The pjsIndicators ecosystem!
As I start to release the new versions of many of my indicators, I wanted to make some comments on how they structured and why the simple add-on may also be installed as part of them. This is because most of my indicators are not standalone. They can be, but, for the most part, they are part of a larger ecosystem I run, and they are all designed to co-operate with one another in an efficient manner.
Let me elaborate – The common way you include a value from an indicator in NT8, in another indicator, is to load an instance of it and all it’s data into the ‘other’ indicator. This, in my opinion, is extremely wasteful. Many of us have fought in the past with resource limitations on NT8. Loading tick data, plots etc. , just to get the current value from an indicator you already have plotted on the chart!….. No. Not something I could live with. So, there is an add-on installed with most of the indicators. The purpose of this add-on is to enable pjsIndicators to efficiently share data between themselves. Why? This opens up all sorts of possibilities without the compromises you would need to make in NT8 natively. An example, which is currently in live use and is intended to be released in the future, is my algo assisted entry. If you have an indicator, be it a simple EMA. or something more complex, your rule might be to not enter a trade unless the bar crosses the line, or the bar closes up. This can easily be done with the pjsIndicator ecosystem, without having to load new instances of indicators in other code. Here’s another innovative example. In instances where NT8 has suffered chart lag, the indicators are performance aware and can degrade themselves to give up resources to more important tasks, keeping you trading during high volatility. A separate, single indicator monitors the NT state and informs all the other indicators what that state is.
To that end, there will be a large number of pjsIndicators that are supplemental, and for use alongside the other, more prominent indicators. We will also enable third party integration to this so that our future releases can integrate with your own, or other third party software, too.
I hope this helps explain why the add-on is installed, and why I consider the indicators part of a larger ecosystem.
Good luck with your trading!