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

try this??
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File Type: ex4 Trend direction & force index 1.01(mtf + alerts + arrows).ex4   28 KB | 846 downloads
Quoting AngieT
try this?? {file} {image}
Thank you. Nice thinking and nice indicator. The indicator by itself gives both trending direction and ranging conditions.
But setting the indicators next to each other, they are not very much in sync.

At the first chart, both indicators are set to look 10 bars back. The agreement between the indicators are not over whelming. I have not analyzed which are better and why they are not in more agreement.

At the second chart, both indicators are set to look 40 bars back (which I tend to usse for now). I do not feel that I get the right signals from "Trend Direction and Force" indicator.

But again, I am just comparing between the indicators. Can't say which is better at this moment.
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Quoting RiskFighter
Wanted to give an example of use. A popular strategy is to buy when the price cross a moving average. I never used that strategy because that if the conditions go ranging around that moving average, then it is an account killer. And you never know. How many times would you let the price pass the MA back and forth before you finally discover, that this is a ranging situation?? Well here is the solution. It does not remove all bad trades - but I think a lot. The cure: Don't trade the cross over when the indicator is red. See this chart. Only made...
RiskFighter,
Thank you for posting your ideas and indicators, look promising.
Question: can the option to change bars thickness/colour be added to version 6 (like in version 3) - would be visually very helpful on white chart background.
Thank you.
Quoting MidnightRun
{quote} RiskFighter, Thank you for posting your ideas and indicators, look promising. Question: can the option to change bars thickness/colour be added to version 6 (like in version 3) - would be visually very helpful on white chart background. Thank you.
Go to the settings. Change the false to true.

Red colour stand for ranging. This is the best colour for trading the range. Dark red is ranging but there is some movement going on. Could be the very early beginning of a trend. Personnally I sometimes buy in the trend direction at this early stage.

Green is trending, but at the moment it is not accellerating. Dark green. The trend is accellerating. This is the best colour for trend trading.

The indicator is lacking and the amount of bars looking back - you set it in the settings - also have some influence. Therefore you might sometimes disagree in the colouring.

I am not planning to give the user possibility for changing colours at this moment. I am very busy with my own trading right now. Sorry for that.
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Quoting RiskFighter
{quote} There are 100's of trend indicators. But the problem in trading allways is how to identify ranging, because that is what kills our strategies. So don't pollute this thread with trending indicators, go somewhere else! If anybody have a range identification indicator - please come forward.
RF sounds like Rambo
Quoting Tva
{quote} RF sounds like Rambo
he he, no I have an education in Risk Management.
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Quoting RiskFighter
{quote} Oh, I didn't see this post. Yes, I will do some forward test on your idea. Then we can take it up later when I am wiser.
Hi Riskfighter

Any update on this?

How are you progressing?
It's hard. Can be painful. But I love this world, this Forex world.....
Quoting RiskFighter
Wanted to give an example of use. A popular strategy is to buy when the price cross a moving average. I never used that strategy because that if the conditions go ranging around that moving average, then it is an account killer. And you never know. How many times would you let the price pass the MA back and forth before you finally discover, that this is a ranging situation?? Well here is the solution. It does not remove all bad trades - but I think a lot. The cure: Don't trade the cross over when the indicator is red. See this chart. Only made...
What is your settings here?
Thanks!
Quoting penuelophir
{quote} What is your settings here? Thanks!
I use 40. But it is an example. I don't know how it will work in real trading.

Be aware, that some swing trades starts from a ranging market. The Bollinger Momentum will not catch the start of those ranging trade starts. But it should catch a rebound from a moving average, and then we are in business.
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Hello RiskFighter,

I find your indicator really useful and good. Thanks for it!
Quoting zomba4rex
{quote} Hi Riskfighter Any update on this? How are you progressing?
Sorry to say that I am not progressing at all in this subject, because I am very busy in installing a new robot in my private trading. This include loads of testing.
I will get back to this idea as I find it very interesting. My indicator will make it so much more easy to trade the Bollinger Bands because it shows very clearly WHEN to trade.
BUT - everybody could test this - including YOU!
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Quoting gerryjam
Hello RiskFighter, I find your indicator really useful and good. Thanks for it!
You are wellcome.
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Hallo RiskFighter...

Please try and analyze this ranging indicator : Damiani Volat meter

ServerUang
Attached Image (click to enlarge)
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File Type: ex4 Damiani_volatmeter.ex4   11 KB | 409 downloads
File Type: mq4 Damiani_volatmeter.mq4   3 KB | 575 downloads
Quoting ServerUang
Hallo RiskFighter... Please try and analyze this ranging indicator : Damiani Volat meter ServerUang {image} {file} {file}
Hi there
I think that ATR in comparisation with ATR taken over a periode is a very fine indicator for volume and it does give fine signals for executing trades.

