Total Power Indicator

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Total Power Indicator

Postby Apprentice » Mon Sep 05, 2011 11:55 am

Total Power Indicator.png

Total Power Indicator.lua
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Adaptable Total Power Indicator.lua
Version that has available various moving average available
(5.57 KiB) Downloaded 441 times

Total Power Indicator or Improving Elder Ray Indicator


Power = Abs (BearCount - BullCount)*100 / Lookback Period;
BearPower = BearCount*100/ Lookback Period;
BullPower = BullCount*100/Lookback Period ;

The components of this indicator we get, if we count the Elder Ray Indicator components Within the Lookback Period.

But only if Elder Ray Bull is greater than 0,
and Elder Ray Bear is less than 0

The indicator was revised and updated
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Re: Total Power Indicator

Postby emjay-short » Tue Sep 06, 2011 7:49 pm

Thanks a bunch @Apprentice. Again! 8-) :ugeek: :) :o :D

For everyone else, the request and a brief description of this Trend Following System can be found here ( viewtopic.php?f=27&t=5090 ) . And a detailed description to the TPI can be found here in this pdf http://www.wupload.com/file/145521100/TPI--CTM--June11-excerpt.pdf.

Happy Analyzing.
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Re: Total Power Indicator

Postby Coondawg71 » Mon Apr 23, 2012 8:38 am

Can we please get a strategy for this very useful indicator.

Please allow the user to change parameter settings for the values of Lookback and Power, plus the usual offerings of user settings for Trading Parameters.

Thanks!

sjc
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Re: Total Power Indicator

Postby Coondawg71 » Mon Apr 23, 2012 10:42 am

Can we please request a MTF Multi-currency pair Total Power Index indicator constructed the same way you made the MTF MCP Trend Stop list.

Thanks!

sjc
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Re: Total Power Indicator

Postby Apprentice » Mon Apr 23, 2012 12:33 pm

MTF_MCP_Total Power Indicator_List.png

MTF_MCP_Total Power Indicator_List.lua
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As for strategy, can you define entry, exit conditions.
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Re: Total Power Indicator

Postby Coondawg71 » Tue Apr 24, 2012 8:02 am

First, Thanks for the List!

Second, sorry for this large post, but as they say, a picture says a thousand words, so...

As per the Strategy, I would like to illustrate 3 different scenarios and hence 3 different Algorithims/parameters. I consider them Conservative, Moderate and Aggressive.

Conservative: open trades only when Bull or Bear signal is JOINED at the same maximum value of 110 and closes position when the POWER signal decreases to less than 110, similar to the Schaff Trend.

Moderate:open trades when the Bull/Bear signal AND the POWER signal have both crossed up through the opposite Bear/Bull signal, and perhaps after both the Bull/Bear signal and Power signal have crossed ABOVE 50, similar to a CCI.

Aggressive: open trades when Bull/Bear signal crosses opposite signal. Probably most like what the Total Power Indicator was intended to be used.

To further utilize the Strategy, and this would make it more complex, give the trader the option within the trading parameters to combine different Algo's for entry/exit. Example: Entry Algo: Aggressive and Exit Algo: Moderate
Attachments
Total Power Aggressive Algo.png
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Re: Total Power Indicator

Postby Coondawg71 » Tue Apr 24, 2012 8:03 am

Total Power Indicator:Moderate Strategy
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Total Power Moderate Algo.png
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Re: Total Power Indicator

Postby Coondawg71 » Tue Apr 24, 2012 3:36 pm

Total Power Indicator: Conservative Strategy
Attachments
Total Power conservative algo.png
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Re: Total Power Indicator

Postby Alexander.Gettinger » Tue May 08, 2012 5:21 pm

MQL4 version of indicator: viewtopic.php?f=38&t=17980
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