OHLC indicator - to plot on the chart?

Hi,

does anyone have or can anyone code an indicator to plot the OHLC on a chart.. I pick the time frame (like monthly OHLC or weekly OHLC) with a lookback feature so I can choose it to plot the last 30 or 40 candles &&& it has to display on all time frame charts?

I'm only too happy to bounce ideas if it can be done..

juicyt

Juicy,

Not sure what you mean. OHLC is effectively a candle. So you're asking for a facility to plot higher TF candles on a lower TF chart?

CustomCandle or pips4life's indy will do this — links here. Both allow a candle shift factor, AFAIK.

If you want to plot lots of different TF candles on the same chart, Recent Candles can do this, but it may not work on Vista or Win7, due to Microsoft's access restrictions.

David

Thanks Hanover,

the indicator didn't work as it doesn't display above daily. Also, last time I tried one like this I had to load up 40 indicators per chart and the chart / mt4 couldn't handle it.

Thanks though, juicyt

if anyone could code this it'd be great.. preferably with interchangable TF's that will show on any timeframe you want.

OHLC is a great way to see S&R

Can you clarify what you are looking for please?

Do you want text values or lines on the chart?
If you specify the last 'x' candles do you want text/lines for every single 'x' candles?

What colours, styles, line lengths?

May take a look later.

Here you go, try this and then tell me it is nothing like what you wanted ;-)

Hi Futurespec,

I don't kow how I missed this from you, but it worked perfectly (so far)
Thanks a bunch, i'll keep you in the loop once I master the system now!

juicyt

Update and request? I have been using this indicator well on the 4hr charts using Monthly OHLC as sup/res (8 weeks shown) and price action however would love it if the current lines could be turned off. So the current weekly OHLC (or what ever setting I am using) is not displaying as it gets in the way.

Could anyone modify it please?

jt

not sure if I understand correctly but try this...

M.

Thanks Futurespec, that worked perfect. I do appreciate your help once again.

Let me know if you want me to show you any trades with it. Simple candle action bouncing off the weekly OHLC seems to work well.

jt

It is an excellent indicator . An option of drawing channels/trendlines based on OC or HL
or both instead of just printing horizontal lines will also be welcome.
I want to use it as a mean reversion strategy indicator.
The strategy requires avoiding stopless by buying currency options which gives staying
power .
Currency option acts like a punching bag facing unlimited amount of whipsaws and
fakeouts and their use takes away your fear of managing stoploss positions forever.
You only focus on three jobs. (a) taking direction view (b) estimating profit target (c)
estimating period of options to buy so that in case direction view goes wrong, break-even
level can happen without option losing much time value.
Short-term options lose value fast. So the options bought should not be less than 3 to 4
months. The option time value plunges in the last month so the recovery time should be 2
or 3 months.
The key to success lies in our estimation of recovery period. If our view of direction
goes wrong then we don't have to worry too much and wait for the retracement to happen -
well in time to retain time decay value to help us to break even at least.
You can daytrade options like this with a limited profit target of 50 pips so that you
can liquidate on the same day within a few hours of trading.
With this strategy in view,
1. Is it feasbile for your indicator to print on the line a number of (a) minutes ago
for timeframes of 1 m to 5 m and (b) hours ago for 15 minutes to 4 hours and (c) days
ago for daily, weekly and monthly bars. Picture of a similar indicator printing zlines is
attached. This will help in studying the pattern of retracement or pullback levels in
the past.
2. If the OC or HL or both are printed with pips calculated from open to close, open to
high, open to low, close to open, close to high, close to (as per switch selected by
user) then it can give an idea of possible drawdown for future assuming the old cycle
pattern repeats.
3. I have not come across any tool which can print on the chart or text in pips (minus or
plus) based on past date and time selected by the user to calculate (a) from the present
currency position or (b) any other past position selected by the user in the switch to
study past trading patterns.
Example I am entering a buy trade now of eurusd at 1.12 and want to see what could be the
drawdown, based on past closest trades, if it goes wrong and in opposite direction. I can
then decide if my margin will permit that kind of drawdown risk or not or should I buy
currency option of that duration instead.
In other words, I want to estimate the currency option's Breakeven recovery time by
studyig or replaying past drawdown levels and decide on the duration of the currency
option to be bought.

The attachment I forgot to put in last post

can you code candle Close line only?. The input parameter should option for different time frame from H1,H4,D1,W1 and MN time frame.

is this work for year time frame.. i am searching for the lines of open high low close for previous year and previous quarterly period.. kindly if have please share ..i do with day week month but this quarterly and yearly is not like that ...

Quantower platform added Daily OHLC indicator https://www.quantower.com/