The Market Mode Indicator was created by John Ehlers (Rocket Science For Traders pgs 114-117) and this is a handy tool that will tell you if the market is currently in a cycle or a trend. When the current market is in a cycle or choppy state then the indicator will read 0 and when it is in a trend then it will read 1. He uses some advanced digital signal processing to figure out the current trend and for how long it has been trending. I have included buy and sell signals using the trendline and so buy when the line turns green and sell when it turns red. Let me know if this indicator is useful for you.
Let me know if there are any other indicators you would like to see me publish!
I was waiting for this kind of indicator by Ehlers! Thank you for writing it Cheatcountry, I'm checking all your scripts daily.
Too bad this one doesn't really look accurate, it's mostly at 1 even tho markets range 70% of the time, hope he'll improve it or make a new one.
cheatcountry
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@Berni-, thanks and this one was one of his first indicators. I will be publishing another one that he did a bit later so I would compare and contrast with this one
chefwiththecode
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this repaints :(
cheatcountry
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@yourexdante, this doesn't repaint by default
crypteisfuture
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@cheatcountry, i think this one is really repaints, triple checked this, compared to another your indicators with same logic (security func, source, etc.) another ones doesn't repaint, with same (security func, timeframe, source)
Too bad this one doesn't really look accurate, it's mostly at 1 even tho markets range 70% of the time, hope he'll improve it or make a new one.