RSI2 Target Calculation

I have not been posting to much in the way of source codes on this Blog – thinking my audience would not be of coders mainly.

Here is a little exception, that utilizes the idea of the “sharpie” (a peak) and differentiates between Foundation depth (where a wave structure may spring out from) and shallow depth that could only result in a short, failure sized move and goes with the nearest one it can find.

EUR1094

(on the image there are actual sharpie high lights, the pink rectangles – although they are placed on the RSI8 readings with peak size / sharpness restrictions)

double longtarget = 0;
double shorttarget = 0;

//longsizeup

j=1;
while (j<Bars){
if ( iRSI(Symbol(),30,2,PRICE_MEDIAN,j)<5 && iRSI(Symbol(),30,2,PRICE_MEDIAN,j)<iRSI(Symbol(),30,2,PRICE_MEDIAN,j-1) && iRSI(Symbol(),30,2,PRICE_MEDIAN,j)<iRSI(Symbol(),30,2,PRICE_MEDIAN,j+1)) break;
j++;
}

if (j<Bars) longtarget = NormalizeDouble(iLow(Symbol(),30,j)+LongDistance*10*Point,4);

k=1;
while (k<Bars){
if ( iRSI(Symbol(),30,2,PRICE_MEDIAN,k)<56 && iRSI(Symbol(),30,2,PRICE_MEDIAN,k)<iRSI(Symbol(),30,2,PRICE_MEDIAN,k-1) && iRSI(Symbol(),30,2,PRICE_MEDIAN,k)<iRSI(Symbol(),30,2,PRICE_MEDIAN,k+1)) break;
k++;
}

if (k<Bars && k<j) longtarget = NormalizeDouble(iLow(Symbol(),30,k)+ShortDistance*10*Point,4);
//shortsizedown
l=1;
while (l<Bars){
if ( iRSI(Symbol(),30,2,PRICE_MEDIAN,l)>95 && iRSI(Symbol(),30,2,PRICE_MEDIAN,l)>iRSI(Symbol(),30,2,PRICE_MEDIAN,l-1) && iRSI(Symbol(),30,2,PRICE_MEDIAN,l)>iRSI(Symbol(),30,2,PRICE_MEDIAN,l+1)) break;
l++;
}

if (l<Bars) shorttarget = NormalizeDouble(iHigh(Symbol(),30,l)-LongDistance*10*Point,4);

m=1;
while (m<Bars){
if ( iRSI(Symbol(),30,2,PRICE_MEDIAN,m)>44 && iRSI(Symbol(),30,2,PRICE_MEDIAN,m)>iRSI(Symbol(),30,2,PRICE_MEDIAN,m-1) && iRSI(Symbol(),30,2,PRICE_MEDIAN,m)>iRSI(Symbol(),30,2,PRICE_MEDIAN,m+1)) break;
m++;
}

if (m<Bars && m<l ) shorttarget = NormalizeDouble(iHigh(Symbol(),30,m)-ShortDistance*10*Point,4);

 

What is a failure/short size then? You know it already, it is Fluctuation size plus a quarter Fluctuation at a minimum (rounded down to get a sure hit). The larger move is about 2x Fluctuation.

There are 4 plotted short size moves in dark blue, but the last one is not showing yet for the fractal is not printed for another two candles.

 

By the way, I made a target adjuster EA with the above concept as a first step, before I tuned it into a label.

 

If I have to throw you into deep water, why not now. The above image can explain one of the weirdest concepts you would ever encounter. See the short length wave (failed break) on the left? Then a consolidation and a move lower?

The last move down was not a failed break. In fact, it was a no break. You need to stop thinking in terms of horizontal lines. As long as price does not leave the fluctuation zone, it makes no break out. Even if you saw a low 20 pips lower than the horizontal low on the left.

This would take a lot of digestion, I know.