Some time ago I noticed that the chaps running a well-known trading organization specializing in indices trading were using an indicator that drew nice boxes on their MT4 screens to indicate being in a buy or sell zone. I was called something zone, I think - the name was on their screens. The website for the indicator was happy to sell this to you for three thousand pounds! They claimed it was an all market all time frame thing ;-)
Anyway, the well known trading organization started to sell this as their 'trading assistant' to their existing clients for the knock-down price of fifteen hundred quid, a bargain if ever there was one?
I have always enjoyed replicating this sort of thing and in this case the indicator 'developed by a group of experienced traders' or somesuch nonsense turned out to be not more that a well established bear/bull power indicator running on a different period setting and moving average type, 18 rather than 14 and SMA rather than EMA I recall.
I had forgotten about it but noticed it on this laptop today and as it's quite useful here's my version for free to play with. It doesn't draw boxes on the chart but a histogram below it that adds the strength of the buy/sell zone indication. You can change the period and MA type if you wish from inputs or anything else with source code.
Anyway, the well known trading organization started to sell this as their 'trading assistant' to their existing clients for the knock-down price of fifteen hundred quid, a bargain if ever there was one?
I have always enjoyed replicating this sort of thing and in this case the indicator 'developed by a group of experienced traders' or somesuch nonsense turned out to be not more that a well established bear/bull power indicator running on a different period setting and moving average type, 18 rather than 14 and SMA rather than EMA I recall.
I had forgotten about it but noticed it on this laptop today and as it's quite useful here's my version for free to play with. It doesn't draw boxes on the chart but a histogram below it that adds the strength of the buy/sell zone indication. You can change the period and MA type if you wish from inputs or anything else with source code.
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