Simple Indi's to consider for 10.4

[Ingot54]

I don't wish to clutter Bob's personal thread.

Nor do I wish to fix something that isn't broken. You can take this stuff and try it ... or bin it ... but sometimes simple is best, and the results are the same or better.

I am uploading a great version of Stochastic RSI which might help those who are split between the RSI2 and the STO5.

Just a note on settings - nothing major:

* Change RSI periods to 5
* Change percent K to 9
* Change percent D to 1

Change color settings as follows to see as a single line:

* Change first color on list (# '0') to your preferred color
* Change second color on list (#'1') to "none"

I think this should give you a decent work-around with great signals.

People like me thrive on simplicity, while others might just see it as complicating the already-simple.

This is how the chart looks with the Stochastic RSI with the above settings, and here is the indicator attached:

[Ingot54]

Another indicator I think might have some usefulness is the ADX crosses arrows.

Yes, they will repaint.
Yes, they don't appear on the current candle, but on the previous candle.

Then what good is that?

If you are thinking this way, then you are seeing this indicator arrow as a trading signal "long/short NOW!"

Wrong!

Remember its name: ADX Crosses. All it is telling us is that the ADX directional lines have crossed, and because we are dealing with the 4H TF, this has significant implications for traders.

Right now I am not using it because I am trying to master 10.4 first, and may actually decide NOT to use it at all.

But then, there is such a HIGH correlation between the RSI2 and/or STO5 turning points/flat sections that this indicator can not be ignored. It is simply spot on with its directional changes, and notwithstanding the odd false signal, it correctly calls the rally/retrace just the same as the Sto5/RSI2.

Now, because the arrows appear on the previous candle to the current "working" candle, how do we use it/read it?

I have found through tedious watching of what it does, that the arrows will appear once the current candle exceeds the previous high or low of the candle at which it appears. General rule-of-thumb.

Why should this arrow be given any oxygen at all, given that Bob has produced 10.4 as a boxed-set?

Because it can tell us much about where price may be expected to go next. If you are like me, you may be placing an extra pending order here and there as price continues to rise/fall. But at the appearance of the ADX crossing arrow, we can be fairly confident that the move in our favour is about to commence.

Once again ... this indicator is telling us nothing more than that ADX trend lines have crossed, indicating a change in direction of the trend.

I have magnified the arrows for illustration purposes on the chart attached.
Note their correlation to the STO5.

The indicator is attached at the end of the post. Hope you are able to find use for it ... if not - bin it!
The chart is not perfect - nothing is ... but I hope you are able to see what I see before brushing it aside.

[zentauro67]

Rsi/stoch looks nice. Worth a test. I was using golden finger for crosses. I will do a comparison with adx to see which is more accurate. Thanks for sharing!

[zentauro67]

This is EURCAD 4h and daily.

ADX (arrows), Golden finger (blue and golden spots). At the end, is a matter of taste.

eurcad 4h.jpg

eurcad daily.jpg

[longytravel]

Hey Ingot,

Great post and some great things to have a look at. Any chance you can post your template?

Loving the colours and setup! Saves me trying to replicate it.

[Ingot54]

Hey Ingot,

Great post and some great things to have a look at. Any chance you can post your template?

Loving the colours and setup! Saves me trying to replicate it.

Not sure what you'll end up with Longytravel, but here they are:

[longytravel]

Top man! Much better on the eyes. Hope you included some of your skill and experience - could do with the help! Happy trading.

[Ingot54]

Here is another useful Indicator - the Spud's Rope Theory Stochastic ... which Bob has dubbed "Fishnet Stochastic" due to its inherent ability to show us when price is consolidating (ranging), thus warning us not to get too excited unless we enjoy getting whiplashed ... and any other kind of lashed!

Well yes, there are some people who enjoy the sting of the lash ... but I digress

The indie is attached below. But before you rush in and apply it to your templates, you really need to understand it. I suggest you go to this link:

http://www.forexfactory.com/showthread.php?t=37111

And read ... and read ... and understand what Spudfyre is saying about it.
Look for its limitations ... and understand its strengths.

Basicly ...
* the tighter the "rope" ... the more powerful the move
* the more the longer-term stochs criss-cross (fishnet) with the shorter-term stochs ... the more whiplashing is occurring.
* always observe what this indicator is doing on all TF, including Weekly and 5M before placing pending orders - it might be that you could make an entry on the spot, rather than waiting for price to move in any specific direction for your trade

There are heaps of other considerations, but the basics are reliable.

My thanks to Spudfyre for his generous sharing ... he is a man in many ways similar to Bob, in his concern for fellow traders.

It is easy to create this indicator yourself, simply by adding extra stochastics of variable TF to the one supplied by Bob in his 10.5 tpl. Further, you can customise colours and thickness of the lines. Note also, that the thickest line is the 14.3.3, and this is because signals are taken from the point this line crossed the 23.6 and 76.4 levels.

One other thing - in order to keep in touch with Bob's original intent - to provide a simple indication of price movement to exploit, try customising the 5.3.3 to a red color, if you are using other colours in the lower TF stochhastics. See the chart attached for an example of what it looks like with this modification.

[Ingot54]

Just a note:

The attached .tpl does not have the 5.3.3 coloured red.

You will need to go into Indicators/stochastics 5.3.3 and make the change, as well as make it visible in the appropriate TF.

Cheers

[zentauro67]

Hi, thanks for the bobspud templates.

Why is 5.3.3 not visible in 4h, just in 1h?