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Pair Strength Analyzer indicator
- #264
- Jan 1, 2018 11:59am Jan 1, 2018 11:59am
- Joined Sep 2006 | Status: ... | 8,112 Posts
i can attach more PSA indicator in one windows. I.e. i want to see beetween EURUSD H4 and D1 in one windows.. could u improve your tool like that..
Thanks for your kind comments, and Happy New Year to you also.
- #265
- Jan 1, 2018 2:20pm Jan 1, 2018 2:20pm
- Joined Dec 2017 | Status: //houston ǝʍ have a probl | 2,685 Posts
Hello David, I wish you a Happy New Year 2018. Enclosed an idea for Price Chart, which has been my concern for a long time. As a trader, the goal is to use the price charts to predict future price developments in order to optimize the opportunity risk ratio in my favor. Normally, this helps the order book, which does not exist in Forex. So the price charts that outline the order book remain broadly defined. When looking at the typical candle you notice that the shadows are displayed in the respective color of the candle. With the Metatrader you can also display these shadows in a neutral color. This representation is however wrong. The correct representation looks like this:
As you can see, the upper shadows are colored red and the lower shadows are green. My reason:
Basically, it is believed that the shadows must be neutral, e.g. with the bullish candle, the course runs from the open to the low and back to the open, before he goes to the high to finally run out at Close.
If one assumes that the completed candle represents the order book, however, it looks different.
Let us stay with the example of a bullish candle. The course runs from open to low. The bulls make a run for the open. This means that the bulls were stronger than the bears. So the shadow would have to be greened. This is also the case with the Bullish Candle. Now the course goes to the high and back to the close. This means that the bears were stronger at this point. The shadow should be red, but it is green.
With a closed candle, the top shadow would always have to be red and the bottom shadow would always be green, because at that point either the bulls or bears were the stronger ones.
Typical chart
Hanover chart
If you could now optionally increase the thickness of the shadows to the width of the Candles, you would see the price range at a glance.
I've scoured the internet, but unfortunately this indicator does not exist worldwide.
Since you are an absolute professional, I once wanted to hear your opinion. I'm not about to let you create an indicator for free. Rather, it is about the small private trader to gain an advantage over the big fish in the market. I appreciate your feedback.
Greetings from Germany
Michael
As you can see, the upper shadows are colored red and the lower shadows are green. My reason:
Basically, it is believed that the shadows must be neutral, e.g. with the bullish candle, the course runs from the open to the low and back to the open, before he goes to the high to finally run out at Close.
If one assumes that the completed candle represents the order book, however, it looks different.
Let us stay with the example of a bullish candle. The course runs from open to low. The bulls make a run for the open. This means that the bulls were stronger than the bears. So the shadow would have to be greened. This is also the case with the Bullish Candle. Now the course goes to the high and back to the close. This means that the bears were stronger at this point. The shadow should be red, but it is green.
With a closed candle, the top shadow would always have to be red and the bottom shadow would always be green, because at that point either the bulls or bears were the stronger ones.
Typical chart
Hanover chart
If you could now optionally increase the thickness of the shadows to the width of the Candles, you would see the price range at a glance.
I've scoured the internet, but unfortunately this indicator does not exist worldwide.
Since you are an absolute professional, I once wanted to hear your opinion. I'm not about to let you create an indicator for free. Rather, it is about the small private trader to gain an advantage over the big fish in the market. I appreciate your feedback.
Greetings from Germany
Michael
Forget:That does not work, amateurs build the ark, pros the Titanic!
- #266
- Edited 8:53pm Jan 1, 2018 7:27pm | Edited 8:53pm
- Joined Sep 2006 | Status: ... | 8,112 Posts
Hello David, I wish you a Happy New Year 2018. Enclosed an idea for Price Chart, which has been my concern for a long time......
Many thanks for your post and your kind comments, and Happy New Year to you also.
In MT4 I think you can change the outline color and the fill color of the candle, rather than the entire body and the entire wick/shadow. But I could be wrong, there might be ways in the latest MT4 builds that I'm unaware of.
If I understand correctly, you're effectively asking for the lower shadow on every candle to be boxed green, and the upper shadow of every candle to be boxed red. This amounts to a change in which the OHLC data is being presented, as opposed to a change to the data itself. I think it's possible to create synthetic candles by plotting truncated histograms in the main chart, but I'm not sure. It's been a while since I looked at anything like this.
