Box Breakout indicator

This indicator is beyond my development experience so I'm hoping someone may be able to help with the development of it.

I am trying to develop an indicator that looks similar to the image attached. It needs to draw a variable high and low from Period A to period B where at period B the High and Low become the constant High and Low line price for the rest of the day.

It then needs to add a window period above the High and Low that can be a variable that can be changed.

So basically needs to draw a Box from point A to B with additional window above. Then continues the Box leel for rest of the day.

I haven't seen an indicator like this anywhere but if there is one and I have missed it please let me know.

Any ideas or help would greatly appreciated.

Cheers

Example Image

Lou has just posted such an indicator and first impressions it looks pretty good

http://www.forexfactory.com/showthre...&highlight=box

Lux

try this


http://www.forexfactory.com/attachme...1&d=1171165381

I wrote a breakout indicator several months ago that was close to what you describe. I put the basic elements together in the attached indicator. The logic is simple and straight forward but has its limits. As long as the set times remain in the same 24 hr period everything works fine. If you try to set times on the other side of 00:00 the objects can get pretty hinky. Read through the code and give it a try. Hopefully some of it will be useful.

Thanks Guys,

Hapalkos your indicator looks good. I also had a look at the Lou's did but the one you did Hapalkos looks spot on for what I am after.

I also developed or adjusted an indicator I had.

Cheers

use the SUPER S/R!..it is better than the s/r by berry. You can also use it to trade breakout

Markj,

Glad to be of some help. It will be interesting to see what you come up with.

I decided I did not like the overlay of objects because of the unpredictable results in color. I modified the code so that there are now upper and lower rectangles for the breakout zones. I also consolidated the code to make it easier to customize.

hap

Looks fairly close to the original request. I expanded the limits of the Period Box to catch the contrast between colors. So far, I have only run this on the Strategy Tester. When the price crosses mid-night a large rectangle forms to the right of the chart. When the price reaches the start time then the rectangle collapses to the price point and expands with new highs and lows for the duration of the measurement Period and then becomes fixed. I suspect it will perform the same on a live chart. I do not particularly like the appearance of the expanded rectangles before the start time but so far I have not thought of a clean way to prevent this from happening.

What does the red rectangle around the candles mean?

Other then the GBP, what other pairs have you tried it with and are there any perfered timeframes?

I have a box indicator for the 8 hours prior to London opening and I find it works well. However to have a indicator like this to work on all pairs would be great, has any body tried it on the JPY pairs during Tokoyo time?

Glenn

Thanks Halpalkos,

I'm going to play around with some ideas and try some modifications. The one I have adds as the candles form, the high and low price stops at the breakout time selected and then adds an increase of 5 pips and continues at that level for the rest of the day.

Hilmy83,

I will try the Super SR as well. I'm trying to come up with the cleanest and best visual breakout indicator I can

Cheers

Well, I corrected some errors and made some changes.

Changes made for BreakOut_Box_3:

Corrected error in high-low selection code.
Removed ability to plot on Sundays.

Other changes were made to facilitate use of this indicator for Open Range BreakOut as taught by Mark Fisher in The Logical Trader. He uses two levels of breakout, “a values” and “c values.”

Changed Period B rectangle so that it begins at the end of Period A.
Added an offset to Period B rectangle so that it can be used as a breakout line.
Added the ability to select background option for all rectangles.


Other Problems:
When it is removed from a chart it will presently remove all rectangles on the chart. This is not a good practice but its good enough for what I want.

As noted earlier, the inability to have time sets across mid-night.

Limited to timeframes less than 4hours.

I am glad my input was helpful to you. It just happened that I had spent some time developing something similar. I believe that you can make a really decent indicator that many can use. I am going to post my last version and a few images so that others may comment on what they would like to see or not see as the case may be.

hap

The indicator as it now appears.

Configured for Asia Session BreakOut.

Period A: Tokyo Open to Frankfurt Open
Period B: Frankfurt Open to USA Open

Configured for Frankfurt Opening Range BreakOut.

Period A: First thirty minutes after Frankfurt Open
Period B: Frankfurt Open minus thirty minutes to London noon.

Nice work Halpalkos,

I trade the box plays for early entries into my intraday strategies however I always keep an eye on the movement of price that has developed within the box, fundamentals for the day and Daily Range.

Looking at todays session, the price made a 100 pips gain from the close of the NY session Friday prior to any breakout. So a break of the box to the upside gives limited profit potential. The downside of the box is also 100 pips of range. Being that the average is approx 130 for the GBP/USD and we have already moved 100 pips with 105 - 110 for a breakout there is limited profit potential with limited fundamentals for the rest of the day.

A breakout of the box when price has already broken the previous high by 60 pips during the Asian session usually has limited profitability.

Some fo the rules I use for the breakout are price needs to be within previous H/L and has moved less than 60 pips within the box.

My target zones are normally 60 - 100 pips away from the breakout so the remaining average daily range needs to be able to reach the targets.

Cheers

Very nice piece of art....

Halpalkos,

Have to thank you again. This is perfect for a Box Breakout indicator.

Cheers