I am searching for an MT4 indicator which will place a arrow or symbol on a bar n days back (i.e, the arrow will always be n days back)This is helpful in finding out and 'anticipating' the future direction of a Moving Average. The idea is taken from Chick Goslins trading system.N is a fixed number ...for instance if you are using a 50 day SMA to determine the trend, N would be 50 and the arrow would point to the 50th day (to the left!) from the current day. This will show the bar which will be dropped off tomorrow when a new bar forms. The logic is that by seeing the bars which will be dropped off we can 'anticipate' the future direction of the SMA. Hope it makes sense. To quote from the Chick Goslin book Trading Day by Day:
"The Trend Line:
The trend line is a 49 day Simple Moving Average whose function is to indicate the existing long term directional price energy flow. The basic idea of the trend line is, if the current price is higher than it was a couple of months ago (ie. ten weeks ago), then the trend of the price is presumed to be up. Over any meaningful period of time, the best (ie. the highest probability) trades will be those markets with well established trends
Anticipating the trend line: To anticipate the direction the moving average will head next, simply compare the price area of the past few weeks with the prices around ten weeks ago. In other words, if current prices are clearly higher than they were ten weeks ago, we can anticipate the 10 week MA will continue moving up; if lower, we can anticipate it will continue to move down
Highlight Bar n days back
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I am searching for an MT4 indicator which will place a arrow or symbol on a bar n days back (i.e, the arrow will always be n days back)This is helpful in finding out and 'anticipating' the future direction of a Moving Average. The idea is taken from Chick Goslins trading system.N is a fixed number ...for instance if you are using a 50 day SMA to determine the trend, N would be 50 and the arrow would point to the 50th day (to the left!) from the current day. This will show the bar which will be dropped off tomorrow when a new bar forms. The logic is that by seeing the bars which will be dropped off we can 'anticipate' the future direction of the SMA. Hope it makes sense. To quote from the Chick Goslin book Trading Day by Day:
"The Trend Line:
The trend line is a 49 day Simple Moving Average whose function is to indicate the existing long term directional price energy flow. The basic idea of the trend line is, if the current price is higher than it was a couple of months ago (ie. ten weeks ago), then the trend of the price is presumed to be up. Over any meaningful period of time, the best (ie. the highest probability) trades will be those markets with well established trends
Anticipating the trend line: To anticipate the direction the moving average will head next, simply compare the price area of the past few weeks with the prices around ten weeks ago. In other words, if current prices are clearly higher than they were ten weeks ago, we can anticipate the 10 week MA will continue moving up; if lower, we can anticipate it will continue to move down