I was asked to create this Indicator by TV user Drat. In the 1st Post I go into Specific Details of the Indicator. The Concept is Valid and the 1st Post is Worth Reading.
Thank you for this dear Chris. I want to ask you can we use MTF ı mean ı am using 15m chart but ı want to see this indicator in H1 ?
lvyanpeng
⋅
good job
Claudia8
⋅
Great work, thank you! 😃
Dr_matin
⋅
very very bad :(((((((
WilliamJYancey
⋅
This one is perfect to fined similar patters a little faster. and extrapolate
ForceFollower
⋅
Yeah, the less the threads fray the better for the swing move...
LazyBear
⋅
Very intertesting idea..nice!
ChrisMoody
⋅
I was asked to create this indicator by TV User Drat
I’ll add my Analysis at the bottom. However if this indicator interests you it has many more “Setups” than the main one I will mention so visit the Thread where the trader who developed goes into Specific Detail.
Overview:
***This Indicator uses the %k plot from the Stochastics Indicator.
***Indicator Plots 18 Lines Starting with the 6 Period %k all the way up to the 24 Period %K
***Periods 6-13 are considered Lower Time Frame Periods - Thin Aqua Lines
***Period 14 is Known as BASE STOCHASTIC - Thick Red Line
***Periods 15-24 are considered as Higher Time Frames - Thin Red Lines
The Settings are all the same except for Period, Ex. 6,3,3…7,3,3…14,3,3 etc.
***The Thought Process is when you have a Indicator with many short term and Longer Term settings when the ALL line up you have a Higher Probability of a Move in the Direction it Signals.
***When all of the Lines are “Together” he calls this a “ROPE” and that Shows a High Probability Move since ALL the Time Frames from Shorter to Longer are saying the exact same thing.
***The Author trades Forex and recommends a 4 Hour or 1 Hour chart…Although he states it depends on your trading style.
The interest from his post created a Thread that goes on over 12 pages in there Blog. He gives many different Setups he’s noticed but again I’ll just talk about the Main Two Setups.
#1 When the Indicator becomes a “ROPE” Trade In That Direction.
#2 When you have a “ROPE” and you get a DIVERGENCE it is a powerful setup.
***Again if this interest you read the Thread b/c he goes into specific detail.
My Analysis - Just Briefly Looking at the Indicator on a few charts.
***The “ROPE” feature does have validity but I noticed with this specific indicator it looks great in “Hindsight” but in Real Time you don’t know if it is going to STAY a ROPE so you would have to take Entry Immediately at first sign of a ROPE…without any way of knowing if it will stay a rope.
***What I like about the concept is many popular indicators Traders use different settings depending if they want More Or Less Signals. For the Shorter Term Trader “The Concept” should FILTER out Trade Setups without having to plot the same indicator on the chart multiple times with different settings.
***I don’t know when I will get to it but I think the “Thought Process” has enough Validity for me to duplicate this by applying it to other Indicators. The MACD or PPO and MOMENTUM come to mind and possibly a CCI.
I Don’t like “Messy” or “Busy” charts so it would be worth creating a filter that only plots the “ROPE” if the different “Lengths” of the indicator are within a certain proximity or percent of each other…thus getting rid of all of the clutter.
***If anyone has any Thoughts or Ideas Please Post Below…Especially if you take the time to read the Authors entire Thread and find any Good Setups. I didn’t take the time to read anything but the first page.
When I get around to it I will post any other indicators I create here and let you know if I find anything.