I'm not sure how this change of presentation would provide an advantage to the retail trader, but then I've not really spent any time researching this kind of approach. If you've read my recent posts you'll know that my own approach uses a lot of FA rather than purely chart-based analysis. Of course I understand that different traders find certain types of chart-based 'road maps' helpful as a visual aid. Each trader must ultimately find an overall approach that he is personally comfortable with.
Although I'm happy to continue sharing some of the indicators and EAs that I write for my own use, I'm sorry, but I'm no longer undertaking programming requests. I posted a list of possible alternatives in the 'MT4 programming' section here. I hope that you can find a way of achieving what you're looking for.
Good luck, and best wishes for 2018.
David
- #267
- Jan 1, 2018 11:58pm Jan 1, 2018 11:58pm
- Joined Dec 2017 | Status: //houston ǝʍ have a probl | 2,685 Posts
Forget:That does not work, amateurs build the ark, pros the Titanic!
- #268
- Edited 9:18am Jan 3, 2018 9:08am | Edited 9:18am
THis is my indicator to plot many cross by great Hanover's PSA indicator. It plots value at each new bar. INSTALLATION: - copy indicator into MQL/indicators folder - attach before Hanover's PSA indicator and check number of ID - after attach my indicator...and in setting pannel write ID number od PSA indicator I'm glad to have a feedbackTake care and i remember that it's a sperimental indicator and u can loose money with trading forex
{file}
Hannover tnx for your improvement code % into new PSA.....
- #269
- Jan 4, 2018 12:02am Jan 4, 2018 12:02am
- Joined Sep 2006 | Status: ... | 8,112 Posts
126 download and 0 feedback.....i suppose it works fine
{quote} 126 download and 0 feedback.....i suppose it works fine
Thank you for your great work on this forum.
- #272
- Jan 4, 2018 8:46am Jan 4, 2018 8:46am
- Joined Nov 2017 | Status: Trader | 1,590 Posts
{quote} 126 download and 0 feedback.....i suppose it works fine
.hello metastock.. I see nothing on your Improvement on PSA Label Pair.. what suppose i do.. thanks..
Regard
- #274
- Jan 4, 2018 9:56am Jan 4, 2018 9:56am
- Joined Nov 2017 | Status: Trader | 1,590 Posts
{quote}I will let metatsock reply, but when I tested his indicator, it took a while for the plots to slowly build up, as it needs to get its data from PSA which can occur only as candles get completed, going forward in real time. Also please note that you must have PSA running (which I can see from your screenshot), but with its UniqueID parameter set to the same value as PSA_label_pair_V1's ID parameter.
yes mr. hanover.. i do like metastock said about instruction to attch same value beetween Hanover PSA and PSA_label PAir .. and agree i see. its lag. and need candle complete to show in PSA_label Pair.. for information.. the fast way to see PSA_label_pair on TF M1
Than some pair not build in this Indi.. like USDCHF. its All only 17 Pair..
we wait from metastock.
regard
- #276
- Jan 4, 2018 12:43pm Jan 4, 2018 12:43pm
{quote} Hi metastock, I think 126 downloads are a great success! If I only could post something which appears to be possibly useful to the "TRADING" of 126 readers of this TRADING forum, I would feel very proud and satisfied of it. No feedback? (yet!), this would not mean to me anything negative at all, perhaps most of the downloads are just by newbies, as myself, who would not know what or how to comment in order to add value. Many others, perhaps more expert in programming issues, might just be either a bit lazy to feed back, or too busy with...
By the way 0 feedback for me was a great result: i supposed that indicator works fine - #277
- Jan 4, 2018 12:47pm Jan 4, 2018 12:47pm
{quote}I will let metatsock reply, but when I tested his indicator, it took a while for the plots to slowly build up, as it needs to get its data from PSA which can occur only as candles get completed, allowing PSA values to change, going forward in real time. Also please note that you must have PSA running (which I can see from your screenshot), but with its UniqueID parameter set to the same value as PSA_label_pair_V1.ex4's ID parameter.
About numbers of pairs: i limited number to get graph line more readable.....maybe into next update i will allow user to write down a "personal watchlist"...in this way eachone can choose what to plot
- #279
- Jan 7, 2018 1:25am Jan 7, 2018 1:25am
- Joined Sep 2006 | Status: ... | 8,112 Posts
I appreciate your hard work and that you released this fine indicators to the public......
