Category: Advanced Indicator Set 2

Abbreviation: FlagNR

Input parameters

where N=2..5.

Calculations

FlagNR (N=2,3,4,5) indicators give a momentary signal when all N conditions become true (have non-zero values) in a timely sequence. Firstly, Condition 1 must turn true, after that Condition 2 must turn true, after that Condition 3, and so on. The FlagNR indicator output is equal to 1 on the bar where Condition N in that sequence turns true. On the next bar the indicator output is reset to zero. However, the flag system does not reset itself automatically with the next bar. Instead, the indicator waits until the Reset Condition turns true. Only after that the FlagNR indicator begins to check out conditions again starting with Condition 1.

The FlagNR indicators may be helpful when building a trading strategy where buy/sell signals are based on a sequence of events. For example, a buy should occur if first RSI drops down below 50 and then RSI rises above 75. In this hypothetical example the Flag2 with reset condition indicator is used with Condition 1 set to RSI<50, and Condition 2 set to RSI>75. However, unlike with the Flag indicators, you might want the system to reset only when RSI drops below 30 later. Then the reset condition would be RSI<30.

See also FlagR and FlagNToggleWithReset indicators.