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Recent SR indicator

I have installed the indicator on my MT4, read the word document and the first posts, but I can't seem to interpret this indicator.. or maybe im missing something here.. is there any help guide to interpret this indicator?

sorry if this is a noob question but I don't see anyone else asking this question, so maybe im the only one who doesn't understand how it works or how will this help me. or maybe it's because im not used to coding and editing the code of the indicator?

Here is my resulting chart:
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 18 KB
The Black Swan: The Impact of the Highly Improbable
Quoting MapleLeaf
I have installed the indicator on my MT4, read the word document and the first posts, but I can't seem to interpret this indicator.. or maybe im missing something here.. is there any help guide to interpret this indicator?

sorry if this is a noob question but I don't see anyone else asking this question, so maybe im the only one who doesn't understand how it works or how will this help me. or maybe it's because im not used to coding and editing the code of the indicator?

Here is my resulting chart:
Hi,

The indy uses some concepts that are arguably complex - but then reducing S/R to a codeable algorithm is by no means a trivial task. The indy addresses only some of the 'variables' that one might use.

I guess if I attempted to write a help guide, I'd end up repeating much of what I wrote in the word doc attached to post #1. It's probably fair to say that, as a programmer, I'm not overly good at explaining things in simple language. The document could certainly use some illustrative examples. However, as this is a free indicator, I can't afford to spend a huge amount of time writing exhaustive user manuals - and often the longer they are, the less people tend to read them, LOL.

Anyway, some of the concepts are further explained in posts #10, 46, 47. Perhaps start with post #47. You might also find posts #29, 86 and 130 helpful. Some of their screenshots illustrate examples of parameter usage.

If you have specific questions, I will try to answer them. Or if you have a specific S/R-based scenario that you'd like to have addressed, then if you can explain all of its details, I'll attempt to show you the parameters that you'll need to create it.

Sorry I can't be more of more help. Support and resistance is probably one of the most complex concepts in technical analysis.

David

[EDIT] In case you want to look elsewhere, here are links to some other S/R indicators - a forum search of the word "support" in the Platform Tech area brings up a lot more.
You could also try the resources that I listed back in post #160.
http://www.forexfactory.com/showthread.php?t=161613
http://www.forexfactory.com/showthread.php?t=230479
http://www.forexfactory.com/showthread.php?t=217293
http://www.forexfactory.com/showthread.php?t=216702
Perfect, I will check those posts in detail Hanover, thank you so much!

And yes, LOL, I understand when you say the programmers don't explain in simple language, because my brother is a programmer since many years, and I noticed the same.

Cheers!
The Black Swan: The Impact of the Highly Improbable
Hi Hanover,

Could I trouble you with a question regarding the RefreshEveryXMins parameter. Here is what is said in the instruction manual.

**************************************************
RefreshEveryXMins – A 0 value means that an auto-refresh will occur every tick (which could slow computer performance down, especially if the indicator has been attached to many charts). A value of 1, 5, 15, 30, 60 or 240 means that the indicator will be refreshed and re-plotted every time a new tick occurs on the M1, M5, M15, M30, H1 or H4 chart of this pair, respectively.
***************************************************

How does inputting different values (such as 1,5,15,30) for this field results in different times of refresh/reploting since if you say that will be done every time a new tick occurs on the M1,M5,M15 and M30 respectively? Is it not true that if a TF receives a new tick, then the other TFs will also receive the same tick?

Maybe if I give you 2 scenarios both of which are viewed on a chart with periodicity D1 (Daily), you can enlighten me?

For example if I have these 2 settings, what will be the difference when it comes to refresh/replot?

TimeFrame = M15
RefreshEveryXMins = 15

compared with

TimeFrame = M15
RefreshEveryXMins = 30

I hope I did not make myself unclear
Thank-you very much.


With regards
CY
Quoting ertorque
Hi Hanover,

Could I trouble you with a question regarding the RefreshEveryXMins parameter. Here is what is said in the instruction manual.

