Project Overview
This document outlines the requirements for a custom NinjaTrader indicator designed to assist traders in identifying potential trading opportunities based on the Elliott Wave theory, Wyckoff Method, Ross Hook patterns, market structure concepts, fair value gaps, and RTH (Regular Trading Hours) futures gaps. The indicator will provide alerts for each formation, highlight optimal entry and exit points, and visualize key market structures and price movements.

Objective
The main objective of this project is to create an intuitive and informative trading indicator that leverages various technical analysis methods to provide traders with actionable insights and alerts on potential trading setups.

Target Platform
NinjaTrader 8
Functional Requirements
1. Elliott Wave Identification and Alerts
Automatically identify potential Elliott Wave patterns in real-time.
Provide visual representations and alerts for each wave, indicating possible entry and exit points.
2. Wyckoff Method Analysis
Implement features to recognize Wyckoff phases: Accumulation, Markup, Distribution, and Markdown.
Visual alerts for potential trading opportunities based on volume analysis and price movements within these phases.
3. Ross Hook Pattern Detection
Identify Ross Hook formations following price breakouts.
Alert the trader when a Ross Hook pattern is identified, highlighting potential trade setups.
4. Market Structure Visualization
Display key market structure levels: Highs, Lows, Lower Highs, and Higher Lows.
Use different colors or markers to distinguish between these levels for clarity.
5. Fair Value Gaps and RTH Futures Gaps
Identify and mark fair value gaps and gaps during Regular Trading Hours (RTH) for futures.
Provide an option to customize the visibility and styling of these gaps on the chart.
6. Break of Structure Highlighting
Highlight candles that break market structure with a line above or below their highest/lowest point, indicating potential reversal or continuation.
Customize the color and style of the highlighting to improve visibility and interpretation.
7. Alerts and Notifications
Implement customizable alerts for all identified patterns and structures.
Include options for sound, email, or on-screen notifications to ensure the trader does not miss any potential opportunities.
Design Considerations
The indicator should be designed with usability in mind, offering customizable parameters for users to tailor the tool to their specific trading strategies.
Visual elements must be clear and not clutter the chart, maintaining a balance between informativeness and readability.
Performance optimization is crucial to avoid lag or delays in real-time data processing.
Development and Testing
The development process will include iterative testing phases to ensure accuracy in pattern recognition and alert functionalities.
Testing will involve historical data to verify the indicator’s capability to identify patterns and market structures retrospectively.
Beta testing with a group of traders can provide valuable feedback for further refinements before the final release.
Documentation and Support
Comprehensive user documentation will be provided, detailing installation instructions, features, and customization options.
Include troubleshooting guidelines and contact information for technical support.
Project Timeline and Milestones
[Include a proposed timeline with milestones for the development phases, testing, and final delivery.]

Posted On: March 08, 2024 05:24 UTC
Category: Scripting & Automation
Skills:NinjaTrader, C#, Python, Forex Trading, C++, Investment Strategy, Financial Analysis

Country: United States

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