because it combines ZigZag and Bill Williams Fractals strategy.
Unfortunately, I do not understand the x coordinate calculation with the barindex command.
I though, that for the TOPx and BOTx values, the current barnumber needs to be conserverd to be able to identify and plot the square symbol after lagging period of cp bars to the point of the major top or bottom.
If BARINDEX returns the number of historical bars since the beginning of data loaded and barindex[0] stands fort he current bar, why do you plot the barindex[cp] position which means the barindex of always the 20th. Candle (e.g. TOPx = barindex[cp])?
What do I miss here?
Thanks for clarification.
Because we always confirm a new formed Fractals after ‘cp’ elapsed bars, so on the ‘cp’ bar before the current one.
Which is why fractals don’t work very well IMHO. They look good on a chart but by the time one has formed you are already a long way past the event of interest. Too short a ‘cp’ and you get too many fractals to be of any use but you are close to the action. Too big a ‘cp’ and you get too few and they are so far in the past that they are of no use.
Fractals is only one of many ways to find highest high and lowest low. It is one of the best solution to find harmonic patterns, technical patterns such as triangles, trend lines, major support/resistance, etc.
Fractals is only one of many ways to find highest high and lowest low. It is one of the best solution to find harmonic patterns, technical patterns such as triangles, trend lines, major support/resistance, etc.
I’m afraid that I am of the opinion that if you draw enough lines on a chart and mark enough highs and lows then you can see what ever you want to see! Oh look there’s my star sign!
You draw a nice little horizontal line that shows support/resistance/supply/demand (you choose – it doesn’t matter price does not care!) and then price comes right up to that line and blows right through it. Trend lines are even worse – just think about how many possible options of points and angles you have to choose from to make them fit to however you want to see them fit. Then price looks at your trend line and breaks through it and then just after you have convinced yourself it is a breakout it pops back over back to where it came from – leaving you moving your line around trying to persuade yourself that maybe it should have been a bit lower or maybe off that point instead.
As you may be able to tell I am a bit of a trend line/technical pattern cynic!
Fractals is only one of many ways to find highest high and lowest low. It is one of the best solution to find harmonic patterns, technical patterns such as triangles, trend lines, major support/resistance, etc.
I’m afraid that I am of the opinion that if you draw enough lines on a chart and mark enough highs and lows then you can see what ever you want to see! Oh look there’s my star sign! You draw a nice little horizontal line that shows support/resistance/supply/demand (you choose – it doesn’t matter price does not care!) and then price comes right up to that line and blows right through it. Trend lines are even worse – just think about how many possible options of points and angles you have to choose from to make them fit to however you want to see them fit. Then price looks at your trend line and breaks through it and then just after you have convinced yourself it is a breakout it pops back over back to where it came from – leaving you moving your line around trying to persuade yourself that maybe it should have been a bit lower or maybe off that point instead. As you may be able to tell I am a bit of a trend line/technical pattern cynic!
I am sure this will be controversial but i feel the same way about fibonacci . If you actually quantified it you would never again put it on a chart , well not unless you are in favour of approximately 4% probability of common fib levels actually representing a tangible use .
Guys, I was talking about how to handle highest high and lowest low from a programming point of view, I’m not launching a debate about technical patterns or whatever made from things drawn on a price chart and their accuracy…
But, I must say that, in my humble opinion, we should never restrict our view to what we think is the best practice, especially with respect to trading. I speak from my own experience, after many years of programming to serve diverse and varied clients, I can assure you that even today I still learn and very often from people you would not expect not at all … The truth is in all methods, whether you think good or bad, there will always be someone to show you the opposite, after all, the price only goes up and down, is not this not? 🙂
Yes and as the famous saying goes…. ‘everyone is entitled to an opinion – even if it is the wrong opinion!’
…….and by this I am not implying that Nicolas is wrong (his experience is far greater than mine) – more that I could possibly be wrong. 🙂
Sorry Nicolas for drifting the thread a little off topic but sometimes I am more interested in learning from the theory of trading than the nuts and bolts of making it happen.
I enjoy your and others ‘off topic drifts’ Vonassi and I do it myself. I also think airing ones thoughts leads to some good / useful discussions? Take for instance the Thread
Maybe we should enter a simple comment like … A few thoughts from me here (and enter a link to a new Thread we start under General trading discussions?
It would be better than not saying what is in our minds and can lead to learning for all??
This topic contains 12 replies, has 6 voices, and was last updated by Nicolas 8 years ago.
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ProBuilder: Indicators & Custom Tools
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