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Attachments: Indicator for identifying ranging condition
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Indicator for identifying ranging condition

Quoting RiskFighter
{quote} Well, I add it as usual to the directory of indicators. No problem at my end. Did you remember to refresh?? Right click on the heading "Indicators" and click on refresh. Anybody else having a problem??
Thank you. The fault is mine - bollinger momentum was there in my indicator list but I was looking for something
else! Poor me!
Quoting RiskFighter
I saw an indicator on Tradingview the other day. I want to keep my MT4, because it is better in so many ways, so I had to programme the indicator for MT4. The biggest problem we have as traders are - when is the chart ranging and when is it trending. There are many ways to find the information, but I don't have the perfect way. I have allways thought, that the Bollinger Indicator is one of the best indicators for the purpose, but it can be quit messy and it can be difficult to sort out the view in a glance. So I made this indicator which I think...
Hey RiskFighter,

I've attached a slightly refactored version of your indicator. It uses the recommended "OnCalculate" handler as opposed to "start". Also, if you set "strict" on (recommended), your code fails because you aren't taking into account the size of the buffer at the initial/earliest processing stage and increasing the value of "pos" by "MA_Length". This means your code initially tries to access buffer elements that are effectively "out of range". At the moment, your code fails silently because "strict" is off.

Anyway, I hope this helps.

Attached File(s)
File Type: mq4 BollingerMomentum_3_Mk2.mq4   6 KB | 822 downloads
Quoting Geester
I hope this helps
Could you please, if it is possible, create the mt5 version? Thanks!
Observer effect
Quoting Geester
{quote} Hey RiskFighter, I've attached a slightly refactored version of your indicator. It uses the recommended "OnCalculate" handler as opposed to "start". Also, if you set "strict" on (recommended), your code fails because you aren't taking into account the size of the buffer at the initial/earliest processing stage and increasing the value of "pos" by "MA_Length". This means your code initially tries to access buffer elements that are effectively "out of range". At the moment, your code fails silently because "strict" is off. Anyway, I hope this...
Thank you. Letīs ask people to use your version.

I will still use my own. I know about the flaws you mention, but for my use there is no problem. I will study your suggestions though and get wiser. Thanks again.
Read post #1 !! Then read it again 10 more times before you ask.
Quoting ryuryu
{quote} Could you please, if it is possible, create the mt5 version? Thanks!
Sorry, I do not work in MQ5. Somebody else must do that. It is very simple. Maybe it can be transferred without any changes? I don't know.
Read post #1 !! Then read it again 10 more times before you ask.
Seems promising - thanks seems to be the best for ranging/trending i have seen..
Quoting AngieT
Seems promising - thanks seems to be the best for ranging/trending i have seen..
So think I. It is far from perfect though. You need to be on guard and use stop loss and money management.
Read post #1 !! Then read it again 10 more times before you ask.
Quoting Geester
{quote} Hey RiskFighter, I've attached a slightly refactored version of your indicator. It uses the recommended "OnCalculate" handler as opposed to "start". Also, if you set "strict" on (recommended), your code fails because you aren't taking into account the size of the buffer at the initial/earliest processing stage and increasing the value of "pos" by "MA_Length". This means your code initially tries to access buffer elements that are effectively "out of range". At the moment, your code fails silently because "strict" is off. Anyway, I hope this...
Hi Geester
I have seen your optimizations. Nice. I have made a version 4 with credits to you.
Attached File(s)
File Type: ex4 BollingerMomentum_4.ex4   8 KB | 567 downloads
File Type: mq4 BollingerMomentum_4.mq4   6 KB | 934 downloads
Read post #1 !! Then read it again 10 more times before you ask.
I made an update. Now version 5.

Recap: When the histogram is green, then then momentum between the upper and the lower bollingerbands are bigger than in the last X bars. X can be set at the variabl MA_Length. Personally I use the number 40, but it is not backtested yet and it will be different under different circumstances and different instruments.

When the histogram is red, then the momentum are smaller than ........ (opposite of green).

I have added a function. If the histogram is red and the momentum is rising, but it has still not reached the colour green, then the histogram colour is Dark red. This can be switched on / off at the variable RisingMomentum.

Note, that if the momentum is rising it is no garantee, that it will reach the green colour shortly. And it can fall again going back to the lighter red colour.

