Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

neal51

Rubber Band Indicator

Recommended Posts

Not sure where it even came from, I had this indicator since 2000i was released and always kept it because it looked to have a lot of potential. As far as what it's based on I just don't know. My original intent was to use it on a longer time frame to warn of a reversal.

Share this post


Link to post
Share on other sites

^^ my only complaint with it is that its very easy to see those nice "circle shaped" signals that work perfectly in hindsight and to be able to pass on the expansions that expand further or make these megaphone patterns that would chop you up... but in real time i'm thinking they would all look alike so how do you filter out the good from the bad?

 

Anyone got ideas for being able to spot the good expansions and pass on the bad expansions?

Share this post


Link to post
Share on other sites

Neal,

This is a fascinating indicator. What the heck are the lines doing? What do they represent? I can't make head or tail out of the Easylanguage---"LongLeg, ShortLeg, MultiLeg, MultiW, tempSyncS" what do any of these mean?

Tasuki

Share this post


Link to post
Share on other sites

I had no involvement in creating this indicator. Like I said I found it many years ago and saved it when I stopped using Tradestation. Thought I would share it with everyone here to see if others may find in valuable. For now I'm using it realtime to see if it can be traded profitably.

Share this post


Link to post
Share on other sites

It seems as though the red line crossing through wide purple bands is the short signal but the long is when the line crosses up through the narrow bands. It is then okay to stay long while the line is above the bands. It is a little strange. I think it would be wise to confirm the signals with some other indicator to avoid whipsaws.:crap:

 

Now after looking longer I see that the best signals are when the red line crosses the bands at their narrowest (in either direction) and then the bands expand to confirm the direction of the trade. If you compare this with the MACD you can see that the when the bands are at their narrowest it will be at the zero line on the MACD.

Edited by phhill
this was a mistake

Share this post


Link to post
Share on other sites

It looks like with a few other indicators, I mainly use CCI and MACD this way, you can use the divergences, like on 12/15, 12/18, 12/29, 1/6 and 1/20 to catch the big moves and very near if not at tops and bottoms. But of course you would use several other indicators with it, the above mentioned CCI & MACD (both sped up quite a bit), slow stochastics (I use a fast and slow one), RSI, and I draw trendlines on the indicators as well as the price to see when they change and/or show divergence.

Share this post


Link to post
Share on other sites

I'm begining to see what some of you have pointed out. If you look at the chart attached the red arrows indicate sells, which would have left you with a loss IMO. On a shorter time frame I believe it would be too risky to use

2009-02-24_1203.thumb.png.9f771d3c1589a3f54c7b21a380c845f4.png

Share this post


Link to post
Share on other sites
I'm begining to see what some of you have pointed out. If you look at the chart attached the red arrows indicate sells, which would have left you with a loss IMO. On a shorter time frame I believe it would be too risky to use

 

I guess it depends how you define 'expand' as in the first step "wait for the purple line to expand".

Share this post


Link to post
Share on other sites

I have added up/down color

 

[LegacyColorValue = true]; 

Input: LongLeg(35), ShortLeg(5), MultiLeg(10), MultiW(1), Show_print(false);
input: upcol(blue), dncol(red);
Var: SyncShort(0), SyncLong(0), SyncMulti(0);
Var: TempSyncS(0), TempSyncL(0), TempSyncM(0), MultiOsc(0);
Var: LongWeight(0), ShortWeight(0), MultiWeight(0), MultiHigh(0), MultiLow(0);
var: DateLock(980116);

ShortWeight = 2/(ShortLeg  + 1);
LongWeight = 2/(LongLeg + 1);

if TempSyncS = 0 then Begin
  SyncShort = Close;
  SyncLong = Close;
  end
Else Begin
  SyncShort = TempSyncS * (1 - ShortWeight) + (ShortWeight * Close);
  SyncLong = TempSyncL * (1 - LongWeight) + (LongWeight * Close);
  end;

TempSyncS = SyncShort;
TempSyncL = SyncLong;


MultiOsc = (100 * ( (SyncShort / SyncLong) - 1) );
plot1(MultiOsc, "MO");


MultiWeight = 2/(MultiLeg  + 1);

if TempSyncM = 0 then
  SyncMulti = MultiOsc
Else 
  SyncMulti = (AbsValue(TempSyncM) * (1 - MultiWeight)) + (MultiWeight * MultiOsc);

TempSyncM = SyncMulti;


MultiHigh = SyncMulti * MultiW;
MultiLow = -1 * MultiHigh;

Plot2(MultiHigh,"MH");
Plot3(MultiLow,"ML");

if SHOW_print then
Print("MO:", MultiOsc, "   MH: ", MultiHigh, "  ML: ", MultiLow);

if MultiOsc > MultiHigh then 
SetPlotColor(1, upcol)
else
if MultiOsc < Multilow then 
SetPlotColor(1, dncol);

plot4(0, "Zero");

Share this post


Link to post
Share on other sites

Interesting indicator, just by observation the rubber band (pink lines, original color) are not expanding in the same scale when going under water line than it does above zero, is it possible to adjust that discrepantly ?

