In my last post I wrote about the Trader's Dynamic Index, or TDI. I don't really like it that much though. The reason I don't like it is because it does not update until after a candle closes. While this is helpful for avoiding headfakes, it is not so good when price reverses with a substantial candle. Since reversals are much more frequent than headfakes, I prefer something else.
I prefer to use the Williams Percent (%) indicator instead. I will explain how to set this up and then you can experiment with it and determine whether or not you like it's signals.
You should build this in these steps. The bollinger band must be the first indicator installed or it will not install correctly. First install the indicator window. Set the periods to whatever you want, and choose the color NONE. Then drag a bollinger band on top of it, set it to 34 periods, (like the TDI), Deviation 2, First Indicator. Next, drag a moving average, period 3, Simple, First Indicator. Next, another moving average, period 4, Simple, First Indicator. Finally another moving average, period 34, Simple, First Indicator. The color choices are up to you. What you have now is a smoothed Williams % designed like a TDI. It maintains the chararcteristics of the Williams % as far as the -20 and -80 line, but adds the additional upper and lower control limits of the bollinger band, as well as crossovers of the moving averages.
You might find this useful:) Good Luck:)
I prefer to use the Williams Percent (%) indicator instead. I will explain how to set this up and then you can experiment with it and determine whether or not you like it's signals.
You should build this in these steps. The bollinger band must be the first indicator installed or it will not install correctly. First install the indicator window. Set the periods to whatever you want, and choose the color NONE. Then drag a bollinger band on top of it, set it to 34 periods, (like the TDI), Deviation 2, First Indicator. Next, drag a moving average, period 3, Simple, First Indicator. Next, another moving average, period 4, Simple, First Indicator. Finally another moving average, period 34, Simple, First Indicator. The color choices are up to you. What you have now is a smoothed Williams % designed like a TDI. It maintains the chararcteristics of the Williams % as far as the -20 and -80 line, but adds the additional upper and lower control limits of the bollinger band, as well as crossovers of the moving averages.
You might find this useful:) Good Luck:)
5 comments:
I can not get my BB to stick over the Williams % indicator. When I drag and drop it falls into the top with the price.
@Craig I bet you did not choose First Indicator Data in the Applied to Option
You say to install BB first - this is incorrect, you need to install %R first then BB. Also you don't state period for %R. Ta :)
can you please explain it in detail..i still cant get it right...
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