The Market Cycle Indicator is a tool that integrates the elements of RSI, Stochastic RSI, and Donchian Channels. It is designed to detect market cycles, enabling traders to enter and exit the market at the most opportune times.
This indicator provides a unique perspective on the market, combining multiple strategies into one unified and weighted approach. By factoring in the inputs from each of these popular technical analysis methods, it offers a more holistic view of the market trends and cycles.
Parameter Details:
Donchian Channels (DCO):
- donchianPeriod: Sets the period for the Donchian Channel calculation. Default is set to 14. - donchianSmoothing: Sets the smoothing factor for the Donchian Channel calculation. Default is set to 3. - donchianPrice: Selects the price type to be used in the Donchian Channel calculation. Default is set to the closing price.
Relative Strength Index (RSI):
- rsiPeriod: Sets the period for the RSI calculation. Default is set to 14. - rsiSmoothing: Sets the smoothing factor for the RSI calculation. Default is set to 3. - rsiPrice: Selects the price type to be used in the RSI calculation. Default is set to the closing price.
Stochastic RSI (StochRSI):
- srsiPeriod: Sets the period for the Stochastic RSI calculation. Default is set to 20. - srsiSmoothing: Sets the smoothing factor for the Stochastic RSI calculation. Default is set to 3. - srsiK: Sets the period for the %K line in the Stochastic RSI calculation. Default is set to 5. - srsiD: Sets the period for the %D line in the Stochastic RSI calculation. Default is set to 5. - srsiPrice: Selects the price type to be used in the Stochastic RSI calculation. Default is set to the closing price.
Weights:
- rsiWeight: Sets the weight for the RSI in the final aggregate calculation. Default is set to 1. - srsiWeight: Sets the weight for the Stochastic RSI in the final aggregate calculation. Default is set to 1. - dcoWeight: Sets the weight for the Donchian Channel in the final aggregate calculation. Default is set to 1.
Limits:
- limitHigh: Sets the upper limit for the indicator. Default is set to 80. - limitLow: Sets the lower limit for the indicator. Default is set to 20.
By customizing these parameters, users can tweak the indicator to align with their own trading strategies and risk tolerance levels. Whether you're a novice or an experienced trader, the Comprehensive Market Cycle Indicator provides valuable insights into the market's behavior.
Hello leap, What a great tool. May I ask to make it even greater?
Can you add another one to the same tool so it becomes a double indicatore in one. With the options: -multiple time frame of 1st one (e.g. chart, 5min, 15,30,1h,4h) -option click to hide/show 2nd indicator -option MTF of 2nd one (chart,4h, 1d, 2d, 1w,2w,1month)
I implemented the indicator as a NYSE/NASDAQ screener to get a daily Buy & Sell watchlist. If their daily Market Cycle is over 80, I add to the Sell watchlist. If it's below 20, I add it to the Buy watchlist.
What a great tool.
May I ask to make it even greater?
Can you add another one to the same tool so it becomes a double indicatore in one.
With the options:
-multiple time frame of 1st one (e.g. chart, 5min, 15,30,1h,4h)
-option click to hide/show 2nd indicator
-option MTF of 2nd one (chart,4h, 1d, 2d, 1w,2w,1month)
It will be a great tool all in 1 indicator.
Cheers.