Share this post


Link to post
Share on other sites

THX!!!! .....great indicator.....have put it in the level below Price, with the indicator "Chart Value" (here on boards)......is great combo & the 'RubberBand/142' verifes the Value Chart so well, almost no losers now & can see the false moves reall well. Thx again for this indicator.... ;)

ajax358

Share this post


Link to post
Share on other sites

Seems like a good indicator ..however the problem is one does noy use TS then you are out of luck ...as coding is not that easy ..I use Ensign charts ..it uses ESPL language unless the code is written in that language it will not work ..

Does anyone else use Ensign charts here?

 

Thks for sharing

 

Pat

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Be careful who you blame.   I can tell you one thing for sure.   Effective traders don’t blame others when things start to go wrong.   You can hang onto your tendency to play the victim, or the martyr… but if you want to achieve in trading, you have to be prepared to take responsibility.   People assign reasons to outcomes, whether based on internal or external factors.   When traders face losses, it's common for them to blame bad luck, poor advice, or other external factors, rather than reflecting on their own personal attributes like arrogance, fear, or greed.   This is a challenging lesson to grasp in your trading journey, but one that holds immense value.   This is called attribution theory. Taking responsibility for your actions is the key to improving your trading skills. Pause and ask yourself - What role did I play in my financial decisions?   After all, you were the one who listened to that source, and decided to act on that trade based on the rumour. Attributing results solely to external circumstances is what is known as having an ‘external locus of control’.   It's a concept coined by psychologist Julian Rotter in 1954. A trader with an external locus of control might say, "I made a profit because the markets are currently favourable."   Instead, strive to develop an "internal locus of control" and take ownership of your actions.   Assume that all trading results are within your realm of responsibility and actively seek ways to improve your own behaviour.   This is the fastest route to enhancing your trading abilities. A trader with an internal locus of control might proudly state, "My equity curve is rising because I am a disciplined trader who faithfully follows my trading plan." Author: Louise Bedford Source: https://www.tradinggame.com.au/
    • SELF IMPROVEMENT.   The whole self-help industry began when Dale Carnegie published How to Win Friends and Influence People in 1936. Then came other classics like Think And Grow Rich by Napoleon Hill, Awaken the Giant Within by Tony Robbins toward the end of the century.   Today, teaching people how to improve themselves is a business. A pure ruthless business where some people sell utter bullshit.   There are broke Instagrammers and YouTubers with literally no solid background teaching men how to be attractive to women, how to begin a start-up, how to become successful — most of these guys speaking nothing more than hollow motivational words and cliche stuff. They waste your time. Some of these people who present themselves as hugely successful also give talks and write books.   There are so many books on financial advice, self-improvement, love, etc and some people actually try to read them. They are a waste of time, mostly.   When you start reading a dozen books on finance you realize that they all say the same stuff.   You are not going to live forever in the learning phase. Don't procrastinate by reading bull-shit or the same good knowledge in 10 books. What we ought to do is choose wisely.   Yes. A good book can change your life, given you do what it asks you to do.   All the books I have named up to now are worthy of reading. Tim Ferriss, Simon Sinek, Robert Greene — these guys are worthy of reading. These guys teach what others don't. Their books are unique and actually, come from relevant and successful people.   When Richard Branson writes a book about entrepreneurship, go read it. Every line in that book is said by one of the greatest entrepreneurs of our time.   When a Chinese millionaire( he claims to be) Youtuber who releases a video titled “Why reading books keeps you broke” and a year later another one “My recommendation of books for grand success” you should be wise to tell him to jump from Victoria Falls.   These self-improvement gurus sell you delusions.   They say they have those little tricks that only they know that if you use, everything in your life will be perfect. Those little tricks. We are just “making of a to-do-list before sleeping” away from becoming the next Bill Gates.   There are no little tricks.   There is no success-mantra.   Self-improvement is a trap for 99% of the people. You can't do that unless you are very, very strong.   If you are looking for easy ways, you will only keep wasting your time forgetting that your time on this planet is limited, as alive humans that is.   Also, I feel that people who claim to read like a book a day or promote it are idiots. You retain nothing. When you do read a good book, you read slow, sometimes a whole paragraph, again and again, dwelling on it, trying to internalize its knowledge. You try to understand. You think. It takes time.   It's better to read a good book 10 times than 1000 stupid ones.   So be choosy. Read from the guys who actually know something, not some wannabe ‘influencers’.   Edit: Think And Grow Rich was written as a result of a project assigned to Napoleon Hill by Andrew Carnegie(the 2nd richest man in recent history). He was asked to study the most successful people on the planet and document which characteristics made them great. He did extensive work in studying hundreds of the most successful people of that time. The result was that little book.   Nowadays some people just study Instagram algorithms and think of themselves as a Dale Carnegie or Anthony Robbins. By Nupur Nishant, Quora Profits from free accurate cryptos signals: https://www.predictmag.com/    
    • there is no avoiding loses to be honest, its just how the market is. you win some and hopefully more, but u do lose some. 
    • $CSCO Cisco Systems stock, nice top of range breakout, from Stocks to Watch at https://stockconsultant.com/?CSCOSEPN Septerna stock watch for a bottom breakout, good upside price gap
    • $CSCO Cisco Systems stock, nice top of range breakout, from Stocks to Watch at https://stockconsultant.com/?CSCOSEPN Septerna stock watch for a bottom breakout, good upside price gap
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.