Simple indicator needed

[bridgew]

Hi all,

My first post here.

I'd really like an indicator which shows buy and sell

1. Buy on close higher than previous bar high
2. Sell on close lower than previous bar low

I have searched but cannot find this simple indicator.

Please help.

[hayseed]

hey bridgew..... you mentioned 'show', so i just coded for arrows..... the arrows might appear 1 bar off..... the arrows are marking the first bar after your rules are fullfilled..... which would be the entry bar......h

[bridgew]

hayseed

thanks very much for this but I have one more request.

Would it be possible to incorporate the attached ZigZagCorrect signal so that your close higher is only displayed once after each ZigZag low for a buy and the close lower is only displayed once after each ZigZag high for a sell?

I have tried this myself without success as I'm still learning but this seems to work quite well on 5 min charts with the following settings:
ForcedZigTime = 60
ExtDepth = 15
ExtDeviation = 5
ExtBackstep = 3

Many thanks for your help.

bridgew

[hayseed]

hey bridgew..... the nature of zigzag, or any such indicator that re-evaluates the past, might not work as your intending..... there is a good chance your signals will lag to a point that they are unusable.....

zigzag is one of those indicators that appears perfect in retrospect but difficult to use in real life.....

some sort of moving average or an oscillator would probably work far better than zigzag.....h

[bridgew]

haysee

I appreciate your concerns but can it be done as I have a good use for it when conbined with the hourly chart for confirmation using the following setting:

ForcedZigTime = 240
ExtDepth = 15
ExtDeviation = 5
ExtBackstep = 3

[hayseed]

hey bridgew..... the short answer would be , yes it can be coded......

a larger concern would be to make sure the indicator would not misslead anyone new to trading into loosing real money..... many repainting indicators out there have done far more harm than good.....

i've watched the 'zigzag correct' for over 24 hours now and it appears to be stable..... and when using the 4 hour setting, it does place many correct trades on the 5 minute chart..... the other times don't appear as well....

i'll code it up and post it asap......h

[nicesurf]

ZIgZAg will automatically useless when the market trending, beaise it will look for the new high or the new low.


Nic