Quoting Vince-ACDislikedi just tried new indicator. the old mouteki indicator is using a 4h candle that is just forming as a qualifying 2nd lower candle, whereas this new indicator is using candles that are already formed. rite now it is the usd/jpy 4h chart. which one is correct? check it outIgnored
Thanks for your question. Just a couple of things:
1. When you say the "old mouteki indicator", which indicator do you mean? Do you mean the first version of Demark? Or the indicator actually called "Mouteki"?
2. I have not modified anything in the scripts and calculations of this indicator. It is as it was originally. The only thing I've done was to introduce an alert to it and allow the user to change colors and styles of some of the lines.
3. Where do you get the information about the 2nd qualifying candle? In other words, how do you know it's using the close of the candle rather than a forming candle?
HT
Lighty
"The market will rally from this or lower levels"