Hi All,
Please take a look at the advanced MTF AllAbsoluteMarket_v2 which with a sufficient accuracy allows defining 6 market states, exactly:
- Bull market
- Bear market
- Correction in a bull market.
- Correction in a bear market (Bear Market Rally)
- Choppy market
- Flat(or Sideways) market
As in AbsoluteStrength to define the market forces 3 methods of calculation are used: RSI, Stochastic and DMI. Using Length, PreSmooth, Smooth, Signal и MA_Method parameters you can achieve the desired accuracy of calculation. Keep in mind that a period of a signal line (Signal) starts from 1, in this case Bulls and Bears values on the previous bar are used.
The indicator also applies a set algorithm for calculation used on high timeframes. It allows putting several indicators in one subwindow for different timeframes as it has been displayed in the image.
If parameter AlertMode=1, then a monitor will display messages informing about changing market conditions.
Attachment 831
Also just want to note this indicator maybe is only one which can show so many market conditions.
Regards,
Igor
UPDATES:
2013.04.22 - version v2.1: 1 minor bug fixed.