Again a warning. This indicator is based on the Bollinger Band indicator in wich it is my oppinion, that one of the greatest ranging meassurement functions exist. But NOTHING IS PERFECT. And there are signals that blow out in the wind. And there are times where you would have wanted a green colour, but it did not occur because the actual momentum - though widening - never became bigger than the average size of the X number of bars.

You can have faster reaction by input a smaller number of bars at the variable MA_Length. It will then also provide more signals with a small rise in the momentum that are not worth trading. It is as allways a matter of taste and how it works with your own strategy.
Attached File(s)
File Type: ex4 BollingerMomentum_5.ex4   8 KB | 584 downloads
Read post #1 !! Then read it again 10 more times before you ask.
  • Post #30
  • Quote
  • Edited 6:02am Jul 7, 2021 5:51am | Edited 6:02am
Guys, this is a little journey. I allways wanted to find a way to display the ranging tool at Bollinger Band in a more user friendly way. I just did that. I then improved it with the Darkred bars, which is predicting that Green bars might come.

NOW! The green bars overshoot the turning point of the trend. This is natural when you are using a moving average as a signal. I have made an extra function. Using this function you will have the green bars coloured dark green as long as the momentum is rising and light green if the momentum stop rising.

The new function will in some cases come very close to the turning point of the trend. But in some cases the rise will continue a little later and if you did exit, then you are missing out som profit. On the other hand your exit is more secure and greed is a bad thing. As I said before: The perfect tool does not exist.

One case of warning. The trend can change direction without any sign of it using my indicator. This often means, that the trend is equally strong - but now in the opposite direction. Be aware. You must have some trend direction tool to help you - or just overlook it manually. I prefer a tool. Have not had the time to find the right one yet. Anybody having an idea? Test it and let us know!!

Still the functions must be switched on / off at the parameter settings.

Version 6 uploaded.
Attached File(s)
File Type: ex4 BollingerMomentum_6.ex4   10 KB | 1,375 downloads
Read post #1 !! Then read it again 10 more times before you ask.
Quoting RiskFighter
Guys, this is a little journey. I allways wanted to find a way to display the ranging tool at Bollinger Band in a more user friendly way. I just did that. I then improved it with the Darkred bars, which is predicting that Green bars might come. NOW! The green bars overshoot the turning point of the trend. This is natural when you are using a moving average as a signal. I have made an extra function. Using this function you will have the green bars coloured dark green as long as the momentum is rising and light green if the momentum stop rising....

Thanks for ur effort and share, in which time frame u r applying , I checked on 1h but lesser time frame may works better for this
Quoting RiskFighter
I made an update. Now version 5. Recap: When the histogram is green, then then momentum between the upper and the lower bollingerbands are bigger than in the last X bars. X can be set at the variabl MA_Length. Personally I use the number 40, but it is not backtested yet and it will be different under different circumstances and different instruments. When the histogram is red, then the momentum are smaller than ........ (opposite of green). I have added a function. If the histogram is red and the momentum is rising, but it has still not reached...
Excellent thinking.
Momentum is always associated with time and size achieved.
You may include an option to draw a strong candle (threshold size in points to be detrmined by the user) .
If the strong candle prints Pips and minutes are taken for each candle, printed on the chart or shown in the tooltip, then it will give you an idea of momentum velocity.
Practice makes a person perfect
Quoting RiskFighter
Guys, this is a little journey. I allways wanted to find a way to display the ranging tool at Bollinger Band in a more user friendly way. I just did that. I then improved it with the Darkred bars, which is predicting that Green bars might come. NOW! The green bars overshoot the turning point of the trend. This is natural when you are using a moving average as a signal. I have made an extra function. Using this function you will have the green bars coloured dark green as long as the momentum is rising and light green if the momentum stop rising....
Hey RiskFighter,

I'll assume that as you are now only posting the .ex4 file, you no longer want any further help/critique with the code. That's totally fine but just wanted to make the point in case you had overlooked what you said in post #1 about welcoming help with the coding.

Again, whilst it's totally your prerogative to choose whatever colours you want, generally, colour choice is ideally a user preference and it's helpful to provide inputs for colour and in this case, histogram width. The reason I say this is because in most histograms where two shades of the same colour are used for increasing/reducing strength, normally, the brighter shade of the colour is associated with the increase and the darker shade of the colour is associated with the decrease. In the case of V6 of your indicator, the colours are hard-coded to the reverse of this pattern, IOW, yours go brighter on decrease and darker on increase. I dare say that some users may have a preference, others may not. However, with histogram colours as an input, people can follow your default, change if they prefer or change if the colours don't match their overall chart colour scheme.

