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Daily high/low histogram indicator

  • #21
  • Edited 3:07pm Feb 1, 2018 2:48pm | Edited 3:07pm
Quoting fx1990
why your are timezone indicator use? can you more little explain it
Please read post #13 above. There is also more info here and here. However, don't download any files from those links, as the latest versions are in post #13 above.

NOTE: You must download the MQH and DLL files as explained in post #13, and check 'Allow DLL imports' on, for the indicator to work correctly. See the screenshot in post #13.

As for more explanation, the indicator is designed to show what the hour (00 thru 23) is, underneath each price candle, in the central banks for each major currency shown (USD=New York, CAD=Toronto, GBP=London, EUR=Berlin, CHF=Bern, JPY=Tokyo, AUD=Sydney, NZD=Wellington) and also one additional time zone of your choice (e.g. your local time; or your broker's MT4 time; or anything else that you wish). You type your 3-character description into Label_LCL, which will appear on the RHS of the chart subwindow, and the time descriptor (that defines your desired time zone) into LocalTimeDescriptor. For example, if I wanted the time for Hawaii to display, I would type Pacific/Honolulu. (or since Hawaii has no daylight saving, and is always 10 hours behind GMT, I could instead type GMT,-10). Valid descriptors are shown in the third column of the table here. You must get the spelling exactly correct, so it's probably simplest to copy/paste them directly from Wikipedia into the indicator setting. In the same way, MT4TimeDescriptor needs to be set to your MT4 broker's time zone. More info about all of this here.

The rest of the parameters should be fairly self-explanatory; please feel welcome to experiment with them, and ask any specific questions that you wish.

For anybody that's interested, the descriptors (that are hard coded into the indicator) used to get the central bank times, are as follows:
USD = America/New_York
CAD = Canada/Eastern (same TZ as Toronto)
EUR = Europe/Berlin
GBP = Europe/London
CHF = Europe/Zurich (same TZ as Bern)
JPY = Asia/Tokyo
AUD = Australia/Sydney
NZD = Pacific/Auckland (same TZ as Wellington)
CNY = Asia/Shanghai (not used)
  • #22
  • Feb 11, 2018 5:35pm Feb 11, 2018 5:35pm
Upgrade to the indicator -- New parameter setting: ShowDayAndDate
 If left blank: the day/date is not displayed.
 If non-blank: type the format mask (info in the OutputString = DateToStr(date,"mask") section here), and the day/date will display on the first histogram bar of each day, as shown in the screenshot below.

Download the latest version of the indicator from post #1.
Attached Image (click to enlarge)
Click to Enlarge Name: PPI 347.png Size: 48 KB
  • #23
  • Feb 13, 2018 11:29pm Feb 13, 2018 11:29pm
Upgrade to the indicator -- New parameter setting: ShowRange
 If left blank: the range is not displayed.
 If non-blank: type the format mask (info in the OutputString = NumberToStr(n,"mask") section here), and the day's range (low to high) in pips will display half way across each day, as shown in the screenshot below.

Download the latest version of the indicator from post #1.
Attached Image (click to enlarge)
Click to Enlarge Name: PPI 389.png Size: 78 KB
  • #24
  • Feb 28, 2018 6:04am Feb 28, 2018 6:04am
Quoting hanover
Upgrade to the indicator -- New parameter setting: ShowRange  If left blank: the range is not displayed.  If non-blank: type the format mask (info in the OutputString = NumberToStr(n,"mask") section here), and the day's range (low to high) in pips will display half way across each day, as shown in the screenshot below. Download the latest version of the indicator from post #1. {image}
hey can u give me the fastmarkets2 indicator?
  • #25
  • Feb 28, 2018 7:49am Feb 28, 2018 7:49am
Quoting charlesblue
can u give me the fastmarkets2 indicator?
Available from this thread.
  • #26
  • Oct 1, 2018 12:33pm Oct 1, 2018 12:33pm
Good gracious - CharlesBlue - I may be wrong but cannot see a please or thank you for the information so generously provided by Hanover...

My comment offering may be late as I have only just found out how to place a posting but I should like to say Thank You Hanover as having spent many hours of reading, following and trying to understand the great mysteries and complexities of the FX Market - and I am simply blown by the continual help and support you once so freely provided to everyone here - even to those who lack such incredible manners - you are very humble and amazingly respectful in the most challenging of circumstances. I completely understand why you have withdrawn from here. All the very best.
  • #27
  • Sep 28, 2019 10:59am Sep 28, 2019 10:59am
Interesting idea and reading this inspired me to do my own analysis of where the day's high/low fell over the past 5 years with greater precision and separated by the first and second high/low of the day.

My data suggests that a high/low is likely just after the London or New York opens as might be expected but I wonder whether this is information that is useful for trading reversals, or whether the increased likelihood just comes as a result of increased volatility at those times.

