Trend Continuation Factor indicator script. This indicator was originally developed by M.H. Pee (Stocks & Commodities V. 20:3 (58-64): Trend Continuation Factor).
Candles will show you oversold dark red, very oversold bright red, over bought dark green, very over bought bright green
The scope of this script is to measure momentum and strenght of EURO and DOLLAR using their indexes. Forza (line) above 0 means EURO is stonger than DOLLAR Momento (histogram) above 0 means EURO has a positive momentum against DOLLAR The added value to see MACD and RSI directly on EURUSD chart is that indexes consider also other pairs so their RSI and MACD has a...
The MACD indicator is very useful when thinking of it in terms of momentum and trend and not as a holy grail. There are many settings that can be used and I prefer to use the settings that reflect the 3/10 oscillator (Raschke). While you can simply input the numbers 3,10,16 into your standard MACD, the proper 3/10 uses simple averages.
Just added lines for bullish / bearish bias regions to the indicator from LazyBear
The Relative Strength Index (RSI) is an extremely useful oscillating momentum indicator that was developed by J. Welles Wilder and is one of the most widely used indicators in technical analysis. HOW IS IT USED ? In the classic view, a security is thought to be overbought when its RSI reading is above 70 and oversold when its RSI reading falls below 30. This...
I personalized a double stochastic oscillator. HOW IS IT USED ? Everyone should adapt the parameters to its way of trading. First you must have a confirmation of the trend. In positive trend, a double stochastic > 20 can be used t enter long. In negative trend, a double stochastic < 80 can be used t enter long. Of course this is only one possibility that everyone...
A port of the MT4 indicator of Mladen Rakic found at www.mql5.com which is based on Dynamic Zones that was originally published in Stocks & Commodities 1996 issue. Dynamic Zones is meant to be applied to oscillators to get dynamic overbought and oversold levels quantified using statistical methods.
This script helps trader identify volatility direction in order to classify each market move. It also provides good entry points.
RSI based currency strength indicator. Other indicators only give 7 currencies, leaving NZD. This one is an updated version which gives all 8 major currencies.