TransparentTrader wrote: Wed Mar 22, 2023 11:01 am A Scary-Accurate, Super-Simple Non-Repainting Indicator For Identifying Market Tops & Bottoms In Real-Time?

mrtools, kvak, if you have the bandwidth to take this project on, there's something very interesting I discovered from the NinjaTrader vendor known as Ninza.

They JUST released a brand-new $169 indicator called "Multi-Osc OB/OS Overlap (Multiple-Oscillator Overbought/Oversold Overlap)"

From the description, it works in a very straightforward manner:





According to NinjaScript, the programming language for NinjaTrader 8, there are 5 dedicated signals:

• Signal_Detection: -1 = detection of overlap OB, 1 = detection of overlap OS, 0 = none
• Signal_State: 1 = overlap OB, -1 = overlap OS, 0 = no overlap
• Signal_StateMFI: 1 = overbought, -1 = oversold, 0 = middle
• Signal_StateRSI: 1 = overbought, -1 = oversold, 0 = middle
• Signal_StateStoch: 1 = overbought, -1 = oversold, 0 = middle

There are too many example pictures on the website to share, but take a look at how the indicator appears on a mean/median Renko chart and a normal candlestick chart:

The rows in the indicator for all four pictures are (from top to bottom) MFI, RSI, Stochastic

There are only two forms of hesitation I have with this indicator:

1) I would like to ask the folks at Ninza what indicator settings they used to generate their example pictures, but there's no guarantee they will be willing to share this information with someone who hasn't bought the indicator.
2) It will not have the same scary accuracy on traditional Renko charts as it does on median/mean Renko charts and other unorthodox Renko cahrts.

But I'm curious to find this out for myself, so my request would be the following: Given how simplistic this indicator is, is there any way we could make a version for MT4?

I imagine you would need the following inputs to make a viable clone:

• Settings that would allow you to individually edit the parameters of RSI, MFI, and Stochastic. Nothing complicated for now, just whatever default settings and inputs they come with on MT4
• The ability to edit the threshold for the overbought/oversold zones INDIVIDUALLY for each indicator. As a basic example, the RSI would have overbought/oversold zones of 70/30, the Stochastic would have 80/20, and the MFI would have 90/10
• Changing what color the indicator displays when all three indicators are in overbought/oversold zones, as evidenced in the last picture with the green and orange colors
• Alerts for when the overbought/oversold threshold has been met for all 3 indicators
• Not necessarily arrows, but some on-chart symbol that the overbought/oversold threshold has been met for all 3 indicators on a given candle
• An interesting bonus feature would be to have the candles associated with all 3 indicators reaching overbought/oversold thresholds painted a different color (for example, red for all 3 indicators overbought and blue for all 3 indicators oversold)
• I would ask for MTF/AHTF capabilities but I do not know if this would improve the accuracy/frequency of trading signals, let alone be of much use. Something to think about for the future.

Please let me know if this indicator request is reasonable in what is being asked.

I think it's a unique twist on 3 of the most commonly used indicators that can provide us with a valuable way of visually seeing where the market has headed and where it may go in the future!