Combined Rate of change for EMA 55,21,7 and multiplied by Chaikin Osc.
So far this looks very promising to get into trends earlier, but still hangs up in flat markets. I recommend using this on the daily chart and entering 10-15 pips above or below close.
Enter long when blue line crosses above 0
Enter Short when blue line crosses below 0
Versionsinformation
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**dramatic update**
I've added code for a few other indicators into this script to help filter out some losses and also removed the limits I had set on the previous version to make it significantly more responsive. Enter long on black cross, Enter short on red cross.
(This indicator includes scripts from several other authors that are used to filter out signals including attar explosion, william % R, TEMA 9,
While it does indeed give some early trend signals on the daily timeframe problem arises with stoploss. When you are trading forex on the daily timeframe your stoplosses need to be huge. Therefore it is perhaps not efficient to do so. Is there any way you could make it into an hourly indicator?
jaymaynard84
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@DEAD_HUNTER, I don't see an easy way to make this work on the hourly. I usually set my stoploss at 1.5x the ATR and my first take profit at 1x ATR. I haven't back tested combo yet but Attar explosion Line looks like it will filter out many losses any you may be able to increase risk.