Wednesday 20 April 2011

SPX Daily- Ensign fork tools

Here are some charts of daily S&P. In the second chart i have added/superimposed another second fork (pink) off the labeled pivots P1,P2,P3. Pay attention in particular to the diagonal support resistance.
These charts shows the Ensign Pitchfork tool at work. A great improvement on E-signal as everyone/all sites and forums have all agreed for the last few years. So this fork contains CL + upper and lower MLPs + inner fibs plus reaction lines
(at 50% of A to BC distance as well as the 100% which are shown as a slightly thicker lines). The RL's are extended outside the fork but alas not as far as i need for detailed RL grids/webs. In this chart i have added ' diagonal grid' options. This diagonal grid gives you the diagonal lines which are in effect in the same position as the reaction lines from a Schiff &/or modified Schiff fork (see lower image).
The limitation is that the reaction lines cannot be extended as 'Rays' and stop at about the 3rd WL distance form either MLP. This is regardless of how far you extend the fork forward which you have the manual ability to do. The diagonals are extended as far as both trigger lines which is good.
I have searched for a script/custom indicator to give me the ability to produce a grid with dynamic trend lines (ie warning/reaction/trigger lines) that are fully extended as rays, such as the tool i use in Metatrader MQ4 script custom indicator. I have contacted Ensign (and indeed Esignal) and await both replies as to if this script can be produced along the lines of the MT custom indicator. I guess there maybe a cost but i am sure the rewards will be manyfold and well worth a few hundred bucks for the programming.

























































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