Overbought/Oversold Indicator

[Apprentice]

OBOS.lua

(4.03 KiB) Downloaded 2721 times

OBOS Indicator.lua

(4.64 KiB) Downloaded 155 times

OBOS Overlay.lua

(5.65 KiB) Downloaded 596 times

OBOS Overlay with Alert.lua

(13.59 KiB) Downloaded 394 times

MT4/MQ4 version.
viewtopic.php?f=38&t=65682

[Faalaakh]

Dear Apprentice
how does this differ/match compared to stochastic? Are there any instructions (or specific settings) for any timeframe?

[Apprentice]

Unfortunately, I can not give you a good answer.
I've got only a brief description of the indicator and its formula.

http://www.wisestocktrader.com/indicato ... -indicator

[luigipg]

Hi Apprentice, can you get the signal for this indicator? (which, in my opinion, is underrated) Every time the bar will change color, "Buy" signal, "Neutral" signal and "Sell" signal. Also where can I find the signal for the Voltychannel_Stop? I downloaded it but it doesn't work. Thanks for everything especially for your great work. Luigi!

[Apprentice]

Your request has been added to developmental cue.

[Apprentice]

Voltychannel_Stop Strategy can be found here.
viewtopic.php?f=31&t=2208&hilit=Voltychannel_Stop
Voltychannel_Stop Signal can be found here.
viewtopic.php?f=29&t=1061

[RJH501]

Hello Apprentice,

Would you or one of your collegues please develop a strategy using the OBOS indicator.

Buy = on a change from Overbought to Buy indicator candle
Sell = on a change from Oversold to Sell indicator candle

Also include:
1. Price Type & Time Frame
2. Time of Day to open and close the strategy
* Start time for trading
* Stop time for trading
* Use mandatory closing
* Mandatory closing time
* Valid interval for operation
3. OBOS Price Source & Period
4. Type of Signal
5. Trading Parameters:
* Allow strategy to trade
* Allowed side
* Allow multiple
* Account to trade
* Trade amount in lots
* Set limit order
* Limit order in pips
* Set stop orders
* Stop order pips
* Trailing stop order
7. Alerts:
* Show alert
* Play sound
* Sound file
* Reccurant sound
* Send email
* Email

Thanks in advance!!

RJH

[RJH501]

Hello Apprentice;

Would you add three horizontal lines on the OBOS indicator and their value:

Default values would be:

1 line at 100
1 line at -100
1 line at 0 (zero)

User should have ability to select line width, style and color.

These changes will make the indicator a bit mor usefull.

Thanks in advance!

RJH

[RJH501]

Hello Apprentice;

Regarding my previous post on developing a strategy for this indicator:

Buy = 2 or more Oversold candles change to Buy candle
Sell = 2 or more Overbought candles change to Sell candle

This is needed to filter out a few false or uneeded trades caused when a single overbought/oversold candle appears in a trend.

Thank you!

RJH

[RJH501]

Hello Apprentice;

My apologies for making an additional change to the buy/sell signal. After reviewing the indicator at several periods on severall time frames it became apparent that buy and sell with the overbought/oversold candles will give too many false signals.

A better approach would be to use the horizontal lines 0, 100, & -100 (or whatever the user selects as overbought/oversold) to create the buy and sell signal.

For Example:

Buy signal one could occur when Green candle crosses overbought line up.
Buy signal two could occur when Green candle crosses center line up.
Buy signal three could occur when Green candle crosses oversold line up.

Sell signal one could occur when Red candle crooses oversold line down.
Sell signal two could occur when Red candle crosses center line down.
Sell signal three could occur when Red candle crosses oversold line down.

I will follow up with a graphical view later today.

Thank you for your assitance and consideration.

RJH