Idea for Middle Pivot Indicator
Posted: Fri Jan 30, 2009 9:23 am
Avery - I like your middle indicator approach and as I expect you have observed, quite often price will not break cleanly through the middle of the previous bar, but reject / retest / oscillate around it for quite a while. This creates a scalping opportunity (on a faster chart), so I wondered if you would consider making a "Middle Pivot" version of this indicator ?
This indicator would simply draw a horizontal line at the midpoint of the previous x bars. For example, say you were scalping off a 1 minute chart, and you want to use the 30 minute middle, then the indicator would plot a horizontal line across the middle of the high low of the last 30 bars (I also thought of using the median price, but I am unsure as to whether this would be better, worse or the same !?).
What do you reckon ?
J.
Edit : afer thinking about this for 48 hrs, I think it's been more or less done : one of Igorad's StepMA indicators ... just got to find it now...
This indicator would simply draw a horizontal line at the midpoint of the previous x bars. For example, say you were scalping off a 1 minute chart, and you want to use the 30 minute middle, then the indicator would plot a horizontal line across the middle of the high low of the last 30 bars (I also thought of using the median price, but I am unsure as to whether this would be better, worse or the same !?).
What do you reckon ?
J.
Edit : afer thinking about this for 48 hrs, I think it's been more or less done : one of Igorad's StepMA indicators ... just got to find it now...