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neal51

Rubber Band Indicator

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Not sure where it even came from, I had this indicator since 2000i was released and always kept it because it looked to have a lot of potential. As far as what it's based on I just don't know. My original intent was to use it on a longer time frame to warn of a reversal.

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^^ my only complaint with it is that its very easy to see those nice "circle shaped" signals that work perfectly in hindsight and to be able to pass on the expansions that expand further or make these megaphone patterns that would chop you up... but in real time i'm thinking they would all look alike so how do you filter out the good from the bad?

 

Anyone got ideas for being able to spot the good expansions and pass on the bad expansions?

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Neal,

This is a fascinating indicator. What the heck are the lines doing? What do they represent? I can't make head or tail out of the Easylanguage---"LongLeg, ShortLeg, MultiLeg, MultiW, tempSyncS" what do any of these mean?

Tasuki

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I had no involvement in creating this indicator. Like I said I found it many years ago and saved it when I stopped using Tradestation. Thought I would share it with everyone here to see if others may find in valuable. For now I'm using it realtime to see if it can be traded profitably.

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It seems as though the red line crossing through wide purple bands is the short signal but the long is when the line crosses up through the narrow bands. It is then okay to stay long while the line is above the bands. It is a little strange. I think it would be wise to confirm the signals with some other indicator to avoid whipsaws.:crap:

 

Now after looking longer I see that the best signals are when the red line crosses the bands at their narrowest (in either direction) and then the bands expand to confirm the direction of the trade. If you compare this with the MACD you can see that the when the bands are at their narrowest it will be at the zero line on the MACD.

Edited by phhill
this was a mistake

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It looks like with a few other indicators, I mainly use CCI and MACD this way, you can use the divergences, like on 12/15, 12/18, 12/29, 1/6 and 1/20 to catch the big moves and very near if not at tops and bottoms. But of course you would use several other indicators with it, the above mentioned CCI & MACD (both sped up quite a bit), slow stochastics (I use a fast and slow one), RSI, and I draw trendlines on the indicators as well as the price to see when they change and/or show divergence.

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I'm begining to see what some of you have pointed out. If you look at the chart attached the red arrows indicate sells, which would have left you with a loss IMO. On a shorter time frame I believe it would be too risky to use

2009-02-24_1203.thumb.png.9f771d3c1589a3f54c7b21a380c845f4.png

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I'm begining to see what some of you have pointed out. If you look at the chart attached the red arrows indicate sells, which would have left you with a loss IMO. On a shorter time frame I believe it would be too risky to use

 

I guess it depends how you define 'expand' as in the first step "wait for the purple line to expand".

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I have added up/down color

 

[LegacyColorValue = true]; 

Input: LongLeg(35), ShortLeg(5), MultiLeg(10), MultiW(1), Show_print(false);
input: upcol(blue), dncol(red);
Var: SyncShort(0), SyncLong(0), SyncMulti(0);
Var: TempSyncS(0), TempSyncL(0), TempSyncM(0), MultiOsc(0);
Var: LongWeight(0), ShortWeight(0), MultiWeight(0), MultiHigh(0), MultiLow(0);
var: DateLock(980116);

ShortWeight = 2/(ShortLeg  + 1);
LongWeight = 2/(LongLeg + 1);

if TempSyncS = 0 then Begin
  SyncShort = Close;
  SyncLong = Close;
  end
Else Begin
  SyncShort = TempSyncS * (1 - ShortWeight) + (ShortWeight * Close);
  SyncLong = TempSyncL * (1 - LongWeight) + (LongWeight * Close);
  end;

TempSyncS = SyncShort;
TempSyncL = SyncLong;


MultiOsc = (100 * ( (SyncShort / SyncLong) - 1) );
plot1(MultiOsc, "MO");


MultiWeight = 2/(MultiLeg  + 1);

if TempSyncM = 0 then
  SyncMulti = MultiOsc
Else 
  SyncMulti = (AbsValue(TempSyncM) * (1 - MultiWeight)) + (MultiWeight * MultiOsc);

TempSyncM = SyncMulti;


MultiHigh = SyncMulti * MultiW;
MultiLow = -1 * MultiHigh;

Plot2(MultiHigh,"MH");
Plot3(MultiLow,"ML");

if SHOW_print then
Print("MO:", MultiOsc, "   MH: ", MultiHigh, "  ML: ", MultiLow);

if MultiOsc > MultiHigh then 
SetPlotColor(1, upcol)
else
if MultiOsc < Multilow then 
SetPlotColor(1, dncol);

plot4(0, "Zero");

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Interesting indicator, just by observation the rubber band (pink lines, original color) are not expanding in the same scale when going under water line than it does above zero, is it possible to adjust that discrepantly ?

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THX!!!! .....great indicator.....have put it in the level below Price, with the indicator "Chart Value" (here on boards)......is great combo & the 'RubberBand/142' verifes the Value Chart so well, almost no losers now & can see the false moves reall well. Thx again for this indicator.... ;)

ajax358

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Seems like a good indicator ..however the problem is one does noy use TS then you are out of luck ...as coding is not that easy ..I use Ensign charts ..it uses ESPL language unless the code is written in that language it will not work ..

Does anyone else use Ensign charts here?

 

Thks for sharing

 

Pat

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