PLEASE USE ONLY ATTACHED TEMPLATE WHEN USING THESE INDICATORS (otherwise stuff will get messed up)
15 MINUTE TIMEFRAME
Ok attached are the first versions of 2 indicators and a template for GBPUSD/EURUSD. Are they earthshattering, perfect and amazing? No.
I think they're helpful however.
I have only really looked at this on the above pair, but it shows promise on others.
JM_Divergence-001 will display a histogram of the closing prices of the 2 pairs. Use this to see how one pair moves in relation to the other.
Inputs;
Pair1 (First pair)
Pair2 (Second pair)
P1_Offset (Will move Pair1 up and down).
P2_Offset (Will move Pair2 up and down).
Global Shift (Moves both up and down together).
You will want to "ZERO" your pairs based on whatever criteria you like. I suggest weekly. To do this enter the OPEN price of each pair for the week. As the weeks go by you will want to update these numbers. As the pairs trend up and down you will need to adjust their centering in the window with the Global_Shift.
The math is not setup for Yen crosses (sorry) but shouldn't be a big deal for someone to update.
JM_Variance-001 is another display of the information from JM_Divergence-001. It will automatically update the weekly open price (I hope). The only inputs are the pairs you want to compare.
Display (from left to right);
Pair1 and Pair1;
Pair1 current price, Pair2 current price;
Weekly open prices;
The current pip's +/- value as it relates to the weekly open;
The MAX + value reached so far;
The MINIMUM - value reached so far;
The pip range for the week so far.
Finally the DIVERGENCE is shown in pips; this is the difference between pair 1 and pair 2 as it relates to the weekly open price.
The histogram tracks the Divergence value, leaving a little dash for the highest or lowest value reached per bar.
PLEASE use the attached chart template.
HOW TO USE
Save files to /experts/indicators
Open a chart for the first pair you wish to trade, 15 minute timeframe.
LOAD the template. This should load the indicators.
If youre trading GBPUSD/EURUSD you're good to go. If other pairs you'll have to adjust the inputs to suit.
As for trading, that's up to you, but I would suggest you look at the historical divergence amount and movment, and when "Divergence" reaches the point where you feel it's bound to move back, enter long on the bottom pair and short on the top pair.
I would have liked to test this more before releasing it, but I don't have the time. Please don't trade real money with this. I make NO promises about profitiability or anything else. It *looks* like an interesting approach, but I really don't know. I would love to hear about your experiences using these indicators as I've laid out above, perhaps together we can generate enough feedback to improve and refine them.
Good luck.
John
15 MINUTE TIMEFRAME
Ok attached are the first versions of 2 indicators and a template for GBPUSD/EURUSD. Are they earthshattering, perfect and amazing? No.
I think they're helpful however.
I have only really looked at this on the above pair, but it shows promise on others.
JM_Divergence-001 will display a histogram of the closing prices of the 2 pairs. Use this to see how one pair moves in relation to the other.
Inputs;
Pair1 (First pair)
Pair2 (Second pair)
P1_Offset (Will move Pair1 up and down).
P2_Offset (Will move Pair2 up and down).
Global Shift (Moves both up and down together).
You will want to "ZERO" your pairs based on whatever criteria you like. I suggest weekly. To do this enter the OPEN price of each pair for the week. As the weeks go by you will want to update these numbers. As the pairs trend up and down you will need to adjust their centering in the window with the Global_Shift.
The math is not setup for Yen crosses (sorry) but shouldn't be a big deal for someone to update.
JM_Variance-001 is another display of the information from JM_Divergence-001. It will automatically update the weekly open price (I hope). The only inputs are the pairs you want to compare.
Display (from left to right);
Pair1 and Pair1;
Pair1 current price, Pair2 current price;
Weekly open prices;
The current pip's +/- value as it relates to the weekly open;
The MAX + value reached so far;
The MINIMUM - value reached so far;
The pip range for the week so far.
Finally the DIVERGENCE is shown in pips; this is the difference between pair 1 and pair 2 as it relates to the weekly open price.
The histogram tracks the Divergence value, leaving a little dash for the highest or lowest value reached per bar.
PLEASE use the attached chart template.
HOW TO USE
Save files to /experts/indicators
Open a chart for the first pair you wish to trade, 15 minute timeframe.
LOAD the template. This should load the indicators.
If youre trading GBPUSD/EURUSD you're good to go. If other pairs you'll have to adjust the inputs to suit.
As for trading, that's up to you, but I would suggest you look at the historical divergence amount and movment, and when "Divergence" reaches the point where you feel it's bound to move back, enter long on the bottom pair and short on the top pair.
I would have liked to test this more before releasing it, but I don't have the time. Please don't trade real money with this. I make NO promises about profitiability or anything else. It *looks* like an interesting approach, but I really don't know. I would love to hear about your experiences using these indicators as I've laid out above, perhaps together we can generate enough feedback to improve and refine them.
Good luck.
John
Attached File(s)
