Ok, thanks for posting the two RSI indis anyway. I think I'll go back to eyeballing the two RSI manually. What's the 'Trix' you speak of?
Re two RSI indis - I think it works better if Fixed Max & Fixed min are unticked, otherwise the max/mins are constrained to certain limits.
Here is a screenshot...
You will see that each time it enters and Supply and Demand Zone and a Harmonic Pattern completes divergence is shown and a nice move follows.
Sometimes you don't need to wait for a pattern but I would advise you do and work only within the supply and demand zones.
Hope to hear your thoughts.
hi Samtastico, we were looking for people that want to work to define the proper SupDem indicator. Probably you use the II_SupDem and this is not really what Sam Seiden teaches.
you can check on this project idea here: Supply/Demand indicator based on Sam Seiden's Rules
and more on SupDem indicators here -> supply demand indicator
harmonic+supdem+divergence is very powerful, agree!
Could you post the TRIX you are using here? Thank you
I have started to use the better volume indicator along with other methods to confirm a likely reversal in price.
If you look at the chart you will see a large red spike on the volume indicator after piercing the TMG bands. The TRIX also confirms this move.
I would usually take this move when it is within the major supply and demand zones and with a harmonic patter but this illustrates the point just fine.
Please do study a little more into volume before you use this indicator live.
For those who were asking about the TRIX it is the standard THV4 trix that I am trying to fix the email notifications for but not quite got there yet.
Here is the TRIX so far.
THV3 Trix v4.01 Div.mq4
Let me know your thoughts.
Last edited by Samtastico; 08-17-2012 at 09:56 AM.
Here are some additional instructions on how the Better Volume works....
How to use the Better Volume Indicator
Volume analysis takes time to learn and master as it is somewhat counterintuitive. The combination of volume and size and close of a bar is the key to analyzing it. Without relating one to the other leads to the wrong interpretation.
Volume traders vow that volume analysis can help identify whether professionals are buying or selling. They keep an eye for unusually high volume and compare it to the background and the range and close of the bar.
High Volume Method.
Very large climatic volume indicates that larger than usual activity is present in the market. It can, therefore, help identify significant reversal points.
Below is an example of an ultra high climatic volume bar and how it pretty much hinted that the weakness was over, at least temporarily. The volume created a significant reversal point and an area of support that stopped the subsequent fall. (The retest of the area is where you want to look to go long)
The high volume or activity in that bar represented a high level of buy orders, due to price not moving lower afterwards. If the very high volume was all sell orders then the subsequent price action would have been an immediate push lower.
Your best opportunities come following ultra-high climatic volume, where reading the bar, previous and following bars will give you a clue of whats to come. Tom Williams denotes it as a learning a language.
It is recommended to learn about price action, reading bars is the most important concept when it comes to volume analysis. This includes the size and close of the bar, compared to size volume.