This is a new indicator release, Using the principle of Murrey Math Line Trading Systems. It will be easier for someone to add alerts on an oscillator rather than a overlay.
Currently, I did add some aesthetics for those who like to view different colors, can be turned off.
Oscillator Color Definition - Green = Above MidLine Red = Below Midline Blue = Below Negative 3rd Quadrant Orange = Above Positive 3rd Quadrant
///////// Planned future Improvement is to consider Wicks as well.
could this code be modified to run on Tradestation?
VictorZubarev
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Great idea, USCGEARS, I'm a big MurreyMath devotee, and you may want to experiment with these look-back periods, based on T H Murrey's own suggestions, for example for Swing, or Position traders, change the look-back-period from 100 to 64, as 8x8=64, or cut that in half to LBP= 32. Shorter-term and day-traders may want to use a LBP of 16, or real aggressive scalpers try a LBP of 8!
Alphaoptions
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Fantastic and exceeded expectations. Cannot wait to start using it.
Justiceisfalse
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Thanks
cooney_s
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Nice ! thanks for sharing.
Alphaoptions
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You were sure to get a big thumbs up from me on the concept. Thank you. Since you asked for suggestions, I might suggest a a slightly modified color scheme to consider the movement between fractal levels rather than just the absolute quartile extemes and reserve your "cautionary colors" for falling from oversold or rising from oversold since those would be the transitional periods between the most extreme fractals. So the change would be the current yellow becomes different color of green (maybe a very bright or very dark green showing the extreme quartile has been reached) and only remains yellow if it is falling from a prior higher quartile to a lower one. Likewise the blue would be a different shade of red if intensifying downside and entering last quartile but only be blue color on the extreme oversold and moving to the next higher quartile. Thus your highlight colors would not merely show the highest quartile extremes but he transitions from the extremes which seem most likely to produce the biggest trading opportunities. Candles / bars could have correspeonding colors and/or highlight the transitional alert colors showing the potential turning regions.
UDAY_C_Santhakumar
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Yes, Sure, will do that in the version 2. Just wanted to put out first and see the response, before I will continue my work on it.