RLW indicator signal request

[a135711]

request for development of an extended %larry williams(RLW) oscillator/ signal.

the oscillator shall have four horizontal lines: 0,-20, -80, -100. it should also have lines that are sloped at angles of 30, 45, 60 AND -30(330),-45(315), -60(300)(quadrant IV) degrees from the 0 to the -100. the periods that these slopes are drawn from should be determined by the user. example if i designate hourly, then at 12:00 pm, and at the -100 horizontal line, three incline slopes should be drawn and at the 0 horizontal line, three decline slopes should be drawn. each slope should terminate at the opposite horizon.

oversold conditions:
oversold region should be marked as a shaded rectangle as soon as the the oscillator crosses under the -80. this shaded rectangle should continue until the price rises above -80. a signal should generate a label that states the instrument has entered into "oversold conditions". it would be really nice if on the chart, a similar shaded rectangle was drawn and designated. moreover, once within this region, a number of new calculations should start.

a horizontal line is drawn from the new lower high peak and should be be drawn forward the number of periods designated by the user. a text label should be outputted with the horizontal value. if a new lower peak is registered, a new lower horizontal line is drawn as specified previously whilst the previous line is terminated but still visible as well as the label. in addition a slope line should be drawn the designated number of periods selected by the user based on the previously registered lower peaks. the slope line should terminate at -100 since this is the limit. some kind of wingding symbol should mark this interesting of the slope and the -100 horizontal line. in the event that the lower peak is the first lower peak, then the point that the oscillator crosses the -80 line shall act as the first peak. no line is necessary until there is two peaks. a signal to buy should be generated when the oscillator crosses above the lowest line drawn OR when the oscillator breaks most recent the slope drawn from the previous peaks. both signals should only be generated inside oversold region.
neither oversold nor overbought:
all lines should remain drawn and continue being drawn until the the first higher trough that is greater than -80. at that point, a line should be drawn from the value of the oscillator at crossing -80 to the first trough and extended to the horizontal line drawn at -20. a signal should then be generated to express this . each time a new higher trough is registered, a new line is drawn from the previous trough to current trough. the old line should remain.
this process should continue until the oscillator register a first trough that is greater than -20.at that point the overbought logic is put in process. this overbought logic is the opposite of the oversold logic.

general notes:

a user option to select buy or sell would be sufficient to bias the oscillator and drawing functions to focus on the troughs or the peaks. if the user selected sell option, then the oscillator/drawing/signal would be based on the higher trough. if the user selected buy option, then the oscillator/drawing.signal would be based on the lower peak.

there is no reason to extend any line beyond 0 or -100 since the RLW oscillator equation never produces a value beyond either 0 or -100.

divergences drawn noted and signaled might might be nice. even better, an option to select whether divergences are calculated would be ideal. if so, then they should be calculated in oversold, overbought regions.

instead of a shaded rectangle on the chart, a color shift in the bars to would also be ideal denote the oversold.overbought conditions. also a change in color of the oscillator line itself during periods of oversold/overbought would be ideal if a shaded rectangle is not possible.


good luck if it is possible, let me know if it is not, or not yet, or not for a long time.
and thank you in advance

[010hnoor]

a user option to select buy or sell would be sufficient to bias the oscillator and drawing functions to focus on the troughs or the peaks. if the user selected sell option, then the oscillator/drawing/signal would be based on the higher trough. if the user selected buy option, then the oscillator/drawing.signal would be based on the lower peak.

[Apprentice]

Your request is added to the development list.

[Alexander.Gettinger]

Please try this strategy:

RLW_Signal.lua

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