Rubber Band Indicator

[Wallan1 10]

Thanks for the RubberBand Indicator, looks like it may have some good possibilities for me, a scalper at heart.

 

I took the liberty of making some changes that helped me apply it to my scalping needs. I added:

1. ColorChange Option

a. Option 1 is just with slope

b. Option 2 is slope plus using the MultiLow & MultiHigh plots as a trigger point

2. Scalability, so I could insert it in to a subgraph with other indicators

3. OverBought/OverSold line option

4. Inputs defaulted to use on my ES, 610 share bar chart

 

It appears the stronger moves originate when the Osc breaks below OB for a short and confirmed when the Osc breaks below MultiHigh and above OS amd abpve MultiLow for a long. Using other indicators as a directional filter, this indicator spots most every move.

 

Thanks again for the RubberBand!!

 

 

Code Below:

 

 

[LegacyColorValue = true];

 

Input:

LongLeg (89),

ShortLeg (55),

MultiLeg (89),

MultiW (0.55),

Scale (1000),

ColorChange (2 {1= Slope; 2= Slope+MultiH/L}),

UpColor (Blue),

UpCaution (Cyan),

DnColor (Red),

DnCaution (Magenta),

DispOb_OS (TRUE),

OB_OS (50);

 

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) );

 

//**** Display *******************************************************************************

 

Plot1(MultiOsc *Scale, "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 *Scale,"MH");

Plot3 (MultiLow *Scale,"ML");

 

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

 

If DispOB_OS = TRUE Then Begin

Plot4 (OB_OS, "OverBought");

Plot5 (OB_OS * -1, "OverSold");

End;

 

//**** Color Criteria **************************************************************************

 

If ColorChange = 1 Then Begin

If MultiOsc > MultiOsc[1] then

SetPlotColor (1, UpColor);

If MultiOsc < MultiOsc[1] Then

SetPlotColor (1, DnColor);

End;

 

 

If ColorChange = 2 Then Begin

If MultiOsc > MultiOsc[1] AND MultiOsc < MultiLow Then

SetPlotColor (1, UpCaution);

If MultiOsc > MultiOsc[1] AND MultiOsc > MultiLow Then

SetPlotColor (1, UpColor);

 

If MultiOsc < MultiOsc[1] And MultiOsc < MultiHigh Then

SetPlotColor (1, DnColor);

If MultiOsc < MultiOsc[1] AND MultiOsc > MultiHigh Then

SetPlotColor (1, DnCaution);

 

End;

[ajax358 10]

thx.....a question.

Can one 'copy' this above code & "paste" it to easylanguage, & then make a 'new' indicator/ELD? Not a techie here, but know how to copy & paste to make one. Thanks for the reply in advance.

 

ajax358

[Tams 20]

thx.....a question.

Can one 'copy' this above code & "paste" it to easylanguage, & then make a 'new' indicator/ELD? Not a techie here, but know how to copy & paste to make one. Thanks for the reply in advance.

 

ajax358

 

I don't think TradeStation was designed for techies.

Can you read?

eg. the user manual table of contents.

[ajax358 10]

yes, i can read. Thx for the condescending remark....that was not necessary nor required. I asked a legitamte question to the author, not a smart ass commment from a person that obviously does not care. A real helpful response would be most approriate. Thanks for pointing out my stupidity, & I will read the users manual....real nice of you. Why not think of others before smartass comments made. Thx for the not help.

[Tams 20]

yes, i can read. Thx for the condescending remark....that was not necessary nor required. I asked a legitamte question to the author, not a smart ass commment from a person that obviously does not care. A real helpful response would be most approriate. Thanks for pointing out my stupidity, & I will read the users manual....real nice of you. Why not think of others before smartass comments made. Thx for the not help.

 

you talk as if you don't know how to make an indicator

[ajax358 10]

I simply asked a question & advice....do not make assumptions you do not know about. Besides, as social apology would be in order & appropriate, that is if in ones consciuosness for comments made....

[Dirk 10]

you talk as if you don't know how to make an indicator

 

sorry , we are poor people, we are not genius like you........

[ajax358 10]

Dirk....thx for the support against attitudinal people....they make Life harder than it already is...thx for taking my back.

 

to the Author/'neal51'....great Indicator!! Been using it for over a year now.....sees the truns real well on any time frame, from scalping to swing trades. In TS, I use it in a level with the "jtHMA" indicator, as they see the turns very close to one another & validate one another.....& this level of 2 ta's, validates my priimary level of MACD/Stoch combo.....all four make a great read in the turns & trends. Thanks "author" for posting this great indicator.....

 

To this new author update with colors.....will get it copied to TS easylanguage & see if can get it done. If anyone has an already "ELD" of this newer colored one, that would be swell. Thx, for the efforts.....

 

ciao.....ajax358

[Tams 20]

you talk as if you don't know how to make an indicator

 

sorry , we are poor people, we are not genius like you........

 

the truth is, he knows how to make an indicator... LOL

[aaa 10]

************************

 

[TheHardWorkingGuy 10]

Rubber band?

That means elasticity!

