This is an indicator that compares the rate of change as a proportion to the Feigenbaum Constant (The black line). The green line is a positive divergence from the rate of change, the red is a negative divergence from the rate of change. When the Red line is on top and the green line is on the bottom, then that is a bearish trend. When the Green is on top and the red is on bottom, that is a bullish trend. The black line also helps indicate a general bullish or bearish trend based on how it moves.
When the lines "open up" that means a trend is beginning, when the lines close that means the trend is ending. This indicator is a powerful leading indicator and needs sensitive eyes. Every small movement needs to be given consideration.
Release Notes
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added resolution gaps to fix issues with custom timeframes.
Release Notes
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added an area between 1 and -1 to make it easier to visually find large deviations from market noise.
@JamesCart, maybe you open the code so people might better understand your work and be able to eventually improve it. Found your work very interesting but I do not trade on something I do not understand. Just my 2 cents
inTheFutura
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Hi, what do the shapes on top indicate?
Davethaboss
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Beat me to it. I wanted to create an indicator that measured the length of x in terms of time with each confirmed price cycle going up and down (this would be based on another indicator) and make it proportional to the Feigenbaum constant of 4.6....... I then wanted to calculate the height of y with price reflecting on itself and make it proportional to the Feigenbaum alpha constant which is like 2.5.... The alpha constant also expresses the fibonacci sequence in the logistic map. The indicator would try and look for fibonacci ratios as well.
Do you mind sharing me some of your code? I can do the math I just have difficulty programming.
juanspot13768
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@Davethaboss, Hello, did you get to get something like that?
Davethaboss
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@juanspot13768, Hey man. Still working on it. This ended up becoming harder than usual to actually program. This indicator of James Cart's also has a couple bugs that I think he hasn't had the time to fix yet. Will let you know when I complete mine.
I am sure we can recreate this concept by using similar principals.
JamesCart
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@Davethaboss, it has been very difficult. I was able to fix it for a moment, but when I change tabs or the chart updates the problem persists. I noticed that the gap is the same length of time as the custom time frame, so I am guessing that tradingview just doesn't display data adjusting in real time, only data it already has generated. Even if I change the resolution to an hard coded time frame the problem persists. This may just be a problem with Tradingview.
JamesCart
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@Davethaboss, I think I fixed it with the ability to turn gaps on or off. Its not quite elegant, but it gets the job done.
Davethaboss
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@JamesCart, It has fixed the gap issue but, has made the indicator more laggy. It actually makes sense to me what the gap is. If I am on 3m TF with the indicator timeframe set to 15m I have to wait approximately 5 bars which equates to 15 minutes before the indicator actually begins to plot. Whatever you are using to source "Indicator Timeframe" may not be doing what you think it is doing.
Pretty crazy bug nonetheless haha!
Appreciate your help. You are probably busy so when you get the chance to fix it you will. Hopefully, I finish my indicator by then and people can use both mine and yours in tandem with each other for some true chaos!
mrheck
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@Davethaboss, @JamesCart in the code, consider using request.security(syminfo.tickerid, "1", close, barmerge.gaps_off, lookahead=barmerge.lookahead_on) instead of just 'close'. That way it will use 1m data regardless of what timeframe you're on in the chart.