Horizontal lines at reversals

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Viewing 12 posts - 1 through 12 (of 12 total)
  • 03/17/2017 at 9:14 PM #28985
    FXJokk
    This is a tricky question and not easy for a swede to explain in English.
    I need help to build an indicator showing a horizontal line at the top or bottom of the last bar in a trend (short or long) and bottom/top of the first reversal bar.
    Even if there is no trend, just a couple of single bars, I want every first reversal (closed) bar shown WITH a horizontal dot line.
    When the last bar is the second, third, fourth, fifth, …. in a row I want to see a horizontal line WITHOUT dots at the top/bottom. (I.E. a dot line when the reversal is a single bar and a line without dots when it is two or more bars in a row.)
    To make it easier to look at the chart I don’t want to have more then six horizontal line on the chart. For every new line (dots or without dots) I want the oldest (seventh) to erase.
    When the indicator shows these six horizontal lines I may need to erase one or more of them without erasing the indicator
    I attach a picture showing how I manually is doing it today.
    Do anyone understand me, and can You help me?
    03/18/2017 at 10:51 PM #29041
    Nicolas

    How are you defining the top and bottom of a trend?

    03/19/2017 at 12:50 AM #29042
    FXJokk

    Thank you for quick reply. I am very sorry for my problem to explain. I do understand if you have trouble to understand.
    In the matter of this indicator I explain/define a top or bottom at the end of the tail (highest, lowest position) (not body) at the last bar of a move, even if it is only one/two bars moving in a new direction. I define a reverse as soon as the next bar has closed in the other direction, even if the CLOSE is only one tick higher/lower then the previous bar CLOSE.
    I want the indicator to show the end position of the move in the other direction (with a horizontal line at the end of the tail) even if it is changing for each bar. If there is more the one bar moving in the same direction I want the top/bottom to be shown with at horizontal line without dots.

    The most important bar is the (first) reversal bar. I want that one do be marked with a horizontal dot line at the end of the tail. But if this first bar is followed by a second bar closing higher/lower then the end af the tail of the first bar then I want to have a line without dots at the end of the tail of the last bar of the move.
    The lines is not needed to be drawn until the “trend” reverse and next bar is closed. Dots or no dots makes it easier to see the difference but colored lines can replace lines with dots.

    03/20/2017 at 2:06 PM #29176
    Nicolas

    I think I may have understood the whole thing, but could you please draw an example on chart, but for a bullish reversal only? Just to be sure ..

    And, do you want these lines to be drawn on the whole history (too much lines I’m afraid!!) or only for the last turning point?

    03/20/2017 at 3:11 PM #29185
    FXJokk

    Is it possible to show six or eight lines (at least four)? Older lines and lines “covered” by newer candles can be erased without problem. One line is to little (but better then nothing). (Yes, it is of course impossible to work with the chart if every line is saved. (;o))

    Pic
    1) Black line without dots. (It is the second candle with higher high followed by a reverse candle.)
    2) Usually I at once erase this line(s) (red) when it is covered by a newer candle. It would be great if that can be made automaticly.

    03/20/2017 at 3:31 PM #29189
    FXJokk

    Clarification: Pic. 2) Please take no notice of when I erase older lines “covered by a newer candle”. It is easy to do manually.

    03/27/2017 at 1:54 PM #29979
    Nicolas

    1/ lines can’t be drawn with dots, it will be only plain lines (different colors should be ok?)

    2/ all lines that the indicator will paint, can’t be erased by hands

    03/27/2017 at 3:02 PM #30001
    FXJokk
    1. Okay!
    2. It is worth a try.
    3. I appreciate that you help me with this.
    03/27/2017 at 7:06 PM #30046
    Nicolas

    ok so now the problem is:

    To detect the first reversal, how do you want to proceed? a lookback period from the current candlestick? or if you are using this indicator on a daily timeframe, we can set a date for the first turning point (the first plain black line in your example).

    03/27/2017 at 7:56 PM #30052
    FXJokk

    I am not sure I understand. If you ask for a starting point it is okay to start 7, 10 or 15 bars ago. Maybe I can give a better answer when I have seen the indicator in progress.

    03/30/2017 at 9:48 AM #30282
    Nicolas

    I’m trying hard to understand your query, but I must admit that I’m still lost on how and when to draw the dotted lines. Why are they so much in your example? Why some are paint red and other ones in black?

    03/30/2017 at 11:47 AM #30310
    FXJokk

    My main goal is to find an indicator that show the top (or bottom) (not the close) of the first reversal bar (candle). The first reversal bar often indicates what is going to happen afterwards. It is the strongest signal bar in the movement, in my way of analyzing.
    The top (or bottom) of the first reversal bar is a strong resistance in a falling market, and a strong support in a rising market. An indicator that show this resistance or support with a single line give a quick view what is happening just now. This line (or the lack of it) at the last movement is therefore valuable.
    Also the top (or bottom) of the move before the reversal is very important because it shows a resistance or support in the same way. The same goes even if there is only one bar before the last reversal bar.
    At least two lines, showing the top (bottom) of the reversal bar and the bottom (top) of the bar before the reversal bar is therefore an easy way of get a quick overview.
    The reason why I hope fore more then these two bars (hopefully six or eight) is that these lines keep their strength many bars after the have been drawn.
    Dots or no dots is just a way of keeping them apart at the quick overview. A blue and red line color makes the same job.
    I attach a chart of the S&P 500 showing the last month moves. The red dot lines is just to show you that I have erased them after they have been crossed two times (and been closed).

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