THE ANGLER is incredibly simple in appearance. The color of a line on a chart can be controlled by its slope. No more guessing as to its angle. There are then 3 colors:
The up trigger angle color
The down trigger angle color
The release trigger angle color
The slope is converted to an angle. The line on a chart, basically they are all moving averages of some type, always has a slope/angle value. Now you can see what the current angle is and you can roll the mouse over the line’s history and see what the angle value was at any point.
What up or down angle of a moving average would you like to see to consider a trade? Until now it is just a visual guess. With The Angler you can set specific angles for the line to change color from neutral to the up angle color or the down angle color and issue an optional sound alert.
In mathematics, the slope or gradient of a line is a number that describes both the direction and the steepness of the line. … The direction of a line is either increasing, decreasing, horizontal or vertical. That slope can be converted to an angle and displayed on a chart. You have to be comparing apples to apples for this to be valid. A moving average is comparing price to time. This is not apples to apples. But, when the line is drawn on a computer screen, it is drawing pixels. So, we are comparing pixel to pixel and making the slope/angle calculation based on these apples to apples. BUT, this means if you were comparing the exact same instrument with the exact same periodicity on two different monitors with different resolutions, you would likely get slightly different slope/angle values. This doesn’t matter for you, but if you were comparing your values to a friend’s values, unless he has the identical settings including screen resolution, you will not likely both see the exact same angle value.
Also, the scaling of most charting platforms can automatically change as the price reaches the top or bottom of the chart in order to keep the candlesticks visible. Unless you lock the scaling, this will affect the angle values. Just be aware.
Caveat to the Caveat:
Our coding engineer has solved this issue with something he calls Calibrations.
IT HAS ARRIVED!
The PivotHunter Angler indicator internally measures two data points and then determines and optionally displays what the visual angle is between them. By doing so, you gain an insight that other technical indicators do not provide – what other traders are looking at, and what their minds perceive as steep and/or shallow slopes as price action progresses.
The problem with calculating angles on the chart display is that if either scale (horizontal or vertical) changes, the angles between two given points changes as well. Since your charting program can be set to automatically change the vertical scale as new data arrives, the angles become an inconsistent and moving target. Even resizing the panes in your chart can change everything!
This is why PivotHunter Angler has the ability to calibrate its angle calculation to a given chart layout and “lock” in the geometry of the chart so that all angles calculated from that point forward remain in consistent relation to each other no matter how the chart scales change.
This feature is executed automatically when the PivotHunter Angler is added to a chart, but you may wish to recalibrate it differently than the physical layout that your charting program chooses as a default. Or, perhaps, you wish to calibrate it as if the pane containing your PivotHunter Angler was given all available real estate in your chart’s window, and then after the calibration has been “locked in”, make the pane much smaller.
To calibrate the PivotHunter Angler indicator, just set the chart pane containing it to whatever size you desire. Then open the settings for the indicator and select the “Recalibrate now” setting. Click on the “OK” button (caution: do NOT click on the “Apply” button if it is present) and your screen size is now locked into PivotHunter Angler’s computations. At this point, you can feel free to resize the pane however you like and change the vertical or horizontal scales as you see fit.
If you open the PivotHunter Angler indicator’s settings dialog again, you will see the calibration data that was generated in the “Calibration data” setting. Yes – you can copy and paste this to other instances of the PivotHunter Angler indicator on your machine, or on a machine at some remote location and both will compute the same angles. However, if you do this remember that the instrument (ticker symbol) and periodicity should be the same on both source and destination charts, as well as the data source you are feeding into PivotHunter Angler.
Here are the various settings available
Input Data Type: Open – High – Low – Close – Price with most volume (POC) – Pure Volume – 3Kings (order flow) – 3Cops (momentum)
Smoothing Period Length: anything you want
Smoothing Type: SMA – EMA – HMA – TMA – WMA – DEMA – ZLIMA – LinReg – Gaussian – Butterworth – SavitzkyGolay
THE DOCHIAN ANGLER
Notice the three colors of The Angler’s single line below (Green – Red – Gray) set next to the standard Dochian Channel’s 3 lines. The blue lines that define the channel and the gold line running in the middle of the channel. See the rising green Angler on the left of the chart and how it would keep you in the trade even when price takes a couple of significant dips along the way. Then it goes gray to take you out of the trade. Price continues down and The Angler goes Red and again keeps you in this trade until price turns sideways for an extended period…. not to worry, The Dochian Angler takes you out.
Setting different angle values for the color change allows you to refine The Angler to suit your trading style. Way fun to play with.
This is just one of many data sources for The Angler. You can set any indicator that draws a line as the source. So far we haven’t found an exception to this function of The Angler.
COUPLE OF THINGS
FIRST: SOMETIMES THE ANGLER WILL APPEAR AS ONE COLOR. THIS MEANS IT NEEDS RECALIBRATION. GO INTO THE INDICATORS PROPERTIES WINDOW, SELECT THE ANGLER, SCROLL DOWN TO ‘RECALIBRATE NOW’ AND CHECK THE BOX, THEN CLICK ‘OK’, INSTEAD OF ‘APPLY’.
SECOND: THE INDICATORS ARE SIMPLE IN LOOKS, BUT THEY ARE EXTENSIVE IN DATA PROCESSING. PLEASE GIVE THEM AMPLE TIME TO LOAD.
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