EFS and trading question

[DavidZ]

Renko is based on new boxes being completed and is only price dependent. The time interval of the chart basically says how often to check price. I check in small increments ( under a minute ) because I use small box sizes or else several bars can be drawn the next time price is checked.

Like with all indicators - experiment. I like the 'filtering' of signal noise Renko does (except for very fast scalping). The priority of my charts is first Renko, then tick charts, then time based.

[demarcog]

Originally posted by stevehare2003
demarcog,



If you were to have seen some screen shots with cycle analysis on them, that would be something from Chris Kryza, part of the Cycle Pack from Divergence Software. His fileshare name is 'Specialty Scripts'

Regarding the super indicator and the pivot indicator, I put together an efs to show how the data from the library can be used to develop signals. The efs and the link to the library are in the Alternate EFS's thread here http://forum.esignalcentral.com/show...570#post91570. The library was revised to make some of the pivot variable names a bit more user friendly and there were some other minor changes to the pivot portion of the library as well. As a result, the latest copy of the library will have to be downloaded to run the efs.

The library pivot functionality and the referenced efs is set to use "breaks" of the projected trend lines. It also evaluates other variables and combines the conditionals to determine whether to trade. Crosses of the moving averages of the highs and the lows of the indicators are treated as varying overbought and oversold levels (for the indicator sent to the pivot library). The way the pivots are calculated does not lend them to be support or resistance levels, although I am sure they could be if set up correctly using price as an input. There are a couple of examples in the help file that use price as an input, however the original intent was that the pivots be used to draw trend line extensions. As to making this tool work for you, try modifying the efs variables, or modifying the values contained in the Pivots declaration.

Steve,

Thanks very much for the response. I looked at the studies and they look amazing. I'll have to spend alot more time looking at the code, would like to do some backtesting but need a better handle on the logic...

Right now I'm struggling with trying to get some reasonably accurate results out of the backtester using a Renko chart and it may not be possible in fast moving markets.