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{=== _Ward's_EMA_Power =====================}
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{This indicator is used help you decide
whether to take a trade or get out of a
trade. It uses EMA cross overs to color
the radar screen cells green, yellow or
red depending on which direction the
"signal EMA" (XAverage1) is moving.

This is basically a RadarScreen Indicator
for a "ribbon" of EMAs.

By default, the cells will light up in
order letting you know how "strong" or
"weak" the trade indication. You can
also load two instances of this indicator
setting the averages in sequence 4 through
10 on the first and then 4, 11, 12, 13,14,
15 and 16 on the second to make a bar of
tweve cells. This looks really cool if you
like things like that.

Also, this indicator gives signals letting
you know if the EMA is rising (+), falling
(-) or the same as last bar (=).

Remember, trading is risky so use this
indicator at your own risk! I hope this
helps make your trading a little more fun.}

{Note: Make sure you load at least enough
additional bars of data for the longest
EMA that you use!}

Below I have attached a couple of screenshots. One shows what the EMAs "see" on a chart and the other is to illistrate that you could still have a clean chart if you wanted to or use some other indicator along with this one.

I was trying to create an EMA crossover trade indicator using two EMAs. Then it hit me. If two EMAs are good, wouldn't 12 be better? Then you could see how strong or weak the signal is or know if you should stay in a trade or not. Some people say EMAs lag because they are a result of history. To overcome this you may be able to do the following. You could set the indicator to use say 25 tick bars (or less) while you look at and trade off of a 1 minute chart. That way you are getting trade signals from the indicator before your chart even shows what is happening!

In the images, I have two instances of the indicator loaded in the same RadarScreen. The settings on the first instance are 4,5,6,7,8,9,10 and on the second 4,11,12,13,14,15,16. I also have loaded 200 additional bars of data. Signals happen when the 4 EMA crosses over or touches any of the other EMAs.

You don't have to use two instances of this indicator for it to work properly. The defaults are setup for 1. Some people don't want to use up 2 indicators worth of valuable desktop real estate.

Enjoy!

[slableak]

Hi Robert.
I installed this in radar Screen. Looks great. I am not sure I understand what each cell 1 thru 6 is telling me. Can you explain that to me?

thanks,
David

[Robert2617]

Sure. Everything keys off of XAverage1. As it moves, touches or crosses any other XAverage, the cells light. Green means it is above it, red below it and yellow for the same as it. Then, the +,-, and = signs tell you which way between each Xaverage the Xaverage1 is pointing.

Some say trade when a 4 EMA crosses an 8 EMA (or the 3 and 6 or whatever). This indicator is more sensitive than that on the first few EMAs and less sensitive on the later EMAs at default settings. It is up to you to decide how many greens or reds it takes for you to make a trade. One green? Three greens? Five? That is up to you. Also, just say you are in a long trade and all your lights are green. Price has a pullback, and the first 2 lights turn red. You know you should stay in the trade for more profit because you have previously decided that it takes at least four reds before you make a trade. You can use it to put you in a trade and to take you out. But you have to see it live and decide what your tolerance/risk levels are.

Probably best to watch the the same interval chart and Radar at first to see how it behaves. Then make a decision of what works best for you.

And by the way, I started writing this indicator this past Friday afternoon and only had 3 plots at that time. It was after the close of the day, last night, when I decided to add 3 more so I haven't even seen this in action yet, in all it's glory! However, I do feel confident that it will work as intended.

My idea is to use it as a "strength meter". With only 3 plots it was working and looked great. With 6 or 12 it should rock. I tested it on multiple symbols, time frames and looked at magnified charts to make sure it was working properly. If you notice any oddities, let me know and we can adjust it.

One thing I did notice is that when price is flat, you may get all of one color depending on which way price is slightly trending. So you do still need to look at the chart. At those times, note that price is flat and then when price makes a break one way or the other, you'll know what to do. It appears to work best at up and down times. Keep that in the back of your mind.

[slableak]

Well, I just subscribed today to Radar Screen to try out your indicator. I have seen a lot of post on TS Forum about the Motherlode indicators Avery wrote. Are you familular with his stuff? Also, since I am a Radar beginner do you have any tips or other favorite indicators you might sugest?

thanks,
David

[Robert2617]

Yes I am familiar with Avery's work and because of his work I got RS too! hahahah

My favorites of Avery's are the _Gridiron_II_SR15, SMAA_ROC and SMAA_LLMACD. I'm trying out SMAA_VolumeSpike. I also like a lot of the others but I found myself over indicated!

I think the best one by far is the Gridiron Pivots. I can't see myself trading without it.

I created a couple basic color coded indicators to compliment the one's I just mentioned. I haven't put them on the downloads section here yet but you can find them here: http://www.traderslaboratory.com/for....html#post5925

So for now I have:

Rate of Change
Fast MACD
Slow Stochastics
On Balance Volume
Volume Spikes
12 EMAs
Tick and Trin
Time and Sales
Tick Delta
HA Paint Bars

All that and a crisp clean chart to look at. All put together it looks like the screenshot attached. I use my mouse wheel on the top left RS to change between the chart intervals. Scroll and click.

There is another really good RS indicator you should try. That one is called "Tradable Symbols" and it can be found on the TS forums.

[slableak]

Hi Robert,

thanks for the help and the indicators. Somehow I missed the gridiron indicator. I am going to see if I can find it on TS forum.

thanks,
David

[slableak]

It looks like finding the Gridiron Pivots is like looking for a needle in a hay stack. Could you post it for me?

thanks,
David

[Robert2617]

Originally found in TRO's Motherlodes. He updated this particular indicator this week. Attached.