I personally dislike the deviasion curves, just as I dislike the standard deviasion curves at the Bollinger indicator. If you are a weak trader (like me) then you miss the exact point when to trade. That is why I have transformed the size of the Bollinger deviasion curves into coloured bars. Then again, the factual numbers are written in the upper right corner. That is very good.

I am not sure what the Firebrick Session drawing is doing?

Thank you for letting us see the tool. It is a fine and well made tool.

Our ranging tools will never be anything other than supporting tools. Your attached chart is a fine example on this, where the ranging tool gives a false break out signal to the north. (It could have been a fine trade at a lower time frame though). I see that you have some moving averages which is fine.

I don't know about the tool that gives the dots. It seems to find highs and lows very precise. In my experiance tools that are this precise are repainting and signals tends do disappear - after you took the trade and then the trade transforms to a loss. Are the tool repainting? It could also be based on RSI, which makes it a fine tool together with your volume/range indicator.
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Quoting ServerUang
Hallo RiskFighter... Please try and analyze this ranging indicator : Damiani Volat meter ServerUang {image} {file} {file}
By the way, I have another idea for an ATR indicator. Never got the time to program it yet. Maybe someone else will?

A week consist of 5 days. They are different. Mondays often are the quiet start up on a new week. Tuesday begin to point in a direction for the week. Wednesday can be quiet too. Then comes thursday often with a lot of volume. Friday dies half way to the end.

The standard ATR formulary takes the average of n bars back. So on the daily bars it compare 5 totally different days "n" times. That is silly. If you are trading a tuesday, then it should be comparing the last "n" tuesdays. Say the last 5 tuesdays. Then you find abnormalities.

What about the H1 time frame then? Let's say the time is 10:00 UTC. Your ATR are averaging 14 bars which is quit normal. That means that you are trading on the fact of data from the quiet Asian session at the London session?? Why not have the average made of the bars at 10:00 the last 14 days? Or 10:00 at the last 5 tuesdays?

OK, I am not saying that the standard ATR tool is bad. I use it a lot. Just some thoughts to a new variant of the tool. (Which would be very easy to make).
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Quoting AngieT
try this?? {file} {image}
Angie,

Would you mind posting the code for this please. Many thanks.
@RiskFighter,

Would you mind posting the code for your latest V6 please.. Many thanks.
Perhaps even just explain what the code is measuring and doing. I hate trying to read MT4 code files.
All my coding attempts are in Multicharts.
  • Post #78
  • Quote
  • Edited 6:34pm Jul 25, 2021 6:18pm | Edited 6:34pm
Quoting ajp61
@RiskFighter, Would you mind posting the code for your latest V6 please.. Many thanks. Perhaps even just explain what the code is measuring and doing. I hate trying to read MT4 code files. All my coding attempts are in Multicharts.
I couldn't help building stuff into V6 that is part of my private robots, so I cannot release that. But if you take the code from V3, then it should be quit easy to build the rest yourself. Let me know if you have problems, then I will help.

The code take the distance between the two Bollinger bands. It is said, that if the bands widen up, then a trend is starting. My code is not measuring exactly if the bands are widening up. It measures if the distance between the bands are greater than the average of the last "n" bars. If the distance is not wider, then we are in a range. If it on the other hand IS wider, then we should be in a trend.

 

  1. A red bar says we are in a range.
  2. A dark red says that we are in a range, but the distance has become bigger than it was at the last bar. This could be an early sign of a trend coming.
  3. When the distance become wider that the last "n" bars, we are in a trend. This is a very good sign. Then the colour is dark green.
  4. When the colour is light green, then the distance is still in a trend, but the distance has become a little narrower than the last bar. It can be a little pause or it can be the first sign of the end of the trend. Often when a trend is ending, then it happens with large bars and you are giving away a lot of the earned profit. Exiting the trade at the light green can be an early exit. On the other hand it can at other times be a too early exit.

As I said many times, this indicator cannot be used as the only tool in trading. You need confluence of several things. Use it with some moving averages or stochastics or what ever. Also nice naked patterns are helpfull.

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Quoting ajp61
@RiskFighter, Would you mind posting the code for your latest V6 please.. Many thanks. Perhaps even just explain what the code is measuring and doing. I hate trying to read MT4 code files. All my coding attempts are in Multicharts.
I don't know what is Multicharts. Another platform and another language?
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I have made a new thread. On it I share the Dashboard EA that I have made for myself and which I use in my daily trading. If it has your interest, the link is here: https://www.forexfactory.com/thread/...3#post13649993
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