by adityabhat89 » Sun Dec 20, 2015 7:24 am
OK... this should work well... yes the first direction should be the one that remains on the chart..Its ok if it turns out to be false if the market moves the other way around.
Additionally what can be added is:
If the closing price of the previous candle is above EMA period 10 then the arrow should point upwards and vice versa.
The use of an EMA should provide a good basis for the prediction of the next candle close. If this can be added I think the indy will atleast have an accuracy of 75% or more.
PS: Its ok if the indicator give one/two false signals out of 10 trades. As long as it does not repaint, it should work great.