Note: This is Part 2 of a series, in the following link, you have the previous Part 1:
In the first part, I talk about the development of the «Consensio with Signals» indicator.
This indicator works, but in a limited way. I have programed a strategy using this indicator and works, maybe some day I will publish all the results of backtesting different strategies.
Works, but, thinking about my Consensio implementation, there are things missing in the system.
For example, my indicator just look for the positional orders of the SMAs, does not take into account if the SMAs are rising, or falling, and only 6 levels of bull/bear starting to look a little bit insufficient for me, so, I decided incorporate a new variable into an indicator: use the distance of the price to the 3 SMAs, in a ponderated way: the distance of the price versus the long SMA has more weight than the short SMA or the medium SMA.
With this idea, I created this second Consensio script, this time called «Consensio Hystogram Forecasted» (yes, I now, Hystogram is bad spelled…)
Here is how it looks:
This is not an overlayed version, is an histogram, running in a separate space from the main graphic. Shows the bull/bear levels in the upper part and shows an histogram with positive and negative values, calculated from the distance between the price and the SMAs.
The values are calculated using different weights for the distances from the price to each SMAs. These porcentages are definables by the user, but the defaults are:
- 50% for the SMA Long
- 35% for the SMA medium
- 15% for the SMA short
Once this value is calculated, is multiplied for the level of bull/bear and show in the histogram. This give us a little bit more of «whats is going on» info, but I still feeling that this work is not complete. My indicators are not using the change of direction of the SMAs, so… the work must continue!
This indicator is also availlable for any Tradingview user, you can find it in the Tradingview public library of indicators under the name «Consensio Hystogram Forecasted», and also you can find it in this URL: Consensio Hystogram Forecasted
In this URL you can find All of my published scripts in Tradingview: Nakitxu’s Tradingview Indicators, for now, all of them are open to the public.
Don’t hesitate in leave any comments of suggestions (and push the like & follow button… it helps)
0 Comentarios.