My first cool indicator...

Hello Everyone!

I'm "Chester", and I first of all would like to
thank all of you for making this place so awesome
and such a goldmine of information! You guys ROCK!!!

I'd like to make my first contribution , its
a swing-high/low and breakout indicator.

Swing Highs that are lower than the previous swing high
are shown as red cones going up... Swing lows that
are higher than the previous swing lows are shown
as green cones going down... It's a little counter-intuitive,
but the colors green and red mark the bullish/bearishness...

Then, when an down sloping trendline is broken, a blue breakline
on the top means a bullish reversal... On the bottom, a yellow breakline
on the bottom means a bearish reversal.

I think it is interesting that if you run this indicator right now on
the EUR/USD pair, you can see that the bluish "plateaus" are
more whole and consistent, and the yellow bearish plateaus
are mostly broken, indicating the major trend is still up
and the EUR is just going through a corrective phase the
last month or so...

Sounds interesting I cant wait to see it! Can you post a scrren shot or the indi itself please?

Thank you

here they are, the main one uses a swing point indicator to know where
the swing points are...Run the white chart indicator.

sorry instead of yellow i mean black, for the white chart... i also
have a black-chart version with a yellow...just change
the variable to the colors you like, but the one i posted
is on white chart with black being the bearish reversal after
an uptrend...

Thanks Chester

Howdy Chester!
Could you post screen shots with white and black charts
when you get a chance?
Thanks again for sharing!

FXS

here's what i'm talking about

ONE MORE CORRECTION ...argg...


This part should be:

Swing Highs that are lower than the previous swing high
are shown as red cones going up... Swing lows that
are higher than the previous swing LOWS are shown
as green cones going down...

Also, keep in mind, when using this indicator,
that the previous swing point to draw the trendline
TO the cone may not be shown on the indicator
because THAT swing point might not be one
who's previous is correspondingly higher or lower...

if it is, it will appear as a cone as well...

Hello "Chester" - Exactly what I was looking for. I had a chance to look at some of your other posts as well. You seem to have been together some of the lesser known best practices in trading for a while. Love your contributions. Keep it going.

Best - shaltrade