This indicator uses several signals to visualize a "perfect candle" to enter a trade. It colors the background to identify the zones of interest (multiple configurable high or low RSI zones). Underlying is a trendbar with the current MACD direction. It's possible to tweak the indicator with a lot of options in the settings section (e.g. for which period you want a rising DM+-signal, etc.) The indicator is using signals of: --MACD --RSI --PVT --ATR --AD and DMI+/DMI- When all 7 criterias are met it highlights the candle. It also creates different colums with different height and width, so that you can see which signal is OK and which is maybe missing. When all signals are on GO you'll see a Burj-Khalifa-like figure. If not all signals are on GO you'see crippled versions. To be clear: it's not intended to detect trends or supertrends or reversals. It's purpose it's just to decide if this current candle is really going in the right direction. It doesn't prevent upcoming reversals in the opposite direction. The Burj-Khalifa indicator could help to confirm the entry point of an trade which was already planned.
How is this one different from the other one? May I have access to this one as well?
MONEYMENOW
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looks crap work..
FXNEWLIFE
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stupidest indicator i have seen,, it just reflects the color of the candle
Meunier
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@FXNEWLIFE,
Ok thanks for your opinion.
Maybe I should have described in more detail what it does:
The figure is assembled by 7 levels and the levels are only shown when specific conditions are met.
LEVEL 1 + 2:
are checking the DMI signals.
When the candle is bullish DMI+ is on level 1
When the candle is bearish DMI+ is on level 2 and vice versa.
When the candle is bullish DMI+ must be increasing for a period (configurable) and the DMI- should decrease (level 2)
When these conditions are met level 1/2 are shown.
LEVEL 3:
Is checking the Average true range indicator signals for the right direction
LEVEL 4:
Is checking the AD signal. Default setting is checking for a trend with AD > 25.
It's also possible to configure an additional check for a level under a specific value (default under 15).
This is for those who believe that when the AD is under 15 for a while a strong trend reversal is possible.
LEVEL 5:
Is checking the Price volume trend signal. If this is in the direction of the current candle level 5 is shown.
LEVEL 6:
Is checking the RSI signal for a specific period.
So its more or less checking that there are no divergences of RSI direction and pricemovement.
LEVEL 7:
Is checking that the MACD direction is in the direction of the current candle.
Underneath Level 1 there's a colored area for the current MACD direction
Beside all that, you're absolutely right: it also reflects the color of the candle
FXNEWLIFE
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@Meunier, first off , let me apologise for being snappy and mean in how i shared my opinion, please forgive me for my earlier comment. i will read through this whole explanation and understand it
FXNEWLIFE
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@Meunier, so, may waks how this helps, ? while i appreciate all the conditions coded, wouldnt be easier to just look at the candle itself?
Meunier
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@FXNEWLIFE,
To be honest: as a fan of technical analysis, there's much more going on behind the curtain (or candle in this case). A candle shows you the open, high, low, close. You can read a lot from candle patterns - agreed as well. But from my point of view there are a lot of other things to take into consideration. A few examples: what about the trend? Is there any and if so in which direction? Is it going to change soon? Maybe you're watching the last innocent bullish candle before an epic downtrend. What about the market volume? What about the divergence or convergence of moving averages (this can tell you really much ...). RSI up? going down ? Did the %K and %D of the stochastic already cross in the overbought/sold areas? (by the way: In the settings of Burj Khalifa you can switch on an overlay of the stochastic (just to have that in the same place as well).
But anyway: apologies accepted.
But don't forget that some people here in the community are putting a lot of time and brain power in creating added value for "consumers".
FXNEWLIFE
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@Meunier i dodnt mean any disrespect to the effort you have put in, i was simply seeing how different is it and what exact value does it give rather what edge will anyone get. sometime we over complicate in taking so many factors trying to find the holy grail and it actually doesent help