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Help with Coding an indicator for an idea

  • #1
  • First Post: Nov 20, 2014 5:29am Nov 20, 2014 5:29am
Hello,

I need help with this concept. Attached is a picture of what i hope can be developed into an indicator. This is not my idea at all. All credit goes to EURUSDD.
Consider stoch with the following settings; %k =X, slowing = 1, %d = 1, Close/Close, where X is any positive integer.
Consider the last X bars - including the current one. Let the High/Low value of price be A/B resp..

This stoch =0 <=> the current price = lowest over the period.
This stoch =100 <=> the current price = highest over the period.
This stoch =50 <=> the current price = mid-way between the highest and the lowest price over the period.
Other values of stoch can be calculated in this way.

[[[[ THE STOCH = 0/100 => A LEG OF THE ZIGZAG MUST APPEAR . A LEG OF THE ZIGZAG APPEARS => stoch is at 0/100 almost surely. probability here = 90%+]]]]

This implies that almost 90++% of the time, when stock hits 100/0 we expect that a new zigzag leg appears as shown in the picture. They are mirroring each other until something happens to the price.
So, the last time stoch is at 0/100 before going to 100/0 is the end of the current ZZ leg!!!

The Indicator should monitor the zigzag and the stockastic, so that it spots and identifies all mismatches by showing an arrow and draw a zone on the chart.
A MISMATCH HERE IS: 1. STOCKASTIC HITS 100 OR 0 AND NO ZIGZAG LEG APPEARS. 2. ZIGZAG LEG APPEARS BUT STOCKASTIC IS NOT AT 100/0.
Zigzag period must be equal to Stock %K=X. That is if %K=30 then zigzag period must be 30.
I will be very grateful if this can be developed into an indicator.
The pictures below illustrates what i mean. Thanks.

Example for parameters. if stockastic is 62: 1:1 close/close zigzag should also be 62:1:1
Attached Images
My help is in the name of the Lord who made heaven and earth.
  • #2
  • Nov 25, 2014 2:13am Nov 25, 2014 2:13am
Please can anyone have a look and give it a try.
Thank you.
My help is in the name of the Lord who made heaven and earth.
  • #3
  • Nov 25, 2014 2:27pm Nov 25, 2014 2:27pm
Its tough nowadays to get people to develop coding for free now that it has become more of business, but Im sure someone would look at this setup for you, it looks promising.


https://www.mql5.com/en/job
Learn, a forex trader must, unlearn and relearn he will.
  • #4
  • Nov 26, 2014 1:53pm Nov 26, 2014 1:53pm
Quoting Albertdkpllh
Please can anyone have a look and give it a try. Thank you.
Albertdkpllh-
Before I spent time coding something like that I would want to know that you have traded this manually first. The Zigzag repaints heavily so I seriously doubt that you could pick those areas that you have marked as mismatches.
  • #5
  • Nov 27, 2014 1:06am Nov 27, 2014 1:06am
Quoting cyber1
{quote} Albertdkpllh- Before I spent time coding something like that I would want to know that you have traded this manually first. The Zigzag repaints heavily so I seriously doubt that you could pick those areas that you have marked as mismatches.
Hi Cyber1,
I have traded this manually and successfully. But its time consuming since you have to manually monitor both the stockastic and the zigzag. The zigzag makes newer highs because the stochastic remains at the 100/0 level. lets take the higher levels for instance. when a leg of the zigzag first appears, the probability that price will continue in that direction is very high, anytime price makes a newer high zigzag will repaint and skokastic will remain at 100. so long as stokastic remains at 100 or keeps revisiting 100 without going to 0,we expect zigzag to keep repainting until there is a mismatch. So picking out those areas marked as mismatches should not be a problem because either there will be no zigzag leg when the the stockastic is at 100 or there will be a zigzag leg when the stockastic is not at zero. Any of these requirements will create the mismatch that we want to identify.

So please I will be very grateful if you try your skills on it. Let me know is there anything i need to clarify.
My help is in the name of the Lord who made heaven and earth.
  • #6
  • Edited 4:08am Nov 28, 2014 3:39am | Edited 4:08am
Quoting Albertdkpllh
{quote} The zigzag makes newer highs because the stochastic remains at the 100/0 level.
The zigzag and stoch are both based on calculations on the bar data. The zigzag does not depend on the stoch to do anything. With your settings, the stoch does not remain at the 0/100 level. It jiggles around a lot.

Quote
when a leg of the zigzag first appears, the probability that price will continue in that direction is very high,
Do you have any stats to back up your assertion? If 'the probability that price will continue in that direction is very high', why don't you just trade in that direction and skip all this complication.

Quote
anytime price makes a newer high zigzag will repaint and skokastic will remain at 100.
The stoch does not remain at 100. It jiggles around a lot.

Quote
so long as stokastic remains at 100 or keeps revisiting 100 without going to 0,we expect zigzag to keep repainting until there is a mismatch.
So picking out those areas marked as mismatches should not be a problem because either there will be no zigzag leg when the the stockastic is at 100 or there will be a zigzag leg when the stockastic is not at zero. Any of these requirements will create the mismatch that we want to identify. So please I will be very grateful if you try your skills on it. Let me know is there anything i need to clarify.
For your first signal, with most of the mismatches the zigzag will hit 0/100 a few bars after the stoch. So most of the mismatches will be fakes.
edit:
Then again I guess it depends on how you intend to trade the mismatch signals.
  • #7
  • Nov 28, 2014 3:41am Nov 28, 2014 3:41am
Quoting COGSx86
Its tough nowadays to get people to develop coding for free now that it has become more of business, but Im sure someone would look at this setup for you, it looks promising. https://www.mql5.com/en/job
Retail forex trading has always been a business, the sole purpose of which is to make a profit.
  • #8
  • Last Post: Nov 28, 2014 5:05am Nov 28, 2014 5:05am
i
Quoting Xaphod
{quote} Retail forex trading has always been a business, the sole purpose of which is to make a profit.
forex is a business ? When did that happen ? I didn't realize people made profit from forex, I thought it all cam from developing code ?

Silly me, why do I even trade ? I should just learn to code C++, haha it's all good I'm just playing, I was more pointing out anyone would develop coding, when you pay a little money and now that MQL has really pushed the market feature and freelance jobs. The business has grown for developing code, hence the link I posted. I'm sorry I didn't point it out more,
Learn, a forex trader must, unlearn and relearn he will.
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