Big Be » Fri Aug 01, 2014 9:54 am wrote:MKFXTrader,
I don't quite get it. Pretend I am a school kid and make it real clear to me.
Thanks,
Here is another chart. Horizontal TL should be drawn where I have place the red arrows. Since we are in an uptrend, and slight pullback, a horizontal TL should be drawn on the created HH.
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So when the ZZ is going down, you want the upper line to be horizontal.
When the ZZ is going up you want the lower line to be horizontal.
That is not so simple. Assuming I can do it - I am not expert in these lines - it may take me a few days as I am real busy right now.
Big Be » Fri Aug 01, 2014 6:03 pm wrote:So when the ZZ is going down, you want the upper line to be horizontal.
When the ZZ is going up you want the lower line to be horizontal.
That is not so simple. Assuming I can do it - I am not expert in these lines - it may take me a few days as I am real busy right now.
No, I think you have it the other way around. In a downtrend, an established lower low should be a horizontal line unless a higher low is formed and thus would negate the horizontal line. It would then just draw a normal trendline to the higher low. In an uptrend it would be vice versa. In a downtrend, you should only have a horizontal line on lower lows while trendlines are drawn only when a lower high is formed. In an uptrend, you should have only horizontal lines on higher highs and trendlines drawn only when a lower high is formed. Hope that makes sense. I attach three screenshots for review. Correct trendlines should only be drawn this way. I don't know if this is even possible to code but, I attach charts for your review.:
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I think we are almost there but not quite yet. If possible can you look at the 1st chart I posted in the last post? Also I will attach a current hourly chart of what the indicator is still doing. TL's should not be drawn from a high to a higher high or a low to a lower low. Example: When you have an establish zig zag high(B) and it falls lower to retrace(C) but does not fall lower then the previous low(A), stops and creates a new zig zag going back up and passing (B), a hozizontal line should have been made at the formation of the B to C move creating a break alert when it passes back up to break the B line. The chart I attach should also have a TL that ran from point A to point C for the break downward if wave E would've went lower to breach the TL. In this case wave E did not breach the TL but established a new lower high, thus a new TL would now be drawn from point C to E since it is now the most up to date zig zag points. With the new zig zag point at E being created the horizontal line above should jump from B wave to D wave giving another point of potential break and alert. Hope this makes sense. Vice versa for a downtend. I really do appreciate your time and effort on this project. You're a great programmer and I wish you many many green pips for your contribution to the retail trading community.
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It is hard to "think" like a computer. The computer does EXACTLY and ONLY what you tell it to, every time. Assuming the computer, the operating system, the platform (like Empty4) and one's coding are all functioning properly.
You can code rules that have to do with quantities. But most people do not think in quantities, so the difficulty is in communications.
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So, we need clear rules that state what you want. You started out saying or implying you use the ZZ Channel. Now you are moving to something else. I am getting confused. I still would like you to show how you trade with the ZZ Channel.
What I get out of your examples:
If ZZ is blank or moving up, and if the recent ZZ Low is higher than the previous Low, then put a horizontal line at the intermediate High.
The low side of the ZZ Channel should show too.
And the Reverse:
If ZZ is blank or moving down, and if the recent ZZ High is lower than the previous High, then put a horizontal line at the intermediate Low.
The high side of the ZZ Channel should show too.
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You see, I need to know what to change in the last version. I will not do another version until I understand. And I may not do it until you show me how you use it. (I am trying to be greedy, though I am out of practice.) :-)
Ok Big Be. I try to clear things up. I trade using zig zag indicator. The only reason I requested to update the channel indicator was because it was designed to draw the trend lines and also had an alert. I would've been ok had your zigzag corrected indicator had this function. Now how the trendlines are drawn needs to be correct.
As you know, A TL is drawn from Low to Higher Low for an uptrend, while a high and a lower High for a downtrend. You are looking for a breakout of the channel to take the trade. Be it a breakout of a continuation or a breakout from a proper drawn trendline.
What I'm trying to adjust is how it draws for the continuation of the trend. Because right now it doesn't do that but rather the TL's are drawn Low to lower lows and on top it draws high to higher high which doesn't make sense. What you want is a horizontal line on the break of the continuation of the trend.
Attached chart you have many examples on how a proper TL should be drawn to trade breakout. Yellow TL's are correct TL's. Red TL's are NOT correct. let me know if this is at least understandable. Then I can answer more questions if you have them so it doesn't become confusing. What is important is that I trade using zigzag to help me recognize highs/lows of the market.
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I see a problem with doing it the way you want. It would not put the horizontal line until the last leg starts. But it repaints (shows up) after a new High or low, which usually puts the line there only around the time it is breaking through that line, which is not very helpful. Play it in the strategy tester to see. (Let me know if you need to know how I test indicators in the Strategy Tester.)
So the way I coded it may be as good as that will get.
There may be other aspects of it we can modify usefully, pertaining to the angled trend lines.
We can put conditions on when it plots, or changes, or does nothing for example.
You're a great programmer and I wish you many many green pips for your contribution to the retail trading community.