Custom Indicator Alerts?

[tradersaavy]

You're awesome Alexis !

[jouster]

Public Domain and Indicators

Hello Alexis, Thanks for your work on the ADX/DMI a few months ago. I had some questions related to the commercial use of indicator formulas. I have a general question and then more specific examples.
When using or customizing previously designed indicator formulas what constitutes 'public domain"? For example I've seen some subscription trading sites where they're charging just for a special technique for using moving averages and the MACD together. If I add extra functions to the "Smith Whizbang X " formula, which I found in open libraries such as at eSignal, Tradestation, etc., when can I call it my own, to sell or just to use in a subscription-accessed trading website? I'm interested in the general ethical issue as well as the legal copyright issue.
For a general example of what I would 'customize' ; First, to add a function that places alert marker lines on the price bars when crossovers occur in a pre-existing formula. These are then given special trading interpretations. Second; to use two formulas when overlayed (for crossover signal purposes). The pre-existing formulas could be rewritten to combine both into one 'new' one.
Thanks ia,
Jouster

[jrbarr]

Dear Alex,

Is it possible to modify the Keltner alert you posted below, KeltnerArEmaAdj(alerts).efs, so that it triggers on a simple moving average instead of an exponential moving average?

Thanks in advance,

jrbarr

[ACM]

jrbarr
The attached revision calls the Keltner.efs in lieu of KeltnerEMA.efs.
The changes implemented are marked in the script.
Alex

[jrbarr]

Dear Alex,

Thanks for your prompt response. On historical data the new script works perfectly.

Thanks again,

jrbarr

[ACM]

jrbarr
FWIW I tested the efs using Tick Replay and it appears to be working correctly also under "real time" conditions.
Alex

[tradersaavy]

So Alex.

Which version of ADX alert will I use if I want:

- display only ADX (no DMI)
- display ADX as a histogram
- create an audio alert when ADX falls BELOW a user specified number

[ACM]

tradersaavy
I would suggest going through this same thread in which you will find several versions of the ADX study that I have written specifically for you. These should contain all the information and examples necessary for you to create any other variation that you may want
Alex

[FX989231]

Alexis

I address this to you because I saw that you did most of the work concerning the ADX alerts.

I have created the attached indicator which basically does the following:
1) Changes colour when NDI and PDI crosses plus ADX is above 18.
2) Gives an alert when the indicator changes colour.

My problem is this:
The alert works only when the indicator changes from Red to Blue and visa versa. Then the ADX is below 18 then no colour is displayed which is correct. I do not know how to add the alert for the following conditions:
1) Blue to neutral
2) Red to neutral
3) Neutral blue
4 Neutral to red.

I would be very greatful if you got any suggestions on how I can accomplish this.

Regards

Kobus

[ACM]

Kobus

The alert works only when the indicator changes from Red to Blue and visa versa....

Actually the alert is triggered at every first instance of either condition (ie Set1 or Set2) returning true. This means that an alert can be triggered even when going from neutral to red (or to blue) if these conditions are occurring for the first time.
If you want an alert to be triggered at every change then you need to define all the conditions that will generate an alert including neutral.
Alex