Scatter Plot Analysis of RSI, Stochastic, Williams%R and ADX

Scatter Plot Analysis of RSI, Stochastic, Williams%R and ADX

This indicator can analyse the four indicators RSI, Stochastic, Williams%R and ADX and present the results in a scatter chart.

This indicator only works on PRTv11 onwards.

Each of these bounded indicators returns a result between zero and 100. Every candles returned value is calculated rounded up and then a win rate and profit and loss calculated on where price was ‘BarsAfter’ candles later and stored for that returned indicator value. The results are further separated into results for if our tested candle was a red candle or a green candle. The results are then displayed in a scatter chart and also as text to the left of the scatter chart. Sample size is also calculated and displayed so that we can see how big a sample the results are calculated on.

So for example on the DJI daily if we check the RSI indicator and base our calculations on 2 bars after we can see that if the RSI returned a value of 35 (actually >34 and <=35) then we had 192 candles in our history with an RSI value of 35 with 57 of them being green and 135 red. We can then also see the win rate for if we went long on green candles with RSI=35 and exited after two bars or short on green candles with RSI=35 and exited after two bars – and the same for long on red or short on red.

If we switch ‘ProfitLoss’ on then the scatter chart changes so we can see how much each trade direction would have won or lost. The scatter chart y axis is calculated to represent the most profitable indicator value return at 100% and the worst at 0%.

The x axis always represents the indicator returned values between zero and 100.

The indicator has two modes. ‘Live’ or not live. In Live mode the results and scatter plot display change to only show results for the current candle colour and current chosen indicator return value for the current candle. In ‘Not Live’ mode you can enter a ‘Value’ and check the results for any indicator returned value for any colour candle. In ‘Live’ mode the blue line represents the current candles indicator returned value location on the scatter chart and it will move up and down as this changes. The points at the top and bottom of the blue line change colour from red to green depending on current candle colour. In ‘Not Live’ mode the points of the line are blue and the blue line is located on whatever you have set ‘Value’ to be.

You can set a ‘Spread’ to be used in the profit and loss calculations. Spread is not taken into account when calculating the win rates however.

You can also set ‘DecimalPlaces’ to display more or less decimal places in the profit and loss displayed results.

Set ‘p’ to whatever period of your chosen indicator you want to analyse.

There are four tick boxes to choose an indicator. If no boxes are ticked then the default is RSI but if you tick more than one box then the order of display priority is ADX then Williams%R then Stochastic.

As always I advise downloading and importing to get full functionality.

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Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

ProRealTime ITF files and other attachments : How to import ITF files into ProRealTime platform?

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  1. Vinks_o_7 • 178 days ago #

    Vonasi you’re a beast !!! ;-)))

  2. pableitor • 175 days ago #

    Amazing indicator , you are pushing PRT to the limit! But looking at the scatter its not clear to me how can we interpret the plot , I mean should we look for some kind of linear correlation between x/y ?

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