Hope this helps and keep up the good work!
Quoting simnz
{quote} Excellent thinking. Momentum is always associated with time and size achieved. You may include an option to draw a strong candle (threshold size in points to be detrmined by the user) . If the strong candle prints Pips and minutes are taken for each candle, printed on the chart or shown in the tooltip, then it will give you an idea of momentum velocity.
>Pips and minutes are taken for each candle

Maybe you could explain the above further? Candles provide the pip range over time (minutes) by default. How do you want this to interact with what RiskFighter is providing? Maybe some high-level pseudo-code will help.
Quoting Geester
{quote} Hey RiskFighter, I'll assume that as you are now only posting the .ex4 file, you no longer want any further help/critique with the code. That's totally fine but just wanted to make the point in case you had overlooked what you said in post #1 about welcoming help with the coding. Again, whilst it's totally your prerogative to choose whatever colours you want, generally, colour choice is ideally a user preference and it's helpful to provide inputs for colour and in this case, histogram width. The reason I say this is because in most histograms...
Hi Geester

I just saw it myself, that I have only published the exe file. No it is my intension, that other programmers can use my idea. We are here to help each others. So the MQ file will be uploaded.

User choice of colours is a good idea. I will make that. Right now I am thinking more in improving the profit.
Read post #1 !! Then read it again 10 more times before you ask.
Quoting Geester
{quote} >Pips and minutes are taken for each candle Maybe you could explain the above further? Candles provide the pip range over time (minutes) by default. How do you want this to interact with what RiskFighter is providing? Maybe some high-level pseudo-code will help.
Simnz, Geester
Thank you. Let me have a detailed description. And maybe a bit of designing by discussion before I make it.
Read post #1 !! Then read it again 10 more times before you ask.
Quoting RiskFighter
{quote} Hi Geester I just saw it myself, that I have only published the exe file. No it is my intension, that other programmers can use my idea. We are here to help each others. So the MQ file will be uploaded. User choice of colours is a good idea. I will make that. Right now I am thinking more in improving the profit.
>>Right now I am thinking more in improving the profit

Amen to that
Quoting RiskFighter
I saw an indicator on Tradingview the other day.
Hello. Can you share what is indicator title on TV?
Quoting W0lfram
{quote} Hello. Can you share what is indicator title on TV?
Sorry - I really don't remember. In the matter fact it was on a YouTube video.

After a long day when the wife is asleep, I use several hours watching YouTube. There are loads of crab from people who cannot make a living by trading, but you get a little wiser mostly every day. I have done that for many years.
Read post #1 !! Then read it again 10 more times before you ask.
Quoting RiskFighter
{quote} Simnz, Geester Thank you. Let me have a detailed description. And maybe a bit of designing by discussion before I make it.
riskfighter and geester,
I am a discretionary trader. Never use any indicator or moving average to forecast future.
I make decisions based on information provided by Price Action (pips size, minimum and maximum sizes, and distance) and Time Action (Hot hours, minimum and maximum bar sizes or time in minutes) indicators.
My whole focus is on observing the chart and identifying the momentum building up and cooling down.
I mentally use a checklist of
1. No trade based on dull hours manually noted by me. Information indicator could be size of a candle with Maximum of 2 pips (<) in each of candles. Any hours prior to major movements up to 12 hours market plays consolidation game prior to (example: FOMC meeting) major events.
2. Range Trade: Again based on the sequence of candles of certain Maximum(<) xxx pip size, proximity to each other. Normally out of Hot hours
3. Trend trade: Again based on breakout of certain Minimum (>) xxxx pip size, Hot hours (open hour, close hour, the confluence of markets hour, the confluence of futures and Cash equity /floor markets, the confluence of CFD and CAsh markets.
Attached Image

Attached is an mql of an indicator which has a Minimum candle filter, but not the Maximum filter

Attached Image (click to enlarge)
Click to Enlarge Name: Pls include Max Range in spike bar indicator (3).jpg Size: 377 KB
Attached File(s)
File Type: mq4 spikebars_v3_2.mq4   5 KB | 624 downloads
Practice makes a person perfect
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