Shot in the dark as I'm bumping an old thread but I was wondering if anyone had experience with putting numbers to the expected likelihood of a high/low within a certain period based solely on the average volatility within that period? (Which could then be compared against actual likelihood of a high/low in that period to demonstrate an edge)
New Simulation
  • #28
  • Jul 20, 2020 5:28am Jul 20, 2020 5:28am
Quoting NewSim
My data suggests that a high/low is likely just after the London or New York opens as might be expected but I wonder whether this is information that is useful for trading reversals, or whether the increased likelihood just comes as a result of increased volatility at those times.
Not sure if you're still around but I saw your post just now.

From my research I believe the answer to your question is both. The high and low for the day is somewhat more likely to occur during the mornings of the UK and US sessions for most pairs, when traders are at their desks and hence volatility is also high. But like everything else, it's all probabilities and each pair has its own idiosyncratic timing.

However, one thing to watch out for is high impact news. Even if it's not possible to forecast which way a news announcement will move price, there are still patterns that occur when the deviation from the expected is high enough, or a bank governor makes unexpectedly hawkish or dovish comments in an area that the 'market' is interested in.
_______________________

Quoting xxxJacquixxx
I should like to say Thank You Hanover as having spent many hours of reading, following and trying to understand the great mysteries and complexities of the FX Market - and I am simply blown by the continual help and support you once so freely provided to everyone here - even to those who lack such incredible manners - you are very humble and amazingly respectful in the most challenging of circumstances.
Not sure if you're still around, but many thanks for your kind words. Take care and stay safe.

David
  • #29
  • Jan 17, 2022 11:17am Jan 17, 2022 11:17am
Someone is still using this indicator?
  • #30
  • Oct 9, 2022 3:39pm Oct 9, 2022 3:39pm
Quoting alphadude
a while back; I did create a report of daily High/Low of any instrument; and statistically when it is likely that the daily High or Low would have been made; using probabilities. attached is an example; for EURUSD, from 2012 to 2018; where it is showing that by GMT 15:00; the daily High or Low for EURUSD would have been made already with 98% probability. indicating you could potentially do some reversal trades within the daily range; especially if the price was nearing the edge of the daily range. the second chart; showing the occurrence of High...
Is it right at 00:00 GMT when the Sydney session opens (or in other words, the new day starts)? And can I ask how you did the report, please?
  • #31
  • Oct 9, 2022 5:05pm Oct 9, 2022 5:05pm
Quoting 2tjv
{quote} Is it right at 00:00 GMT when the Sydney session opens (or in other words, the new day starts)? And can I ask how you did the report, please?
I never understand the fixation of traders with GMT???

All you need to know is that Sunday, 5 pm, New York, every week, all year long, is when the market opens.

Check this screenshot, 1 hour ago it was 5 pm New York, 8 am Sydney and 9 pm GMT

Not even close to your assumption, hope that helps.

Attached Image (click to enlarge)
Click to Enlarge Name: 2022-10-10_8-00-12.jpg Size: 155 KB
It takes a lot for me to IGNORE you, but you can try.
  • #32
  • Edited 3:51am Oct 10, 2022 2:58am | Edited 3:51am
Quoting Erebus
{quote} I never understand the fixation of traders with GMT??? All you need to know is that Sunday, 5 pm, New York, every week, all year long, is when the market opens. Check this screenshot, 1 hour ago it was 5 pm New York, 8 am Sydney and 9 pm GMT Not even close to your assumption, hope that helps. {image}
Yes, that's what I meant. I'm conflicted by the first image of that post. Right at 17:00 (5 pm), New York time which is at 21:00 (9 pm), GMT is when the market opens. Just take a look at that image! At 00:00 GMT, it has the lowest probability. It makes no sense at all when the market opening is right at 21:00 GMT, not 00:00 GMT. Because of that, I'm suspecting that the time in the image is MT4 time and not GMT. That's why I asked.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-daily-high-low.png Size: 12 KB
  • #33
  • Oct 10, 2022 5:16am Oct 10, 2022 5:16am
Quoting 2tjv
{quote} Yes, that's what I meant. I'm conflicted by the first image of that post. Right at 17:00 (5 pm), New York time which is at 21:00 (9 pm), GMT is when the market opens. Just take a look at that image! At 00:00 GMT, it has the lowest probability. It makes no sense at all when the market opening is right at 21:00 GMT, not 00:00 GMT. Because of that, I'm suspecting that the time in the image is MT4 time and not GMT. That's why I asked. {image}
No idea, I don't have that indicator or table, whatever it is

I trade daily charts with a focus on the Close

New York close that is
It takes a lot for me to IGNORE you, but you can try.
  • #34
  • Last Post: Oct 10, 2022 12:09pm Oct 10, 2022 12:09pm
Quoting Erebus
{quote} No idea, I don't have that indicator or table, whatever it is I trade daily charts with a focus on the Close New York close that is
I'm a day trader so it's important for me to know that stuff . Will be nicer if I know how to get the result of that table.

Thank you for replying to me, Erebus.

Have a nice day!
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