This indicator is a trend indicator for trading charts based on the method of Stan Weinstein. It uses various technical methods to identify four trend phases on an asset: consolidation, advancement, plateauing, and decline. Users can customize the indicator by modifying parameters such as the periods for various calculations, such as the exponential moving average (EMA), the relative strength index (RSI), and support and resistance levels. The results of these calculations are then used to determine if an asset is in a phase of consolidation, advancement, plateauing, or decline.
The results are displayed as markers on the chart, with the following colors:
According to the method of Stan Weinstein, it is recommended to buy an asset during an advancement phase and sell it during a plateauing phase. Similarly, it is recommended to sell an asset during a decline phase and cut this sale when the consolidation phase starts. It is important to note that this indicator is for informational purposes only and should not be used as investment advice. It is important to conduct fundamental and technical analysis before making an investment decision. It is also recommended to combine this analysis with other methods for optimal results and to consider the risks associated with any investment.
All default parameters of this indicator have been carefully chosen to provide the best possible results, however, it is possible to modify them according to personal preferences. It is important to note that modifying certain parameters may make the indicator less relevant and it is therefore recommended not to deviate too much from default values, unless you have a good understanding of the Stan Weinstein method and the technical indicators used.
It is important to note that this indicator is optimized for 1-week charts. It can be used to look at charts at other timeframes but calculations will always be based on weekly data.
Also, it is noteworthy that this indicator is optimized for cryptocurrencies, except Bitcoin, as it is used to calculate the relative strength of a token. However, you can choose the asset or index you want in the menu to calculate the relative strength. Furthermore, all the default settings are carefully chosen, but users are free to modify them, but doing so may result in less relevant results.
Sürüm Notları
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Update 01/27/2023 We have resolved the issue that was preventing the "Consolidation" phase from triggering.
Hi Ecipi, thanks for your work, seems quite interesting to me, testing it right now on M5 timeframe on ES. Will give a feedback after testing, thanks :-)
Ecipi
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@tradingaccount7777777, Hi, thanks a lot for your message! Interesting for the M5, I did not test it in this timeframe. Can't wait to see how it turns out!
Ecipi
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@tradingaccount7777777, Was the test successful? Did you adjust the settings? If so, I'd be curious to know which ones!
tradingaccount7777777
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@Ecipi, hey mate, sorry I've caught the flu and I'm taking a break from the charts right now. I will for sure update once I finish my testing.
Ecipi
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@tradingaccount7777777, Hi, thank you for your answer! I wish you a good recovery, rest well!
EmirCLB21
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Does it is repaint?
Ecipi
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@BTC455, I'm not sure I understand the question. But if you wanted to know if the indicator uses real-time data, it does. And if you wanted to know if I modified an indicator that already existed before, no it doesn't. I did it all from start to finish.
Don't hesitate to tell me if I misunderstood your question!