ToR 1.20
This indicator shows you whether a pair is trending or ranging.
For trending markets use moving averages and for ranging
market use oscillators.
It shows ADX values for multiple timeframes to help you
decide which trading technique to use.
Sometimes you'll see short-term trends against the H4
and D1 trend.
It's up to you whether you trade in a ranging market. It seems
to me that trading with the long-term trend is best.
Having said that, the reason why I made this indicator is to
to let the trader decide at a glance what to do, or even to
do nothing. Staying out of a market is a position too.
I may adjust the spacing between the objects, but it's useable
right now. If it messes up in use and displays garbage please
take a screenshot and post it on the forum then shoot me an
email, I will debug.
I've included two screenshots, one with a ranging example and
one with a strong trending example.
Green is up, Red is down, Blue is ranging. There are two arrows
for both up and down depending on the strength of the trend.
There is a 45 degree arrow up and down for beginning trend and
a 90 degree arrow up and down for strong trends. The squiggly
lines represent ranging.
Also, it seems to me that in ranging markets you'll get conflicting
info from ADX on different timeframes.
Version: 1.20
1.20 - added CCI to information presented
1.12 - changed spacing and timeframes
1.10 - added increase/decrease information, adjusted fonts
1.02 - added arrows, ranging icon, no zero space state
for icons/arrows, spacing got messed up, now
fixed
1.01 - unreleased, reduced number of colors, functional
1.0 - unreleased, too many colors for ADX values
This indicator shows you whether a pair is trending or ranging.
For trending markets use moving averages and for ranging
market use oscillators.
It shows ADX values for multiple timeframes to help you
decide which trading technique to use.
Sometimes you'll see short-term trends against the H4
and D1 trend.
It's up to you whether you trade in a ranging market. It seems
to me that trading with the long-term trend is best.
Having said that, the reason why I made this indicator is to
to let the trader decide at a glance what to do, or even to
do nothing. Staying out of a market is a position too.
I may adjust the spacing between the objects, but it's useable
right now. If it messes up in use and displays garbage please
take a screenshot and post it on the forum then shoot me an
email, I will debug.
I've included two screenshots, one with a ranging example and
one with a strong trending example.
Green is up, Red is down, Blue is ranging. There are two arrows
for both up and down depending on the strength of the trend.
There is a 45 degree arrow up and down for beginning trend and
a 90 degree arrow up and down for strong trends. The squiggly
lines represent ranging.
Also, it seems to me that in ranging markets you'll get conflicting
info from ADX on different timeframes.
Version: 1.20
1.20 - added CCI to information presented
1.12 - changed spacing and timeframes
1.10 - added increase/decrease information, adjusted fonts
1.02 - added arrows, ranging icon, no zero space state
for icons/arrows, spacing got messed up, now
fixed
1.01 - unreleased, reduced number of colors, functional
1.0 - unreleased, too many colors for ADX values
Attached Image (click to enlarge)
Attached File(s)
