by RJH501 » Sat Aug 18, 2012 9:33 am
Hello Apprentice;
My apologies for making an additional change to the buy/sell signal. After reviewing the indicator at several periods on severall time frames it became apparent that buy and sell with the overbought/oversold candles will give too many false signals.
A better approach would be to use the horizontal lines 0, 100, & -100 (or whatever the user selects as overbought/oversold) to create the buy and sell signal.
For Example:
Buy signal one could occur when Green candle crosses overbought line up.
Buy signal two could occur when Green candle crosses center line up.
Buy signal three could occur when Green candle crosses oversold line up.
Sell signal one could occur when Red candle crooses oversold line down.
Sell signal two could occur when Red candle crosses center line down.
Sell signal three could occur when Red candle crosses oversold line down.
I will follow up with a graphical view later today.
Thank you for your assitance and consideration.
RJH