This one is a very random indicator but with an excellent concept. Unfortunately, I don't know much about the origin of this indicator or who made it. Still, the first appearance was around 2004 on a Meta Trader forum. There are a lot of variations of the J_TPO indicator. One of them is the J_TPO Velocity. The difference from the original version is that it uses the price range of the latest candles to change the magnitude of the indicator value, but the concept is the same.
In its original form, an oscillator between -1 and +1 is a nonparametric statistic quantifying how well the prices are ordered in consecutive ups (+1) or downs (-1), or intermediate cases. The velocity variation adds the price range, and this script variation adds a baseline as a filter for the indicator. This indicator will work as a confirmation indicator. Using it with the trend filter will work as an entry indicator.
Besides the columns representing the indicator's values, 2 more signals will be printed on the chart. One is the middle cross, the other the kicking middle cross. The first will print a signal when the J_TPO crosses the middle line (0) in favor of the trend. A diamond will be printed when the baseline is above 0, and the cross is upwards. The inverse for crosses downwards. The other signal is the Kicking middle cross which will appear when the cross comes after an opposite cross. This will give only one signal per cross in the same direction, which may help identify earlier the trend direction.
Thank you, default settings are optmized for 4 hours right ? What settings should I use for 1D please ?
ThiagoSchmitz
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@gmeneguzzo, for 1D, I believe you can use the same settings, but it depends on what market you want to use them. If you operate in crypto markets, you may choose lower time frames, not just this indicator, because it works as a confirmation indicator. For Forex and commodities markets, you may find this indicator working better at higher time frames, like 4h and 1D
Hi,Kicking Cross Up & Kicking Cross Down hinting a big rally if it is used in conjunction with other indicators. This triggers can be used for shortlisting stocks for trading . By only request to you is if you can merge both Kicking commands into one single alert.