UCS_Top & Bottom Candle

This is an experimental Indicator based on Momentum. Picks the Top & Bottom Candle for most Swing. Please post your opinion or suggestion to improve this indicator.

I have not back tested this completely. This is recently developed Indicator.

Keluarkan daripada Skrip Pilihan Tambah kepada Skrip Pilihan
//Short Term Top and Bottom Candle Identifier
//Code by UCSgears

study("UCS_Top & Bottom Candle", shorttitle = "UCS_T&B", overlay=false)

a = input(5, "Percent K Length")
b = input(3, "Percent D Length")

// Range Calculation
ll = lowest (low, a)
hh = highest (high, a)
diff = hh - ll
rdiff = close - (hh+ll)/2

// Nested Moving Average for smoother curves
avgrel = ema(ema(rdiff,b),b)
avgdiff = ema(ema(diff,b),b)

// Momentum
mom = ((close - close[b])/close[b])*1000

// SMI calculations
SMI = avgdiff != 0 ? (avgrel/(avgdiff/2)*100) : 0
SMIsignal = ema(SMI,b)

plot(mom, title = "Momentum", style = columns, color = yellow)
plot(SMI, title = "Stochastic Momentum Index")
plot(SMIsignal, color= red, title = "SMI Signal Line")

H1 = hline(40, color = red, title = "Over Bought")
H2 = hline(-40, color = green, title = "Over Sold")
H0 = hline(0, color = blue, title = "Zero Line")
fill(H0,H2, color = green, title = "Oversold")
fill(H0,H1, color = red, title = "Overbought")

// Strategy Signals 
// Buy Setup
long = SMI < -35  and mom > 0 and mom[1] < 0 ? lime : na

// Short Setup
short = SMI > 35  and mom < 0 and mom[1] > 0 ? red : na


good early signals.
+6 Balas
@jackvmk, how to get this
Hello, I would like to try all of these indicators (of ucsgears) in my Multicharts...I see that the code must be changed to make it work in MC! how should I do? There are somewhere in the precise codes to be copied and compiled? (sorry my english) thanks
+5 Balas
Cool! Any idea on how it performs on currencies and within the day trading - shorter than daily term trades?
+2 Balas
May be you can back test on currency pair and post suggestions to improve. Play around with the settings, So far, I have only tested it briefly on stocks, with the same settings, haven't found any other better settings yet.
+1 Balas
2use ucsgears
Ok, ill see if i can use it
Mathematically it should work. We are trying to pick the turning point in Swings, by looking for raw indicator and smooth version of the same. SMI vs ROC combination is one. Fast and Full Stochastic is another one, Smooth CCI vs Raw CCI will potentially be another one. They all measure the same (ignore the scales, ie., They Swing around Zero or the Median Line).
+2 Balas
Hey do you still use this Indicator or got a better one? Is there a best time frame to use or canare all same accurate, and is there any other toool that could help?
ucsgears Mertto
@Mertto, Depending on what you are trying to do. If you are trying to pick top and bottom in a stock with absolute accuracy, this indicator wont do it. All It does is shows exhaustion in a move. Use this to get a bargain entry or develop a strategy around it.
Great job
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