Paul, I use your excellent SlopeValues as my primary dashboard indicator to drive my symbol selection. I've noticed that the high-slope symbols are not always great buy candidates and vice versa. You might have noticed I've been agitating for "direction instead of level" for interpreting slope values, and I was wondering how hard it would be to add a mode to show that.
I looked through your code and I could probably figure out how to do what I want, but I figured it would be much cleaner and more efficient if you made your own changes.
The Slope indicator sort of has two modes. It starts moving almost immediately in the direction of a new trend. But Slope is an oscillator, and as with any range-bound oscillator, it can't keep moving with price forever. When it gets to a high or low level it tends to max out or pull back even if the price is still moving -- see e.g. the right half of dentiok's chart above. So I'd like the indicator to show me symbols with strong slope, AND/OR symbols with high-but-not-increasing or low-but-not-decreasing values.
If you look at this chart, you can see the Slope started dropping in mid-April as soon as the market turned. If you waited until the level hit -0.6, you missed most of the move; if you waited until -0.8 you sold at the bottom. Slope started increasing sharply as soon as the market turned in late May. That was a good buy indicator even though Slope was still < -0.8. It didn't get above +0.4 for another 2 weeks = 60 candles. Then it flattened out and stayed above 0.4 for the rest of the chart, while the market kept moving.
NZDCHF.gif
Maybe the indicator could use a latching logic where symbols go into the "buy column" when their slope starts increasing stronly OR goes above 0.6 or whatever, and STAYS above that level until the slope drops strongly or drops below 0.0? Or maybe instead of "strongly increasing/decreasing" you use a switch like "buy candidate if slope has reversed and increased X from its recent minimum" ?
Ideally I think I'd like to see groupings like you have now, but not grouped by Slope LEVEL. I want groups of "increasing slope," "high but not increasing," "low but not decreasing," and "decreasing."
Does this make sense to anyone else??
I may be pushing the indicator too hard. This directional approach is a lot more responsive, but it's too fast for confirming things like MWD pivot order.
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