Riffster X MeterNOTE: this is the 'actual' version of my X Meter indicator. Please ignore the other X Meter post. That was a test to see how the script protection works.
This is one of my indicators. I finally figured out how to convert this to Pinescript from MQ4. This indicator was originally designed to run on a 5 minute chart. It works well on other time frames, but keep the 5 minute chart default in mind. Technically, this is a 'trend' indicator. A few notes:
When the indicator gets above or below the aqua blue line, it won't stay there very long. This doesn't happen very often, but when it does, watch for a reversal.
Trade in the direction of the color unless you are near the aqua blue line. This indicator is pretty accurate. If it is painting green, go long. If it is painting red, go short. When you get near the aqua blue line, stop trading and wait for either an over extension (past the aqua blue line) or a return to unity (the yellow line).
A return to the yellow line is considered a 'reset'. Start over and follow the rules posted above.
This indicator does NOT repaint, so you can trust the historical data. Please let me know if you find a better way to use this data/indicator. Hope it helps.
This is not investment advice, just my opinion(s). Please trade accordingly.
Trade safe and keep an eye on news.