**************************************************
RefreshEveryXMins – A 0 value means that an auto-refresh will occur every tick (which could slow computer performance down, especially if the indicator has been attached to many charts). A value of 1, 5, 15, 30, 60 or 240 means that the indicator will be refreshed and re-plotted every time a new tick occurs on the M1, M5, M15, M30, H1 or H4 chart of...
CY,

Big oops.

The manual is incorrect, or at least badly misleading. I apologize for the confusion.

The RefreshEveryXMins explanation should read something like "if the value is set to 15, for example, then the indicator will refresh/re-plot itself whenever the first tick that causes the forming of a new M15 candle occurs for that currency pair, regardless of which chart TF is currently being viewed".

Time TimeFrame parameter determines which TF's S/R will be plotted. For example, if it's set to D1, then D1 candle highs and lows will be used, likewise regardless of the time frame that you're currently viewing.

I will amend the instructions in due course. Many thanks for pointing this out.

David
Even as a newbie, I can see what a great tool this is. Thanks, David.


After loading it yesterday with minimal tuning, I thought to test it on my dummy account GBPUSD M5 chart just out of interest. It was going long with a SR indicated by your indie about 9 pips north, so I risked 5, set TP a pip below SR and watched.


Sure enough, it hit TP and turned shortly afterwards. I was stunned to see that it actually stopped on the button as indicated by the SR to 5 DPs. I probably shouldn’t have been stunned but I am a noob, exploring how to use SRs.


Price dropped off a bit so I tried the same scalping again. Exact same result!


A bit incredulous by now, I tried a third time but the price never reached TP and I gave up at -1.


I used to be a coder (most satisfying part of my work life) so I appreciate the thought that went onto making this so highly configurable and visually easy to use. What a marvellous time saving contribution.


Cheers,
Danny
I have made an indicator very similar to this.
I haven't really attached it to many charts and sat and watched very long yet, but I'm having difficulties working out various parameters -- including the levels width (bandwidth pips) to get a good idea.

It seems to work nicely when I use DeMark points (with levels to left/right set to at least two).

One nice thing i've noticed is, if you move to a high time frame, and decrease the size of Bandwidth pips, you'll start getting some super accurate support/resistance lines for range trading.

My interest in determining parameters comes from an interest in integrating this into an EA. Perhaps using a multiplier against the timeframes to increase bandwidth pips / level width on increasing timeframes, and maybe determining number of level crosses / qualifying points per level as some function of market volatility.
Quoting SYNeR
I have made an indicator very similar to this.
I haven't really attached it to many charts and sat and watched very long yet, but I'm having difficulties working out various parameters -- including the levels width (bandwidth pips) to get a good idea.

It seems to work nicely when I use DeMark points (with levels to left/right set to at least two).

One nice thing i've noticed is, if you move to a high time frame, and decrease the size of Bandwidth pips, you'll start getting some super accurate support/resistance lines for range trading.

My interest...
Syner,

The indy is configurable because there are many different ways of using S/R to trade.

The BandwidthPips parameter is critical only if you're looking to have the indy highlight multiple tops/bottoms within a given bandwidth, or likewise for 'flipover' areas (where support becomes resistance or vice versa). Then you set FrequencyLevels to specify how many tops, bottoms etc must lie within the same bandwidth, in order for the indy to plot a box at that price level.

BandwidthPips also determines the height of the boxes that are plotted; setting too small a bandwidth can make them appear/disappear as you use MT4's chart zoom in/out. However, you can get around this by setting LineWidth > 0, which will cause the indy to plot an always-visible line instead of a box.

