First of all - I recently found this forum and really appreciate the wealth of information that is shared here. It's a great place to get trading ideas!
I have been playing around with the buy zone strategy which - in a nutshell - is an ultra-short-term momentum strategy. I applied it to different instruments and it somewhat bothered me that I had to enter zone parameters over and over again and figure out manually what values to use. So, I enhanced TRO's buy zone indicator to automatically determine the boundaries of the buy zones based on standard deviations. It's a pretty minor change, but makes it a little bit easier to work with. The zones now are automatically placed based on the price scale as well as recent volatility.
The size of the boundaries can be adjusted with the iOutsideWidth and iInsideWidth parameters. iInsideWidth defines the distance between the open and the inner boundaries of the two zones. The default value is 0.5. Similarly, iOutsideWidth is used to specify the distance between open and the outer boundaries, i.e., long top and short bottom. The default value is set to 0.75 currently. There's also a new iSDLookback parameter. It is used to define how many bars should be used to compute the standard deviation. The default is set to 80.
I'll probably keep working on this. Any feedback is welcome.
post your indicators here
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