Rolling Market - MTF Bar indicator

Rolling Market

An MTF Rolling Bar chart window indicator.

A Rolling Bar is constructed much like a Moving Average.
After settling on a certain number of bars (period), the oldest bar is dropped from the series as a new bar comes in and the MA updated.

For a Rolling Bar of say the M5 TF, the series would consist of 5 M1 bars to make up the normal 5 minute duration.
As the current M1 Bar #0 is completed the total time covered becomes 5 minutes.
Then a new bar, worth 0 seconds comes in as the oldest full bar drops out.
The composite M5 Rolling Bar now covers only 4 minutes, but will wind up always being between 4 to 5 minutes long and hold significant information.

During this time price will move and Highs and Lows set up among the 5 M1 bars.
With a High and Low a bar of a certain size pip-wise can be drawn. This sets up a range of price movement over a - within known limits - variable time stretch.

The indicator is formed by applying the same reasoning to all 9 TFs and setting the resulting bars side by side.
A permanently updating footprint becomes available, giving an excellent snap impression of the market but also detailed insight on price behaviour.

The documentation, largely pictorial, steps through this in more detail and also has a full description of the Dialog Box options.
The templates are more for a quick-start in checking out the indicator by itself, without messing your trade screens.

rolling market.tpl is the default and suitable for all charts.

rolling market-mini.tpl is meant for setting up smaller windows and allows for not showing any candles.
Careful; this is done by setting the Line Graph colour to None in the chart properties box and selecting that mode.
The unintended result is that all Dojis also become invisible. Please make sure to avoid using the -mini.tpl on trade charts.

apipshort

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June 29, 2014: Updated Rolling Market.mq4 to account for GOLD quoted with 2 digits.
If already a user, just overwrite with attached *.mq4. Otherwise everything is in the zip.

Thanks to people who checked this out so far.

Interesting document. Can you elaborate on how this would be used in our trading? Thank you!

Please find an example below of an M5 Rolling Bar as described in the first post.

The yellow bar represents M1, the current TF.

The M5 Rolling Bar is only 1 pip high, but it shows its 5 building blocks.



The diamond marks the oldest bar. The Open of that bar is used to set the Open marker on the M5.
That happens to also be the Low found among the 5 M1 bars.

Hi apipshort,
This is very interesting.
Your post and attached word doc are very cearly written and laid out.
Excellent post and sharing.
Thank you.

regards,

EMMANUEL

Hello sirwolf and emmanuel,

Thank you both for your reactions.
I see you have both been around the block, so I take your interest as a bit of a compliment.

My indicators are more like erector sets and wind up being atypical. I can tell you what they do and how.
As to using them in trading, I always have a secret hope that some of the folks in strategy/systems will come up with some cool tips ;-)

This one has nothing to pull a trigger, it is all descriptive; the market in a nutshell sort of thing.

Ranges are tied to significant time spans.
The breakdown of lower TFs has been automated.
Market activity and TF involvement paint a clear picture.

So trade support I guess, take a load off.

apipshort

All files, 4 so far, are now zipped at foot of first post.
Not worth updating unless actively using.

And, sorry, things are a mess on GOLD or assets quoted with 2 digits.
That will need more attention to display of values, so don't hold your breath now ;-)



A look at the indicator on a very light back ground, using default colors with option set to 2.

There has been a slight update to "fix" the display of pip values as seen on GOLD or assets quoted with 2 digits.
It is available from foot of first post as an mq4 or as a complete zip.

The intent is to show amounts rounded to Dollars and Dimes for clarity and in order to save on available space for display.

Please check out the image below: GOLD, M15



If you find this way of handling pips inappropriate for your needs, please advise as I'm not familiar with practice on GOLD.
We only ever eat the stuff, really.