So I have just concluded my testing of this as a confirmation indicator. At certain settings for the length parameter, this does give a 61% NNFX win rate for BM5 pairs over 2018/19 (my worst win rate period for other indicators). On that basis, this qualifies for further testing which I will do.josi wrote: Mon Mar 04, 2024 12:00 am feedback (but NO criticism...):
there are some good and relevant signals BUT
while I like the idea, I don't quite see the "monster" in this breakout indicator;
as far as I can tell there are a lot of false signals that lead directly to losing trades:
during ranges the signal appears so late that the move is almost at an end (entry too late to make money)
Had you traded all of the signals, you'd probably have lost money...
(compare the simplest alternative, using TLs)
The indicator I posted originally had a bug in it which I have fixed and uploaded the new version here
