This indicator counts the number of standard deviations price is above or below an average of price.
Discussion regarding this indicator can be found here:
https://www.prorealcode.com/topic/higher-timeframes-bollinger-filter/#post-93803
Thanks to Jebus89 for the original concept which I then recoded so as to allow different levels of standard deviation to be used in the indicator.
The following variables can be adjusted to alter the output.
- p = The period used for the average.
- AveType = The type of average used. Values from 0 to 6 as follows:0 = SMA1 = EMA
2 = WMA
3 = Wilder
4 = Triangular
5 = End point
6 = Time series
- STDstart = The first STD of average to be used.
- STDmax = The maximum STD of average to be used.
- STDstep = Step levels of STD used.
So for example if STDstart = 1 and STDmax = 3 and STDstep = 0.5 then 1.0, 1.5, 2.0, 2.5 and 3.0 STD multiples will be used as well as -1.0, -1.5, -2.0, -2.5 and -3.0 for the indicator output.
The line is red if Force is falling and green if Force is rising. A Force reading above zero indicates how far price has moved above the average and a Force reading below zero how far price has moved below the average.
Jebus89’s original idea was to use this indicator on higher time frames as a filter to check how far from the mean a price has moved to help evaluate whether it is a good time to enter the market on lower time frames but it can also be used in many other ways.
I recommend downloading and importing the ITF file to get full functionality.
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// Force indicator // Concept by jebus89 / Coding by Vonasi // 18 March 2019 p = 20 AveType = 0 //0 to 6 STDstart = 0.1 STDmax = 10 STDstep = 0.1 if close > Average[p, AveType](close) then a = STDstart force = 0 while a <= STDmax if close > Average[p, AveType](close) + a*std[p](close) then force = force + 1 a = a + STDstep else break endif wend endif if close < Average[p, AveType](close) then a = -STDstart force = 0 while a >= -STDmax if close < Average[p, AveType](close) + a*std[p](close) then force = force - 1 a = a - STDstep else break endif wend endif r = 128 g = 0 if force > force[1] then r = 0 g = 128 endif return 0 coloured(0,0,0), force coloured(r,g,0) as "Force!" |
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Thanks for this code. i will try to adapt it in the EUR/USD Pac Man Strategy who is based on the STD function : https://www.prorealcode.com/topic/short-eur-usd-m15-pac-man-strategy/page/4/
I still have two versions of the PacMan strategy on forward test although there have been various stoppages and periods of no trading beyond my control so the results are a bit inaccurate. Neither version has proven very profitable but on the bright side neither has lost a fortune yet either!
I use your version on a real account and the strategy is profitable and i did not have any problem of cutting. Yes the profit is small but if i add overnight positive coast it starts to become interesting ! Another good point is that the strategy does not seem to be overfitted and continues to perform 🙂