Dear all,
I was wondering if one of the terrific coders would mind putting this together for me. I'm fairly sure it's an easy thing to do but I just can't code
('yet' - been saying that for two yeasr now!)
Indicator tells the user how much the last candle retested the one before that - in % terms. OK here's an eg.
Candle 1: low is 0 high is 10
Candle 2: low is 5 and high is 15
Candle 3 (current candle): low is 10 and high is 25 (this candle has not closed!)
OK so Candle 2 retested half of candles one range. So the indicator would show 50%. Candle 3, which has not closed, would show current retest level of 50% also as low is 50% of the range of candle 2. Very simple concept - hope it's clear.
This is the first logic. If possible I'd like two logics to test. The second one is exactly the same but rather than use the entire previous candle, simply use the Close-Low (or High for bearish move).
In terms of how it looks, I'm open to suggestions, but a line chart in a separate window seems the most logical thing. Even more useful would be to have it 'histogram style' where the vertical bars were coloured green (if a retest of a bullish candle and red if a retest of a bearish candle). In my experience, you programmers know better how to present these things so I'll leave it at this...
What will this show?
1. Acceleration and deceleration of moves.
2. If the pair is potentially at the beginning of a ranging period.
More importantly what am I trying to achieve? (I prefix this with I am a naked trader)
1. Experiment with other indicators, to see if they can anticipate how large a retest we should expect.
2. This is not an indicator to base a trade on, but, once in a trade, an aggressive trader could use this indicator to add to a winning position (this is what I most want to look into)
I really hope a coder out there is interested enough to help me with this - would be great to have different ideas on it.
Many thanks in anticipation and obviously any ideas how to improve this most welcome,
Dave
I was wondering if one of the terrific coders would mind putting this together for me. I'm fairly sure it's an easy thing to do but I just can't code
('yet' - been saying that for two yeasr now!) Indicator tells the user how much the last candle retested the one before that - in % terms. OK here's an eg.
Candle 1: low is 0 high is 10
Candle 2: low is 5 and high is 15
Candle 3 (current candle): low is 10 and high is 25 (this candle has not closed!)
OK so Candle 2 retested half of candles one range. So the indicator would show 50%. Candle 3, which has not closed, would show current retest level of 50% also as low is 50% of the range of candle 2. Very simple concept - hope it's clear.
This is the first logic. If possible I'd like two logics to test. The second one is exactly the same but rather than use the entire previous candle, simply use the Close-Low (or High for bearish move).
In terms of how it looks, I'm open to suggestions, but a line chart in a separate window seems the most logical thing. Even more useful would be to have it 'histogram style' where the vertical bars were coloured green (if a retest of a bullish candle and red if a retest of a bearish candle). In my experience, you programmers know better how to present these things so I'll leave it at this...
What will this show?
1. Acceleration and deceleration of moves.
2. If the pair is potentially at the beginning of a ranging period.
More importantly what am I trying to achieve? (I prefix this with I am a naked trader)
1. Experiment with other indicators, to see if they can anticipate how large a retest we should expect.
2. This is not an indicator to base a trade on, but, once in a trade, an aggressive trader could use this indicator to add to a winning position (this is what I most want to look into)
I really hope a coder out there is interested enough to help me with this - would be great to have different ideas on it.
Many thanks in anticipation and obviously any ideas how to improve this most welcome,
Dave