Technical Indicators — What’s Useful & What Isn’t | Lux Algo

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1. Introduction

2. Evolution Of Technical Indicators

3. Technical Indicators Performances

4. Are Popular Indicators Better Than Less Popular Ones?

5. Redundant Information

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6. Repainting And Non Causality

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7. Conclusions

8. Codes Used In Snapshots

8.1 Moving Average Ribbon

//@version=4
study(“My Script”,overlay=true)
ma1 = ema(close,20)
ma2 = ema(close,40)
ma3 = ema(close,60)
ma4 = ema(close,80)
ma5 = ema(close,100)
ma6 = ema(close,120)
ma7 = ema(close,140)
ma8 = ema(close,160)
a = plot(ma1,transp=100)
b = plot(ma2,transp=100)
c = plot(ma3,transp=100)
d = plot(ma4,transp=100)
e = plot(ma5,transp=100)
f = plot(ma6,transp=100)
g = plot(ma7,transp=100)
h = plot(ma8,transp=100)
F(x)=>x>ma8?#0cb51a:#ff1100
fill(a,b,F(ma1),transp=80)
fill(b,c,F(ma2),transp=70)
fill(c,d,F(ma3),transp=60)
fill(d,e,F(ma4),transp=50)
fill(e,f,F(ma5),transp=40)
fill(f,g,F(ma6),transp=30)
fill(g,h,F(ma7),transp=20)

8.2 Pivots S/R (negative offset)

//@version=4
study(“Pivots S/R (negative offset)”,overlay=true)
length = input(14)
//----
ph = fixnan(pivothigh(length,length))
pl = fixnan(pivotlow(length,length))
plot(ph,”Plot”,change(ph) ? na : color.black,2,offset=-length)
plot(pl,”Plot”,change(pl) ? na : color.black,2,offset=-length)

9. References

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