Another kind of trend indicator

[ifykris]

I have a trend indicator that works more or less like Steven Primo PET-D indicator but, the problem is that, it is an .ex4 file and tends to stall/hang on current mt4s. Looks like it was compiled with an old version of mt4. If this can be decompiled to mq4 and recompiled, it can be a great indicator for us all here. Anyone has an idea what can be done. The indicator works like the candle painter we already have here but, the are no neutral candles. the beauty of this indicator is that it confirms when a candle pattern such as engulfing etc indicates a trend change. If we have a bullish engulfing candle, the candle must have a bullish colour to confirm bullish bias but if the candle is bearish in colour, we avoid going long and vice-versa. Attached is a picture.

 

[hafizhanif84]

I try contact my friend to look for this indicator..thanks for sharing anyway..if succesful, i will upload it here

 

[ifykris]

I try contact my friend to look for this indicator..thanks for sharing anyway..if succesful, i will upload it here

I have the indicator but, it hangs the current Meta Trader4, maybe because it was compiled with old version, I think if it can be decompiled to mq4 file and then compiled with current version of mt4, it will work well. Attached is the indicator.

 

[fxpipsqueaker]

Is this similar to the Heiken-Ashi candles indicator?

 

[erebus]

If you like that sort of thing, Google for Raghee Horner GRaB Candles = Green Red and Blue Candles + the 34 EMA, it's a method

 

[Anexas]

My understanding of the PET-D is that if the closing price is less than EMA15, then you take only short trades (PET-D is RED) and if the closing price is greater than EMA15, then you take only long trades (PET-D is GREEN). Since we have both the EMA10 & EMA20 on our charts, we can imagine the PET-D colour by approximating the EMA15 to be in between our two EMAs.

 

[Ted Noel]

If you like that sort of thing, Google for Raghee Horner GRaB Candles = Green Red and Blue Candles + the 34 EMA, it's a method

Here is the ThinkorSwim code for Raghee Horner's GRaB Candles

***
#GRaB Candles;
#Candle color is determined by close position relative to 34EMA High and 34EMA low;

declare lower;

plot GRaB = Close;
GRaB.DefineColor (“Bull”, (CreateColor(0,166,0)));
GRaB.DefineColor (“Bear”, (CreateColor (221,0,0)));
GRaB.DefineColor (“Neutral”, (CreateColor (0,0,255)));

AssignPriceColor
(If GRaB > ExpAverage (High, 34) then GRaB.color (“Bull”) else
If GRaB < ExpAverage (Low, 34) then GRaB.color (“Bear”)
else
GRaB.color (“Neutral”));