How The ROCnROLL Indicator Can Be Used In Prorealtime

The ROCnROLL indicator is a base indicator on ProrealtimeV11

It shows the trend of lack of trend and can be used for both entry signals when working with the trend and exit signals if the trend turns against you

When I use the indicator I often use a Summation formula that will add up the last X bars so that I can for example have a condition to go long if the ROCnROLL indicator has shown a bullish trend over the last five bars

Values:

Green / 1 = Bull trend

Red/2 = Bear Trend

Blue / -1 = Null Trend

 

 

2 Comments

  1. Jordan Pickford-Gray

    hey,

    the rocnroll indicator confuses me abit as bearish has a value of 2 rather than the usual -1 and no trend is -1 rather than 0.
    does this not confuse the summation you have implemented, as to add the previous X values of rocnroll will both increase with bullish and bearish signals.
    looking at 10 previous bars, if all were bullish, this would give a summation value of 10; conversely, if you had a mix of 5 no trend bars and 5 bearish trend bars, this would also give a summation value of 10. if you use a formulae something like;
    trenddirection = summation(10)[rocnroll]
    if trenddirection > trenddirection[1] then
    buy (or whatever)
    endif

    this would give the same result to buy whether the direction had been bullish over the last few bars or bearish… or am i misunderstanding something?
    if i were to use rocnroll i think i would use the interpretation below, just so its easier for my head to understand:

    rocroll = ROCnRoll(close)
    if rocroll = 1 then
    rocroll = 1
    r=0
    g=200
    b=0
    elsif rocroll = 2 then
    rocroll = -1
    r=230
    g=0
    b=0
    elsif rocroll = -1 then
    rocroll = 0
    r=0
    g=0
    b=255
    endif

    return rocroll coloured(r,g,b) STYLE(histogram,1)

    it returns a similar style of indicator, but much easier to understand… for me atleast

    • Agreed regarding the summation I would much rather have a +1 and -1 system but it is a system indicator so a bit stuck there for me it is not an indicator that you can use on its own, for a couple of systems it has proven useful as a filter but not the main event so to speak

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