And if so, then there must be some good price variation being measured there. If variation is been measured, then most probably, this indicator is based on standard deviation which is a good monitor for volatility,

 

If that is so, with increase in volatility, the band is expected to widen or expand and then tilt at an angle with a set price direction. To get the best of it, I suppose the trend must be understudied and this indicator should be suitable for a long term trend following action or perhaps a long distant price movement observable on higher timeframes.

 

So lines should cross appropriately when there will be enough volatility backing it up.

 

(Moderator: Sorry removed promotional URL for now -- need more history and contributions first)

 

To your trading success.

Aden

[ajax358 10]

Tams..............the truth is NOT that truth....a fact!! The fact is, TS changed the format page, & I could not find the "easylanguage" icon nor link, as they re-ordered the TS tools label. I had to call TS to find out where they put it....was easy when I found it. So, yes I know how to make an indicator, when can find the correct tab/label...as now have. So, no thx or help from you. Hmmmmm, I thought this site was to help one another, not belittle or berate folks??....hmmmm....something for ya to think about, rather than snide remarks. In fact, I have always held your comments & posts with thx, as you post many indicators, & shared them....so that thought & feeling has not changed at all, in fact I appreciate your efforts & have posted those thx to you an number of times.....just the belittleing ones are trite & mundane, & shows the real character of a person.........

Edited December 13, 2010 by ajax358

[ajax358 10]

"Wallan1"................hey great work & thx for sharing. I copied the above text & made an ELD....works great!! Thx very much for sharing!! This indiocator is one of my primary trend indicator, along with "StrategyRTSync", (from the TS library)....they work very well together, in the same level, & turn as Price turns....but have modified/other input settings from yours, that it turns the rubberB just before/as Price turns. Did allot of backtesting until came up with these input settings many months ago, on the first posting rubberB/142 indicator.

 

These faster settings for the inputs I use are these, & try them out & feedback is more than welsome....suggestions to improve especially.

Inputs:

LongLeg= 8

Shortleg= 5

MultiLeg= 5

MultiW= 1

....(the rest I keep the same as yours, but changed the colors for my charts, in the inputs).

 

These settingsd work on all time frames, from my Daily/Weekly swing trade charts, to my daily scalping charts (233/377/610 tick charts)(233tk, as entry chart; & 377/610 as trade mgm charts in the scalp trades).

Hope these settings are helpful to others.

 

ciao......ajax358.....

[ajax358 10]

thx "aaa" .............yup, finally found the new look pages.....

Me not a techie, so if things get changed, I get confused easy...lolll......am a 'doc', not a techie, so this is not my natural terrain to play in, but try....lol....

 

ciao......ajax358

[Tams 20]

Tams..............the truth is NOT that truth....a fact!! The fact is, TS changed the format page, & I could not find the "easylanguage" icon nor link, as they re-ordered the TS tools label. I had to call TS to find out where they put it....was easy when I found it. So, yes I know how to make an indicator, when can find the correct tab/label...as now have. So, no thx or help from you. Hmmmmm, I thought this site was to help one another, not belittle or berate folks??....hmmmm....something for ya to think about, rather than snide remarks. In fact, I have always held your comments & posts with thx, as you post many indicators, & shared them....so that thought & feeling has not changed at all, in fact I appreciate your efforts & have posted those thx to you an number of times.....just the belittleing ones are trite & mundane, & shows the real character of a person.........

 

it wasn't belittling... just a helpful direction

don't you find yourself smarter after reading my suggestion?

[ajax358 10]

Well, your "directions" were of no help at all.

And, as I already stated, & you obviously did not follow your own directions "to read", and that I found it out on 'my own' when went to TS techies, & that had nothing to do with you & was before your post.

Seems there is allot of ego here. Is funny actually, but ya know....truths have been said; the point has been made; the solution is at hand; enough said, & end of topic. Anymore on this is topic is just ego & self centeredness.

I wish you well, & still thank you for all your helpful posts & indicators in the past......

[onesmith 10]

MMS, just so you know regarding quanity vs quality. I don't share random thoughts (like the sample below) because TL is overrun with vendor spam. If you boot me now it will save me the time I intend to spend calling out the flagrant violators. So bring it on if you're certain quantity trumps quality and aren't going to hold vendors accountable to pargraph 5 of the forum guidelines, ...or rewrite p 5 so everyone knows up front where the lines drawn.

 

 

RubberBand.eld reworked until everything fits conceptual norms ...except the wit (what_is_this) var. Anyone recognize the math behind wit or have an intuitive name that identifies wit's conceptual basis? ...this rewrite returns same values as original version.

 

input: fastLen(5), slowLen(35), medLen(10), multiplier(1);
var: fast(c), slow(c), fWt(2/(fastLen+1)), sWt(2/(slowLen+1)), mWt(2/(medLen+1)), osc(0), wit(0);

fast=fast*(1-fWt)+fWt*c;
slow=slow*(1-sWt)+sWt*c;
osc=100*(fast/slow-1);
wit=absvalue(wit)*(1-mWt)+mWt*osc*multiplier;

plot1(osc,"osc");
plot2(wit,"wit");
plot3(-wit,"-wit");

[BlueHorseshoe 10]

FWIW, readings of less then 5 of either dmi line, + or - tend to show reversal areas.

 

Thanks for an interesting idea - I'd never considered using the DMI in this way. Just shows how brainwashed we can be into using an indicator in a particular way. Cheers.