Perhaps the best way to include the indy in an EA (especially since we can't use iCustom() to reference objects) is to have the EA scan for lines on the chart. But first, you can set Recent SR's DescriptionMask parameter to something like 'SR-D1'B'xx' where xx is a unique identifier for each instance of the Recent SR indy. (This will cause the SR indy to include this unique id in the object description of all lines plotted by this instance. Press F8 and check 'Show object descriptions' on, to see the object descriptions). Then you have your EA search the chart objects for the xx 'signature' in the object description, and (as your strategy dictates) use different trading logic for different instances of Recent SR. You can use ObjectGet(object_name, OBJPROP_PRICE1) to return the price level of a trendline.

You can also extend this idea to manually draw your own horizontal or diagonal trendlines, and likewise have the EA include them as part of its trading strategy.

Best wishes for 2012,
David
Hi David,

I recently started analysing Gold XAUUSD and plotting SR with RecentSR.

Although my computer has the data, RecentSR struggles with plotting High and Low SR from the weekly and daily time frames, however it accurately plots the 4H timeframe SR.

The same template that I am using works well on, all the AUDJPY, EURJPY, GBPJPY, USDJPY, AUDUSD, EURUSD, GBPUSD, EURGBP and XAGUSD(silver).

I only mention this cause I was thinking that maybe the high value of Gold 1500's (therefore daily/weekly large range) may be affecting the indicator. Do u think that this is the reason? or is it something else?

Thanks
Josh
Quoting aquaart
Hi David,

I recently started analysing Gold XAUUSD and plotting SR with RecentSR.

Although my computer has the data, RecentSR struggles with plotting High and Low SR from the weekly and daily time frames, however it accurately plots the 4H timeframe SR.

The same template that I am using works well on, all the AUDJPY, EURJPY, GBPJPY, USDJPY, AUDUSD, EURUSD, GBPUSD, EURGBP and XAGUSD(silver).

I only mention this cause I was thinking that maybe the high value of Gold 1500's (therefore daily/weekly large range) may be affecting the indicator....
Josh,

The indy draws boxes whose height is determined by your BandwidthPips setting. If the bandwidth is too low relative to the chart's on-screen price range, then the boxes may be too small to be seen. Either increase the BandwidthPips setting, or set the LineWidth > 0, to have the indy plot lines instead of boxes.

David
Hi David,

Thanks for your help...

On my template, I have linewidth set at -3 (for Daily SR rays) and -4 (for weekly rays), but setting it at 3 makes no difference to the outcome.

After re-applying the template today, its now plotting only some of the daily and weekly lows (in addition to both highs and lows from the 4 hr chart it plotted yesterday).

According to my template it should be plotting 6 or more SR from my daily chart instead its plotting 2 of the Lows.

I have attached the template so that you can see what my settings are, as I think they follow all the suggestions you have made. It was saved on windows 7, 32 bit, and the 1 hr timeframe should allow you to see all the SR I aim to plot. (Higher timeframes progressively remove the less important SR, in my opinion).

Any ideas?

Thanks again,
Josh
Attached File(s)
File Type: tpl hilo sr template.tpl   11 KB | 745 downloads
Quoting aquaart
Hi David,

Thanks for your help...
Josh,

First of all..... is your MT4 installed somewhere under the Program Files folder? This is the cause of > 95% of all Win7/Vista problems that I get asked to troubleshoot.

Second..... who is your br0ker? The screenshot below is from GoMarkets. Different OHLC data from different br0kers (different time zones etc) makes these kind of problems very difficult to troubleshoot.

In the screenshot I've posted (H1 TF), specifically which lines are missing and why? Or - even better - could you post a similar screenshot (of the TF you're experiencing the problem with), and manually draw and label the lines (in a different color) which levels you believe are missing. Thanks.

Also, just to double check: this problem is occurring for gold only? The indy is working fine on all other pairs/metals? I don't trade metals, and I can't think of any reason (off the top of my head) why the calculations would behave differently just because the y-axis values are bigger.

Thanks,
David
Attached Image (click to enlarge)
Click to Enlarge Name: 2012-01-05_2333.jpg Size: 130 KB
Hi David,

Yes it is installed into program files in win 7 32 bit, but RecentSR works on other symbols so it would be weird for Win7 32 bit to not affect every symbol too (i think).

