NOTE: this is the 'actual' version of my X Meter indicator. Please ignore the other X Meter post. That was a test to see how the script protection works.
This is one of my indicators. I finally figured out how to convert this to Pinescript from MQ4. This indicator was originally designed to run on a 5 minute chart. It works well on other time frames, but keep the 5 minute chart default in mind. Technically, this is a 'trend' indicator. A few notes:
When the indicator gets above or below the aqua blue line, it won't stay there very long. This doesn't happen very often, but when it does, watch for a reversal.
Trade in the direction of the color unless you are near the aqua blue line. This indicator is pretty accurate. If it is painting green, go long. If it is painting red, go short. When you get near the aqua blue line, stop trading and wait for either an over extension (past the aqua blue line) or a return to unity (the yellow line).
A return to the yellow line is considered a 'reset'. Start over and follow the rules posted above.
This indicator does NOT repaint, so you can trust the historical data. Please let me know if you find a better way to use this data/indicator. Hope it helps.
This is not investment advice, just my opinion(s). Please trade accordingly.
Will do riff thanks buddy. looks like +-4 is a sweet spot for this looks like a rsi/macd all in one.
Any word from the barometer. dollar has got to be in an extreme UJ has been goin crazy and would make a huge turn around if it loses grip.
riffster21
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@steveb4088, Sorry, I'll post a market barometer update in a sec. I've been trading for over 15 years, so I take regular breaks. Otherwise I'd never see the sun, lol... :D
steveb4088
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@riffster21, no sweat my friend. thanks for the update.( i actually expected dollar to be way outside the extension line. Trends have been crazy lately did you watch the trump speech
I know the feeling, engineering classes have me at the computer all day, and day-trading does not make it any easier to get out. so yeah sun good. or so im told
i have been in and out of the game since 2008 myself, long breaks while i was in the army.
Dude you got mad programming skills to be making indicators hell i cant even get matlab to perform gauss elimination(homework) lol. I have been playing around with the X-meter and divergence is finicky but spot on in certain time frames. Very interesting program though thanks for sharing.
Brindha
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Please give access to the script
mvthul
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@riffster21 is it possible to get in touch with u? Could i somehow get the source code i want to implement this as a filter to my strategy.