This indicator uses the very popular Williams Vix Fix for Bottoms by Chris Moody but not only does it search for bottoms, it can also be switch to work for tops for those who look to short the market. I've also added in a few options like flipping the indicator, color adjustments on the settings page, as well as cut a few of the options I feel did not need to be in which cluttered the screen when the settings were opened. In his later revisions of the Williams Vix Fix, CM took out the functions which draw the high/low ranges as well as the standard deviation which is what this indicator uses to show entry points. I have added options back on to draw these, I think it's useful. To be honest, I have not messed around with the number settings much so I am not sure how adjusting the look back range or going for smaller / bigger percentage changes would change how well the indicator works. It seems to work very well at its default settings.
With the Bollinger Band deviation, you have to remember that it looks back at the set amount of candles (20 by default) and uses those for the standard deviation: 1 dev = 68%, 2 dev = 95%, 3 dev = 99.7% These percentages mean that at 2 dev, 95% of the last 20 candles will remain within the boundaries of the Bollinger Bands. Three tends to be too high, one is usually too low. Two is pretty good.
The lowest percentile option probably won't change much other than bring up the bottom line which doesn't effect the alerts or signals, just something to observe. The highest percentile option makes a difference similar to the stand deviation and Bollinger Band. The higher you put it, the less likely it will get triggered but the more reliant it of a signal it should be.
As always, I have left notes throughout the code and I did leave in the code that was original but commented it out as I don't believe it's worth having. I like to have the high/lows drawn, as well as the standard deviation. Then I find that the filtered entries are most accurate signals to follow. Simple entry is hit or miss, Aggressive entry is always early but sometimes that's not a great thing.
版本注释
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Added a few options: - You can now create an alert for when the bars bars on the indicator change from gray to green! This alert can also be triggered based on the number of green bars in a row. - Added an integer input value that controls the number of green bars required to trigger an alert. This value is at the bottom of the settings for the indicator. It will be set to a default of 1 meaning only one green bar will be required to appear after a gray bar for an alert to be triggered. If set to 2, then two green bars in a row need to appear after a gray bar for the alert to be triggered, and so on.
Hey, what does it mean if the bar is white and what if it's purple?
NET_WORTH_SOLUTIONS
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@samalhabadad, Looks like, per the script (I'm guessing your 'purple' is what the script calls 'fuchsia') that fuchsia is for the "simple entry", and white is for the "filtered" entry, and yellow for the "aggressive" entry.
From the author's blurb: "Then I find that the filtered entries are most accurate signals to follow. Simple entry is hit or miss, Aggressive entry is always early but sometimes that's not a great thing."
@pvpysxrxvy, bwah ha ha... zero% helpful. + total classic.
theehoganator
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@samalhabadad, essentially the purple candles are entry signals. When you have it set to detect lows, the indicator attempts to show when the low is over indicating that you should buy or go long at the close of the purple candle. The opposite goes if you have it set for highs, it will attempt to show when you should sell or go short with a purple candle.
You can go through the code to see how it calculated this candle but essentially there are averages and standard deviations that once it goes outside the normal market and returns back to normal will show that there is a loss of momentum and the market should reverse.
Edit: you can use the filtered or aggressive candles as well to give more or less accurate signals. As stated in the initial post, the normal signals I find to be hit or miss, I think that the filtered candles are pretty good, and the aggressive candles will get you a good risk to reward ratio but I think they are too early for my liking.
@theehoganator Looking at the chart, my assumption is that the green color shows that we are entering bottom. How about top? What is the color when we are entering top?