Above is a phrase from Jin Yong's famous novel The Heaven Sword and Dragon Sabre.
It may be translated as follows: "The precioius Dragon Slaying Sabre is the most Honourable Weapon in the Martial Art Community. It commands the world and no one dares to disobey! Who else dare to challenge it unless the re-appearance of the Heaven Reliant Sword?"
The story background was set in the late Yuan Dynasty, and it revolves around a pair of extremely powerful weapons as named by the novel. Of course, one can imagine that all the people want to own one of these weapons, and some went to the extreme, by hook or by crook, in order to get it. Almost all Chinese spoken people know more or less about this story as it been flimed into movies and TV series for about ten times since the last 3 decades.
There is a saying, "人生如戏 戏如人生", "A Life is just like a Movie, A Movie is just like a Life." So True!
From personal experience and what I read from the trading forums... Most system developers are in their journey in search of such powerful indicator(s), and the west call it the Holy Grail Indicator.
Many people in the forums claimed that they don't believe that there is such thing, yet keep on discussing and debating about it... Having told some stories...
The following are some good reasearch sites for indicators/systems, and some indicators used to be sold for a couple of hundred USD (bought a couple before ) and are now for free:
1) MetaStock Zone (Link updated and tested working on 13 Feb 2014)
My engineering view point is this: there is definitely no Holy Grail indicator, but there are Holy Grail systems which consist of multiple indicators working in harmony at the background. In such system, each individual indicator would cover the shortcomings for other individual indicator , like a Master Mind Team, and make it works great. Everyone has blind spots. Cannot see it don't mean it is not there.
"Nothing great was ever achieved
- Ralph Waldo Emerson
... to be continue ...