I have been playing lately with a new indicator based on an article "Confirming High-Probability Turning Points" from the October 2006, TASC magazine.

The problem I have is that during strong bull markets the indicator produces too many signals, and I have not thought of a good filter for this problem.

I suspect that the problem lies in my implementation to analyze the volume component. I was wondering if somebody else has some better ideas for the volume portion (or other portions of the code).

Sell Volume Indicator

closebelowhalfrange:= C <= (H+L)/2;
gapping:=GapUp() OR Ref(GapUp(),-1);
gapandbelow:=gapping AND closebelowhalfrange;

pricevolup:=(V>Ref(V,-1) AND V>Ref(V,-2)) AND (RallyWithVol() OR Ref(RallyWithVol(),-1));
priceup:=L>Ref(L,-20) AND L>Ref(L,-1) AND L>Ref(L,-2);
priceandvolume:=gapandbelow AND pricevolup AND priceup;
priceandvolume;

Regards,

FXLearning