AllAbsoluteMarket

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.



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.