pull end of day. you can add low > value1 or high > value2 for added confirmation.
test results was TNA on an 8 min Heiken bar settings 72,9 .
best to visualize the indicator on different time frames then optimize to fine tune. currently running live paper to verify. the screenshot is the trade system with the matching indicator overlay. remember that the point plot is changed to line on both upper and lower bands.
the screen of the backtest was 25k, 8 min , 6 month
Not a vendor, just a trader. I do not sell anything. Current studies involve EasyLanguage, Money Management and Technical Analysis. Do Enjoy: Fibs, S / R's , Eliotts, Cycles, Trends , Skews. Not Enjoy: fundamentals, Main St Media . It's all about keeping your emotions out of trading and work a system. Appreciate all insight as will be returned. Scotty B.