A simple dashboard for NB10.2(updated 2012/6/28)

[Jimdandy]

Red = going down, Green = going up , "*" = the latest H4 bar has the same direction as TmaSlope(D1)

is what's on the first page... this is the code now.

star_code.png

so it just means the power direction just agrees with the arrow and daily slope direction...

if you multiply the power by the daily slope and the answer is a positive number ... then neither of them is negative....

PipPip........Jimdandy

[fire580]

thanks for the informative reply

[matt_32]

Jimdandy .. Great job !!!
Would you consider incorporating an alert into this indicator, that would sound whenever slope in M30 or M60 OR M240 etc exceeds a cretain level. It would make entries much easier.

Thanks in advance
Matt

[censura]

Hi I was wondering if the dashboard could be modified for nb10.2 a

Ie Still showing slope strength (D1) , Direction, When price has retraced below Daily and then when comes back ie

Buy opportunity
Trend is up
Pivot order is aligned M,W,D
Slope strength is > 0.8
Price retraces below daily pivot
Price comes up and touches/crossess daily pivot back in direction of up trend
Order of pivots is monthly, weekly, daily
We are good to go - BUY

May be a traffic light system could be used
IE (For BUY)
Order of pivots is monthly, weekly, daily - Pivot Order Indicator Green
Direction / Trend Up
Slope - Red - below 0.4 , Yellow 0.4 - 0,8 , Green 0.8+
Retracement - Red - No Retracement, Yellow - Price retraced below daily pivot, Green - Price retraced below daily pivot and now come back to touch/cross the daily pivot in direction of the trend


IE (For SELL)
Order of pivots is Daily , Weekly, Monthly - Pivot Order Indicator Green
Direction / Trend Down
Slope - Red - above -0.4 , Yellow -0.4 - -0,8 , Green -0.8 or less
Retracement - Red - No Retracement, Yellow - Price retraced above daily pivot, Green - Price retraced above daily pivot and now come back to touch/cross the daily pivot in direction of the trend


Would be great if you could thnaks

[theforexedge]

itsaquestion

Is it possible to add another user customisable Power column? I us the strength of the move using M15 or M30 Timeframe & NT-TMA-CSS-SP, but to actually know the strength of the move would be really helpful..and help getting in on the move much sooner

Thanks, Jason

[thelearner]

what centura proposed will be really great on the eyes. Easy to notice when conditions met instead of scrolling through charts. It is always messy to notice retracement on the right time. Waiting for that update (with alert if possible)

[slowkey]

Itsaquestion thanks for the indi. JimDandy thanks for the feature additions. I like this Indi and studying if it can be useful in my setup. The power numbers related to slope numbers intrigues me.

[slowkey]

Ok just a few observations as I study how this indi could apply to intraday trading.

chart.gif

Using the 4 hour power number as the sort value and absolute value set to true note how nicely from top to bottom the 4 hour candle identifies the stronger currency of the pair. Sometimes that currency is the base and sometimes the quote so sometimes the power number will be red and at other times green. This is a little after 8 PM and we have a new half hour candle, a new hour candle and 4 hour candle. It is clear by looking at the symbols that the AUD pairs are the winners initially. This might be expected in the Asian trading session. However it illustrates how this could also be used to signal risk on trading and also might help us know when to make counter trend trades intraday especially when we are seeing increasingly negative 4 hour slopes and hourly slopes when the over all day slope is still above .4 or in reversed logic positive hourly and 4 hour with a negative Day slope below -4 . Every half hour we can measure the 30 minute candle and hourly candle momentum as they contribute to the 4 hour candle. What color are they. Are they the same at the 4 hour or are they not and the trend stalling. In this case the 4 hour candle will be closing at midnight eastern time USD. Some half hours like this evening the movement will stall out and regress slightly. However the 4 hour time period is large enough to be able to determine which currency is winning over a few hours. The lower time periods might give us a good time for entry. At midnight it will recycle again with all pairs going to zero but quickly pick back up the sort.

chart2.gif

Now a little after 9 pm we are seeing a little stalling and reversing of the half hour and hourly power numbers but the 4 hour numbers are still much the same giving us a similar sort of pairs.

chart3.gif

Now a little after 2300 we see some improvement in the AUD strength again. Just to make clear what I am saying here. I am looking at the 4 hour power number of which I am sorting by absolute value. I than am observing the symbol to the left of the power number. If the power number is Green it represents the base of the currency and if it red it represents the quote of the currency. This is giving me a running 4 hour total. Than I am looking at the half hour color to see what is immediately happening. Than I am looking at the hour number to see where we are in the hour red or green. For those who do not understand risk on trading and its value as a counter-trend trade signal this indicator makes that a lot easier. Over all there is not much happening at the moment in the market and its pretty quiet but this Indicator setup like this could be real helpful in making it easier to pull the trigger.

[fire580]

Hello slokey, I have also been trying to used the dashboard, the Pow #'s are okay but sometimes misleading at current EUR/USD has a H4 bar that is apx 50p and a Pow of about 30 when NZD/JPY has a H4 bar with apx. the same # of pips that has a Pow of 69? - wouldn't it be better if instead of POW we have the # of pips up or down from the open of each bar H4, H1, and M30..... or am I looking at this the wrong way?

[slowkey]

Hello slokey, I have also been trying to used the dashboard, the Pow #'s are okay but sometimes misleading at current EUR/USD has a H4 bar that is apx 50p and a Pow of about 30 when NZD/JPY has a H4 bar with apx. the same # of pips that has a Pow of 69? - wouldn't it be better if instead of POW we have the # of pips up or down from the open of each bar H4, H1, and M30..... or am I looking at this the wrong way?

That is a good point with the NZD/JPY daily range around 70 today and the EUR/USD daily range around 89. It would make sense if there is strong movement in the NZD/JPY for it to have a higher power rating than the EUR/USD because the power number is only reflecting NZD/JPY currency movement and a high power number would be appropriate lets say if that was the only currency you traded and your mind just had those numbers dialed in. You could see that a certain number would get your attention.

I have been looking at the numbers than going to the charts to see how they hold up. They do tell you about the chart but they are not good to use to compare one currency movement to another if you want to know where the most volatility is because of the point you have just made. What would be good would be the power number calibrated to the actual pips so that a fractional pip movement of 1 pip on EUR/USD produced the same amount of power movement on any other currency when there was a fractional 1 pip move. We would still see the nice sort and strength of say AUD over USD etc but the numbers would have real trading significance. The movement would be actually fractional just as the chart represents. The dash board would not just be sorting its self by what quote or base was weak or strong but by real power too. Obviously you would be seeing some of the more volatile currencies making the bigger gains. The sort I illustrated would still exemplify what was happening with risk off vs risk on trading for instance but you would see the really strong movement top to bottom accurately. The dashboard also might be come a basis for a basket trader if we could find an approach that worked successfully to trade it. So I will have to look at the formula but I am sure there are some sharp math minds lurking somewhere here that would have the answer to how to produce this number. I think this would make a very nice change to the Dash board. If nothing else it would give us a more meaningful tool to work with.