So I've been tinkering with indicators lately and have learned a lot about coding in metatrader along the way
Recently I just finished modifying an indicator. This indicator calculates 4 different things
1. range (high-low)
2.body size (close-open). This is the value of the open-close range
3.body/range ratio (2/3)
4.price % change (open-close)
these calculations are done over 1,5,10,20 days
Some of the analysis I am trying to implement in my system would include
1. when a trade is entered, I would place s/l the value of the 5 day range pips below close of the most recent completed bar (for long) or above close of recent completed bar (for short)
2. i don't know how to implement body size yet..
3. body/range ratio tells me the indecision factors. If you recall what dojis are, the longer the shadows and the smaller the body, the stronger the doji. So if the body/range ratio is small then you can have a quick summary of how indecisive the market is in the last 1,5,10,20 days. I wouldn't trade if the 5 or 10 days ratio is less than 20-30%. Example USDCHF indecision ratio for the last 5,10,20 days are 29%,34%,26% respectively so I wouldn't want to trade that.
4. price change percentage is I consider to be trend analysis. If the period is 5 days, I take the open of the previous 5 days - close of the 5th day. The percentage is just the difference/the opening price*100. This tells me how price has changed in the 1,5,10,20 days in terms of percentage. A good way to see how short,intermediate,long term trend is forming
and finally, PAIN indicator has been modified to put all the lines in the same graph ..took me a while to do this
Recently I just finished modifying an indicator. This indicator calculates 4 different things
1. range (high-low)
2.body size (close-open). This is the value of the open-close range
3.body/range ratio (2/3)
4.price % change (open-close)
these calculations are done over 1,5,10,20 days
Some of the analysis I am trying to implement in my system would include
1. when a trade is entered, I would place s/l the value of the 5 day range pips below close of the most recent completed bar (for long) or above close of recent completed bar (for short)
2. i don't know how to implement body size yet..
3. body/range ratio tells me the indecision factors. If you recall what dojis are, the longer the shadows and the smaller the body, the stronger the doji. So if the body/range ratio is small then you can have a quick summary of how indecisive the market is in the last 1,5,10,20 days. I wouldn't trade if the 5 or 10 days ratio is less than 20-30%. Example USDCHF indecision ratio for the last 5,10,20 days are 29%,34%,26% respectively so I wouldn't want to trade that.
4. price change percentage is I consider to be trend analysis. If the period is 5 days, I take the open of the previous 5 days - close of the 5th day. The percentage is just the difference/the opening price*100. This tells me how price has changed in the 1,5,10,20 days in terms of percentage. A good way to see how short,intermediate,long term trend is forming
and finally, PAIN indicator has been modified to put all the lines in the same graph ..took me a while to do this
