INDICATOR of an INDICATOR
Version 4 you can calculate many indicators using other indicators’ values.
If you edit the MA-Weighted, the edit screen will look like:
Note that in the white box you have the word “Close” which means the calculation defaults to the closing prices of the price bars in your chart. However, if you click on the white box a drop down menu appears giving you more options.
One of the options will be the “Moving Average O C 7 0” (the other indicator in the indicators list). If you click on “Moving Average O C 7 0” and then click the “Exit” button, your indicators list will now show:
Note that the “Moving Average Weighted” is now based on the “Moving Average O C 7 0 L1”. “L1” means line number 1 of the indicator “Moving Average”( the moving average only calculates 1 line on the chart). On indicators that have more than one line you can select which line you want to use and the line in use will show as a L1 or L2 or L3.
The next picture shows the edit of a “Moving Average – Weighted” where there is the “Stochastics” indicator which has 3 lines that can be used.
You can have an indicator of an indicator of an indicator, like a moving average of the RSI of the ADX line. The next chart is an example of this.
The Relative Strength Index uses the indicator (DI+/- ADX ADXR O 14 L3) where L3 is the ADX line of the indicator DI+/- ADX ADXR.
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