Dow Theory Indicator

• 03/15/2020 at 2:08 PM #122172
  Nibor9001

  Hello Community!

  My first post in this forum.

  I am a complete code novice and have tried simple codes (moving averages etc). I don’t know any programming language and am just getting used to it.

  Recently I try to work on a project but I can’t find a beginning.
  I would like to bring the dow theory popular in Germany into an indicator.

  The indicator should show two trend sizes in one chart based on the Zig Zag indicator.
  The big trend and the small trend should be displayed.

  Ideally, the indicator should change color when the trend changes. A trend change takes place when the last low (in the upward trend) is fallen below or the last high (in the downward trend) is exceeded.

  I have seen a comparable indicator on another platform (see picture).

  About each suggestion or help I am grateful!

  

  Nibor9001

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  03/15/2020 at 2:14 PM #122174
  robertogozzi

  Please do not double post.

  Once you have chosen a language you should use that language only.

  Thank you 🙂

  

  robertogozzi

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  03/15/2020 at 2:27 PM #122178
  GraHal

  Ah if only it were possible on a consistent basis to predict the highs and the lows?

  I’m sure you can see that the difficulty is in specifying in the code how many look back bars will show the last high and the last low etc.

  We may code the last  LL in an uptrend to be 50 bars ago and we may be correct 5 times out  100 or we may not be correct for another 12 months … get the idea?

  Have a look in the Library on this website at Fractals … Indicators and / or Systems

   

  

  GraHal

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  03/15/2020 at 3:43 PM #122185
  Nibor9001

  Many thanks for the answer.

  However, I am not concerned with accuracy. Of course I am aware that the indicator cannot be 100% accurate.
  The default setting of the Zig Zag can be used, for example a percentage deviation.
  I am more concerned with the color change of the Zig zag indicator.
  Should mean:

  If we have rising highs and rising lows, Zig Zag is green (uptrend). If we fall below a low (trend break) the Zig Zag changes to red.

  If the Zig Zag shows falling lows and falling highs, the Zig Zag is red (downtrend). If a high is exceeded (trend break), the Zig Zag color changes to green.

  

  Nibor9001

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  03/15/2020 at 4:03 PM #122186
  GraHal

  How about this

  https://www.prorealcode.com/prorealtime-indicators/zigzag-average/

  Many more similar … in the Library

  

  GraHal

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