When the RCVI switch significantly positive, it indicates a sudden increase in volatility ; whereas, when the RCVI switch significantly negative, it indicates a sudden decrease in volatility -- in relative to the (just prior) market trend.
A positive (green) RCDI indicates a net positive price trend, while a negative (red) RCDI indicates a net negative price trend.
Buy/Sell strategy circle-markers, derived base on the interaction between the RCVI and the RCDI , are also introduced in this edition. The parameters should be manually "history-matched", for a particular chart and time-frame, for the best result.
Note: In no way is this intended as a financial/investment/trading advice. You are responsible for your own investment decisions and trades. Please exercise your own judgement for your own trades base on your own risk-aversion level and goals as an investor or a trader. The use of OTHER indicators and analysis in conjunction (tailored to your own style of investing/trading) will help improve confidence of your analysis, for you to determine your own trade decisions.
PRISM (pSAR based oscillator, with RSI/StochRSI as well as Momentum/Acceleration/Jerk indicators),
PDF (parabolic SAR /w HighLow Trends Indicator/Bar-color-marking + Dynamic Fib Retrace and Extension Level)
and more to come.
Constructive feedback and suggestions are welcome.
~JuniAiko (=^~^=)v~
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Updated input descriptions.
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Introduced RCVI- and RCDI-softening factors.
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Refactored RCDI Script
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Added Alert conditions.
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Set Default Confirmation Period to only "1". Users can adjust this parameter for a particular chart and time-frame to reduce false-positives wrt to historical trend, before proceeding to use to predict next move, etc.
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Plot titles are now made more descriptive to make it easier to define Alerts.
Certain conditions base were implemented in my Strategies, which have substantially boosted their profitability, viz.:
Increasing trading activities when RCVI is above the upper threshold.
Stop all trading activities when RCVI drops below the lower threshold.
Reduce score-threshold to register a buy order when RCDI is bullish and above 0.5.
Reduce score-threshold to register a sell order when RCDI is bearish and below -0.5.
Your work looks amazing! I've only just started on my trading journey, but if i make some money using your indicators, you have my word a donation is coming your way :) Thanks for all you do to help newbies like me
I'm making scripts as a hobby, and am myself relatively new to TA and am still learning and figuring things out as I go along too -- trying out and identifying what works and what doesn't.
Starting out with paper trading (or keeping to very small trades, to test the emotional waters), and keeping a trading log is the key to success.
Determining and setting the correct stop-losses is crucial to limit your risk in any trades that you make, I had myself learnt.
Good luck with your trades! :)
sgrabowski15
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@cybernetwork, Thank you so much for the great advice and help
cybernetwork
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@sgrabowski15, No problem :) Its always good to share.
These are just some of the important things that I found to be valuable when I just started.
Until I am confident enough, I am sticking to making very small (or paper trades) to accumulate experience first, instead of rushing straight in w/o a solid foundation to stand on. ;)