I trade with GoMarkets as well.

So using the screen shot you showed, there are 5 day, 3 week and 1 month rays missing. On my template that I posted earlier, if you have a look at the RecentSR variables for the D1, W1 and MN, you will find that it should produce lines at:

1) MN high ray on 2011.09.06 @ 8:25.
2) W1 high ray on the same position as 1).
3) W1 high ray on 2011.11.08 @ 19:45.
4) W1 low ray on 2011.11.21 @ 21:00.
5) D1 low ray on 2011.11.25 @ 11:15.
6) D1 high ray at 2011.12.02 @ 15:30.
7) D1 low ray at 2011.12.06 @ 17:10.
8) D1 high ray at 2011.12.08 @ 15:35.
9) D1 high ray at 2011.12.21 @ 12:20.

Above mentioned rays should be in the picture below too, with labelling on each ray. Green rays are highs that are missing, purple rays are lows that are missing and red rays are the ones that RecentSR did accurately produce.

It seems weird that it works on every other symbol and every timeframe of other symbols. It even works on the H4 timeframe of Gold despite the fact, that it effectively has the same settings for the D1, W1 and MN timeframes.

Obviously I can map this out, on one pair and is therefore not too much of an issue. It might be worth noting that 1600 is a key number, cause all those that were charted on XAUUSD were below that figure.

Thank you for your help... What is the big issue with installing MT4 in win7 (32 bit) program files?

All the best,
Josh

Quoting hanover
Josh,

First of all..... is your MT4 installed somewhere under the Program Files folder? This is the cause of > 95% of all Win7/Vista problems that I get asked to troubleshoot.

Second..... who is your br0ker? The screenshot below is from GoMarkets. Different OHLC data from different br0kers (different time zones etc) makes these kind of problems very difficult to troubleshoot.

In the screenshot I've posted (H1 TF), specifically which lines are missing and why? Or - even better - could you post a similar screenshot (of the TF you're experiencing...
Attached Image (click to enlarge)
Click to Enlarge Name: Rays that are Missing.jpg Size: 119 KB
Quoting aquaart
Hi David,

Yes it is installed into program files in win 7 32 bit, but RecentSR works on other symbols so it would be weird for Win7 32 bit to not affect every symbol too (i think).

I trade with GoMarkets as well. .......
Josh,

I found the problem. To simplify, I tested the D1 highs only. The indy allows a max of 9999 price levels, based on bandwidth. Your BandwidthPips entry is measured in pips, and the problem with metals is how each br0ker MT4 defines what constitutes 1 pip. With gold, GoMarkets defines 1 pip as 0.01 units (I guess that's dollars per ounce that's being displayed on the y-axis?). I discovered the problem when I set OutputFile to a non-blank name, and found that there were 23,000+ records being written, to accommodate values in the range (over the 30 days you'd specified) between 1522.00 and 1753.00 --- in other words, if you divide up the difference between 1753.00 and 1522.00 by 0.01, you end up (1753 - 1522) / 0.01 = 23,100 levels. This is greater than the 9,999 that the indy allows for, hence many of the levels are not being processed.

By increasing BandwidthPips from 1 to (for example) 100, this reduces the number of price levels by a factor of 100. (1753 - 1522) / 1.00 = 231
Since (1) you are not checking for multiple occurrences of tops/bottoms within a specified bandwidth (i.e. setting FrequencyLevels > 1), and (2) plotting lines instead of boxes, your BandwidthPips setting is largely irrelevant. Hence I suggest having a different template for gold - and possibly other non-forex items - with a higher bandwidth setting. When I set BandwidthPips to 100 I noticed that D1 highs that were previously not being plotted were now being included. I assume that this same logic will work for the W1 and MN also. Try it and let me know if this fixes the problem.


