This is an updated version of this indicator which now incorporates elements of Ichimoku Kinko Hyo into the equation.
This was the original description:
“The program allocates points to a running total when the conditions of an indicator are reached Scores are between 1-5 as follows: 1 – Ranging Market. Do not trade 2 – Trend may be forming. Do not trade 3 – Early stages of trend. Monitor 4 – Trending Market. Trade 5 – Strong Trending Market. Trade”
The changes are as follows:
- The EMA’s have been replaced by the Tenkan Sen and Kijun Sen
- The Chikou Span has been introduced
- RSI limits have been introduced
- There are now eight levels which can be set based upon the number of events which are adhered to
When a level of 5 is reached it establishes a trend and a potential trade. Levels 6, 7 and 8 show an increase in the trend. Below 5 is considered not tradable. Note these levels apply to both long and short trades.
The attached screenshot also incorporates a 14 day moving average giving a clearer indication of an increase in trend.
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// Declaration of Indicators Indicator2 = ADX[14] Indicator3 = DIplus[14](close) Indicator4 = DIminus[14](close) Indicator5 = SAR[0.02,0.02,0.2] Indicator6 = CALL "Ichimoku Tenkan Sen" Indicator7 = CALL "Ichimoku Kijun Sen" Indicator8 = RSI[14](close) indicator9 = close [26] //Chikou Span indicator10 = close //Events Event1 = RSI[14](close) <=70 //RSI below 70 Event2 = Indicator2 >= 15 Event3 = close > Indicator5 //Price above SAR Event4 = Indicator3 > Indicator4 //DI+ above DI- Event5 = (indicator10 > indicator9) //Chikou Span above Close Event6 = Indicator6 > Indicator7 //Tenkan above Kijun Event7 = ADX[14] >= 20 //ADX above 20 Event8 = ADX[14] >= 25 //ADX above 25 Event9 = close < Indicator5 //Price below SAR Event10 = Indicator3 < Indicator4 //DI+ below DI- Event11 = (indicator9 > indicator10) //Chikou Span below Close Event12 = Indicator6 < Indicator7 //Tenkan below Kijun Event13 = Indicator8 >=30 //RSI above 30 // Detection of bullish and bearish engulfing lines IF Event8 AND Event7 AND Event6 AND Event5 AND Event4 AND Event3 AND Event2 AND Event1 THEN Score = 8 ELSIF Event7 AND Event6 AND Event5 AND Event4 AND Event3 AND Event2 AND Event1 THEN Score = 7 ELSIF Event6 AND Event5 AND Event4 AND Event3 AND Event2 AND Event1 THEN Score = 6 ELSIF Event5 AND Event4 AND Event3 AND Event2 AND Event1 THEN Score = 5 ELSIF Event4 AND Event3 AND Event2 AND Event1 THEN Score = 4 ELSIF Event3 AND Event2 AND Event1 THEN Score = 3 ELSIF Event2 AND Event1 THEN Score = 2 ELSIF Event1 THEN Score = 1 ELSIF Event8 AND Event7 AND Event12 AND Event11 AND Event10 AND Event9 AND Event2 AND Event13 THEN Score = 8 ELSIF Event7 AND Event12 AND Event11 AND Event10 AND Event9 AND Event2 AND Event13 THEN Score = 7 ELSIF Event12 AND Event11 AND Event10 AND Event9 AND Event2 AND Event13 THEN Score = 6 ELSIF Event11 AND Event10 AND Event9 AND Event2 AND Event13 THEN Score = 5 ELSIF Event10 AND Event9 AND Event2 AND Event13 THEN Score = 4 ELSIF Event9 AND Event2 AND Event13 THEN Score = 3 ELSIF Event2 AND Event13 THEN Score = 2 ELSIF Event13 THEN Score = 1 ELSE Score = 0 ENDIF RETURN Score |
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