What is the purpose of this indicator?
Re: Various (Specialist) indicators for MT4
#322Got this from Investopedia:::
KEY TAKEAWAYS
The derivative oscillator is the difference between a double-smoothed RSI and an SMA of the double-smoothed RSI.
The derivative oscillator is frequently shown as a histogram.
Zero line crossovers are one way to generate trade signals with the indicator. Divergence may also be used.
Understanding the Derivative Oscillator
The technical indicator is a more advanced version of the relative strength index (RSI) that applies moving average convergence-divergence (MACD) principles to a double-smoothed RSI (DS RSI) indicator. The indicator is derived by computing the difference between a double-smoothed RSI and a simple moving average (SMA) of the DS RSI. The indicator's intent is to provide more accurate buy and sell signals than the standard RSI calculation.
The MACD is derived by subtracting the 12-period exponential moving average (EMA) from the 26-period EMA. It is in this way that the derivative oscillator uses MACD principles, since the derivative oscillator is also derived from subtracting the SMA from the double smoothed RSI.
The indicator can be used on any time frame.
Derivative Oscillator Usage
The derivative oscillator is used in the same way as the MACD histogram. Positive readings are considered bullish, negative readings are considered bearish, and crossovers above and below the zero line signal indicate potential buying and selling opportunities. Traders may also look for divergence with the security's price, which could be an indication of an upcoming reversal in the prevailing trend. This happens when the indicator falls and price rises or when price falls and the indicator continues to rise.
Traders should consider using the derivative oscillator in conjunction with other forms of technical analysis, such as price action analysis and chart patterns.
Re: Various (Specialist) indicators for MT4
#323Made this one, it's mtf, you can invert the values, and it's mtf. The coloring and alerts are on vix slope change.
Also has a stochastic vix option and band option.
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- Synthetic VIX - (mtf + alerts).ex4
- (44.46 KiB) Downloaded 305 times
Re: Various (Specialist) indicators for MT4
#324Nice job, mrtools. Set up as in the pic, it keeps me in the trade without much worries. Thank you!
Re: Various (Specialist) indicators for MT4
#325RplusT wrote: ↑Sat Jan 09, 2021 5:40 pmSo you put on two instances of the indicator - one inverted and one not - good idea. Looks a bit like an ADX or the newly designed random walk indicator this way.
Thanks.
One thing I'd like to know, MrTools: why is -1 here the pivotal point (uptrend vs downtrend) and not 0?
Can you see the entries and exits?
Re: Various (Specialist) indicators for MT4
#326u always find innovative ideas out of indicators ... looks very interesting.
Re: Various (Specialist) indicators for MT4
#327Well, haven't traded it yet. That will happen on Monday. But by the look of it, I find it most intriguing that it not only may keep me in the trade but I may be able to trade retracements with confidence and even more, I can add on. I always wanted to get a lot more out of a trade once it's on a nice move. Let's see how it works out in a real trading environment.
Re: Various (Specialist) indicators for MT4
#328Nice work..you just gave me an idea

Re: Various (Specialist) indicators for MT4
#329I'd be interested to hear what you think of it.RplusT wrote: ↑Sat Jan 09, 2021 11:19 pmWell, haven't traded it yet. That will happen on Monday. But by the look of it, I find it most intriguing that it not only may keep me in the trade but I may be able to trade retracements with confidence and even more, I can add on. I always wanted to get a lot more out of a trade once it's on a nice move. Let's see how it works out in a real trading environment.
Be prepared for something like this, though.
Re: Various (Specialist) indicators for MT4
#330
Ha! Now that's creative. Did you insert 2 x VIX into one subwindow with one version using inverted option? Smart

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