FXCodeBase.COM: Forex Chart Indicators and Development

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

Thanks a bunch @Apprentice. Again!

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.
-emjay.

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

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

As for strategy, can you define entry, exit conditions.

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

Total Power Indicator:Moderate Strategy

Total Power Indicator: Conservative Strategy

Try this one
viewtopic.php?f=31&t=16962

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