The reason for the other problem with MT4 being installed under Program Files is that Win7 and Vista don't allow third party apps (like MT4) to write data under the Program Files folder. Nubcake and I have debated this at length; he likes this feature, whereas I find it a f--king nuisance because it means that indys and EAs that ran happily on Win XP suddenly no longer work on Vista or Win7, and for no 'obvious' reason. I have spent many hours troubleshooting my own code for what users have alleged to be bugs, that eventually turned out to be caused by this Microsoft 'feature'. I'm willing to take Nub's word that Win7 is a great OS, but the fact that it's caused me to waste many hours of my life chasing the wind, is a sore point with me. (Nubsy loves to debate this point, it's a sure bet that he'll reply to this post ).

The Recent SR indy is unaffected by this because, unless you set OutputFile to a non-blank value, it doesn't attempt to write any files. However, other indys/EAs that I've shared like Recent News and VO-Pro do write files, and are blighted by this problem.

Happy New Year - many pips in 2012,
David
Quoting hanover
Josh,

I found the problem. To simplify, I tested the D1 highs only. The indy allows a max of 9999 price levels, based on bandwidth. Your BandwidthPips entry is measured in pips, and the problem with metals is how each br0ker MT4 defines what constitutes 1 pip. With gold, GoMarkets defines 1 pip as 0.01 units (I guess that's dollars per ounce that's being displayed on the y-axis?). I discovered the problem when I set OutputFile to a non-blank name, and found that there were 23,000+ records being written, to accommodate values in the...
Thanks David,

Fantastic, you have solved my issues again... Thanks again, for the info on win 7, as if I ever want to write / save any files in MT4 / Metaeditor, I'll have to re-install.

Happy New Year and hope your trading goes well for you too.

Josh
ive tried bandwidth 100 but it still misses heaps. and bandwidth 100 still gives me too many srs if i use timeframe 1hr.
but the indi works fine on my currency pairs.
thankyou very much for indi
does autorefresh refresh the whole chart or just the support/resistance lines. probably a silly question, i gues it refreshes the whole chart with all the other indicators in that chart as well.
Quoting craig65
does autorefresh refresh the whole chart or just the support/resistance lines. probably a silly question, i gues it refreshes the whole chart with all the other indicators in that chart as well.
If you're referring to the Recent SR's RefreshEveryXMins parameter, then that merely alters the auto-refresh period for the indy only (or for that instance of the indy, if you have multiple instances attached to the same chart).

If you're referring to MT4's refresh (menu option: Charts... Refresh...) then that merely re-gathers the latest prices from the br0ker's server. Indys do not refresh themselves until the next price tick occurs, and even then it depends on how the indy is coded.

You can manually refresh any one indy by performing any one of the following:
1. removing it from the chart, and re-attaching it;
2. switching between currency pairs, or timeframes, on the chart;
3. editing the indy's parameters (press Ctrl-I, then double click on the indy, the click OK), even if you don't actually change the value of any parameter;
4. loading the indy into MetaEditor and recompiling it (recompiling refreshes all occurrences of the indy, on all charts).
Quoting craig65
does autorefresh refresh the whole chart or just the support/resistance lines. probably a silly question, i gues it refreshes the whole chart with all the other indicators in that chart as well.
Craig,

Have you tried setting the LineWidth parameter to a value > 0, to force the indy to plot lines instead of boxes? (see post #170 for more info)

If that doesn't solve the problem, it could have something to do with the way in which your br0ker measures 1 pip. It seems that different br0kers define 1 pip differently for gold. If you let me know who your br0ker is, and they don't make it impossibly difficult for me to set up a demo account (like Oanda does), then I'll attempt to troubleshoot further for you.

David
im with pepperstone in australia.
i have autorefresh indi, symphonie auto refresh, from forex factory thread on symphonie thread. but its not very good. switches from 5 min chart to weekly automatically. i good auto refresher indi or script would be well sought after.
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