Slingshot indicator

[saschja]

Hello,

I've searched all over the forum for a Slingshot indicator and couldn't find one.

Anyone ?

Thanks in advance.

Saschja.

[zoltran]

Hello Saschja

Slingshot is a pretty broad and over-used term... I can think of about a dozen indicators that have some sort of 'slingshot'.

Can you post some references, pictures etc?

[saschja]

Hello Saschja

Slingshot is a pretty broad and over-used term... I can think of about a dozen indicators that have some sort of 'slingshot'.

Can you post some references, pictures etc?

Hello Zoltran,

Thanks for reaction.
Below you find a description and a Formula made for Amibroker and a picture.

per=Param("indicator period",7,3,200,1);
Colorhisto=ParamColor("histogram color",colorGreen);
Colorlow=ParamColor("lows momentum color",colorRed);
Chart=ParamStyle("momentum chart style",styleHistogram,maskAll);
Line=ParamStyle("momlow chart style",styleLine,maskAll);

//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
mom=C-Ref(C,per);
momlo=L-Ref(L,per);
/////////////////////////////////////////////
Plot(MOM,"",Colorhisto,Chart);
Plot(momlo,"",Colorlow,Line);
Plot(0,"",colorBlack,styleLine) ;
//////////////////////////////////////////////////////////////////////////////////
Cond1=C>50 AND ATR(15)>2;
Cond2=momlo> mom AND momlo<0 ;// momlo>mom;
Filter=Cond1 AND Cond2;

AddColumn(C,"close",1.2);


Thanks in advance.
Saschja

[saschja]

[quote=saschja;21908]Hello Zoltran,

[zoltran]

Hi Saschja

The formula appears to plot a standard 'Momentum' of the lows over a "Momentum' of the close.

You don't really need a new indicator for this in NT.
You can plot two Momentum Indicators on the same Panel
Change the 1st one to histogram
Select 'Low' for the 2nd one instead of 'Close'

See picture

Also attached a simple indicator that does the two together

[saschja]

Hello Zoltran,

After studying the Slingshot indicator you wrote and comparing it with the one on my Amibroker trial, I found out they often give the same signal, but sometimes they are not.

Reading over the Amibroker formula which is posted above I saw that there is also the ATR indicator involved.
That will probably give the difference between the two.

Any idea how to put that ATR in the Ninja Slingshot indicator?

Thanks,
Saschja.

[zoltran]

saschja

The ATR in the amibroker formula is only used for Explore/Reports, nothing to do with the plots.

I'm afraid I can't help

[saschja]

Thanks anyway.

Saschja.