Bollinger Bands W-bottom pattern

[evan.hatch]

Hi All,

I was wondering how easy or difficult it would be to develop an indicator to produce a W-bottom pattern so that this could be output in the market analyser when scanning hundreds of stocks sitting there.
Is this something which anyone thinks would be complicated or possible for a newbie which I am.
I look forward to hearing if anyone has any ideas.

Many thanks,

Evan

[NinjaTrader_JessicaP]

Hello Evan, and thank you for your question.

Such an indicator is possible through the Market Analyzer. To design such an indicator, you will first want to start with a chart with 2 indicators on it. You can then review the information I will provide on global scope. Your goal here should be to get both indicators on 2 different instrument feeds, and to plot the smaller of the two closing prices. Once you have done this in a chart, you can move on to doing the same thing in an indicator column.

With respect to accessing the global scope :
For NinjaTrader 7, this is very easy. We provide the files (My) Documents\NinjaTrader 7\bin\Custom\Indicator\UserDefinedMethods.cs and (My) Documents\NinjaTrader 7\bin\Custom\Strategy\UserDefinedMethods.cs . You can store global variables that will be included for all Indicators in this file. Make sure they are part of the Indicator class. For example,


partial class Indicator
{
/// <summary>all the plots from all the indicators</summary>
public static Plot[][] allThePlots;
}



NinjaTrader 8 will not have a similar file. I am including a publicly available link from the MSDN C# documentation which will guide you toward putting together a global scope file in NT8.

https://msdn.microsoft.com/en-us/library/c3ay4x3d.aspx

Whichever way you choose, you will want to add some logic surrounding your global objects.


Please let us know if there are any other ways we can help.

[evan.hatch]

Many thanks for the quick response Jessica. I am using NT 7 and have since noticed that I posted this in the forum for version 8.
Are you able to move it to the Indicator Development forum for Version 7 please.

I understand your response and understand the need to get it right first in a chart to prove the logic so that it can be then used as an output in the market analyser.

I guess your answer shows that the code to identify a W-bottom with the Bollinger bands doesn't exist or if it does then it is not widely available.

I suspect that to write the code to interrogate the values for the actual W points is the technically challenging part of the solution and probably way beyond my ability unless I find similar code for another indicator which I can tweak.

So I think as long as I can identify the potential W-bottom stocks whose first bottom point falls below the lower BB then I can manually analyse those stocks further in the days thereafter to see if they do fulfill the criteria for a W-bottom pattern.

Any further thoughts and assistance from anyone would be most welcome.

Many thanks,

Evan