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The way you create rules is by clearly stating—in mathematical terms—which market situations you wish to signal. Market situations are described by conditions that need to be true. That is, when certain conditions you define are true, the market situation gets signaled.
Let's draw up a quick example. Let's say you wish to create a signal for when a certain market turns bullish after a correction. You will probably want to check several indicators to confirm that the downtrend has reversed.
Each of these "checks" becomes a condition that needs to be true for the trend to be confirmed. For example, you may want to see a bullish crossover of the 7 and 14 days moving average. This would indicate recent prices are higher than prices further in the past.
You may also want to check that the MACD histogram is increasing, that is, that buying momentum is growing. Maybe you wish to add a final breakout confirmation with a four-hour candle closing above the upper Bollinger Band?
The above shows a typical statement that makes up a condition. Let's dissect it to learn what it means. Do start by noticing the greater than sign
> splitting the statement in two. This means that if the value resulting from the first half of the statement
chart.at24hs.base7.sma7 is greater than the value resulting from the second half
chart.at24hs.base7.sma14, then the condition evaluates true.
Now, let's look into the two halves and unpack each segment for clarity:
chart.at24hs means we are checking the 24-hours chart;
base7 is the reference to the Base 7 Simple Moving Average product featured by the SMA indicator, which offers SMAs in increments of 7 periods;
sma7 means we are checking the 7-period simple moving average, which—on the 24 hours chart—is the 7-days moving average.
The second half of the statement looks similar to the first half. The only difference is that we are checking the 14-days moving average instead of the 7-days moving average. As you may now clearly see, condition one above becomes true every time there is a bullish crossover between the 7-days and the 14-days SMAs. This is a good example of how simple it is to describe a specific market situation in mathematical terms.
This is another mathematical comparison between two variables. We are checking the MACD 122609 product of the MACD indicator on the 24-hour chart. Indicators may offer different products. In this case,
macd122609 corresponds to the popular (12, 26, 09) MACD setting.
The precise property of the product we are checking is the histogram, that is, the difference between the MACD line and the signal line. The second part of the statement introduces the
previous property which means the variable we are checking corresponds to the previous candle.
Therefore, the condition will be true when the histogram of the current candle is greater than the histogram of the previous candle. This is exactly what we proposed initially: the MACD histogram is increasing, signaling an increase in buying momentum.
In the first half of the above statement, we introduce the variable
candle and its property
close, that is, the closing price of the current candle at the 4-hour chart.
We are checking that the closing price of the 4-hour candle is greater than the Bollinger Band moving average plus the Bollinger Band deviation, that is, the upper band.
In our example, when all of these conditions are true, then we assume the market situation we were trying to spot—a bullish reversal—has materialized.