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Wednesday
Oct172012

Building a Technical Indicator (McGinley Dynamic Indicator)

So in a chat room somewhere in cyberspace someone asked Mobius about the McGinley Dynamic Indicator.  Since the MDI was not available on that platform Mobius had previously written an article and put some script in it for the MDI  and published it in the Mobius Cave here McGinley Dynamic Indicator. After watching this conversation scroll past for awhile I started thinking to my self.......
 
Prodigio doesn't have the MDI either, How could I use this in Prodigio.
 
The answer is "Do the math silly" 
 
Prodigio has a strong library of math nodes so chances are that if you have the formulas for the indicator you can write a rule using the indicator even if it is not one of the technical indicators provide in the Prodigio library.  The only twist is that WizLab does not have a way to output a value from a rule so you must write the indicator and write a test of the indicator all in the same rule.
 
Below in the nodes with the blue outlines is the McGinley Dynamic Indicator, the yellow nodes are the test.  In this case the test is for when price on a 15 minute chart crosses above the MDI set for a length of 20 on a daily chart.

 

(Note: if you are having trouble seeing Mobius's article make sure you are signed in.  The Mobius Cave is part of the Free membership area)

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