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Box Breakout indicator

  • #61
  • Feb 19, 2007 9:18am Feb 19, 2007 9:18am
Where can I find more information on this T3 indicator? It sounds familiar, but can't recall if it was called by some other name.
  • #62
  • Feb 19, 2007 9:24am Feb 19, 2007 9:24am
I had tried to play the box this morning a few hours before the London open, too sleepy to stay up, got stopped out by 1 lousy PIP - I guess I should've added my spread to the S/L. Many PIPs could've been made on that short....
  • #63
  • Feb 19, 2007 10:29am Feb 19, 2007 10:29am
It was a good Box breakout on the cable this morning on the London Open. The price had already broken the previous days high by 25 pips with a lot of range left, so there was a lot of move to the downside to be had on a downward breakout.
  • #64
  • Feb 19, 2007 2:15pm Feb 19, 2007 2:15pm
et_phonehome_2

T3 indicator...( thanks to Thom)
My setting's are 8 and 0.618

I also use two MA's to confirm as in my chart posted yesterday.

You may find more success trading the London opening if you wait for the close of the 8 hour box....then when the 9th candle passe's the box range and confirms with a new 15 min candle open a trade.


Glenn
Attached Image
Attached File(s)
File Type: mq4 T3_MA_Nick.mq4   3 KB | 5,767 downloads
  • #65
  • Edited Feb 20, 2007 2:35am Feb 19, 2007 8:03pm | Edited Feb 20, 2007 2:35am
going through my files and I found this link to free e-books all about forex trading indicators and breakouts......

[Link removed due to copyrighted information]

Glenn
  • #66
  • Feb 19, 2007 9:10pm Feb 19, 2007 9:10pm
glenn5t

Thanks for the info....

ET
  • #67
  • Edited 10:37am Feb 20, 2007 7:49am | Edited 10:37am
Hi all,

Hapalkos, hope you don't mind...I was using the stock box5 indicator and made a simple mod BreakOut_BOX_5_DailyCandles_OCbox_indicatorMOD.mq4 (note this one has the below changes) indicator of yours and i had been doing something to just bring out the open/close line a bit more (i commented out the rectangle A and B combo, and rectangle A) and added this simple code to allow us to change the Open and Close line colors in the user box:

extern bool OpenClose = true;
extern color OpenLineColor = Lime;
extern color CloseLineColor = Magenta;

and then changed these two lines:

ObjectSet(sObjName, OBJPROP_COLOR, Green);

ObjectSet(sObjName, OBJPROP_COLOR, Red);

to these two:

ObjectSet(sObjName, OBJPROP_COLOR, OpenLineColor);

ObjectSet(sObjName, OBJPROP_COLOR, CloseLineColor);

So my chart looks like this (with the A B combo, and rectangle A commented out...maybe we could also do a show/hide...hummm, tomorrows doodle??)

http://www.accrete.com/fx-mirror/mt4...ox5Example.gif

Cheers,
Thom
  • #68
  • Edited 8:55am Feb 20, 2007 8:51am | Edited 8:55am
Quoting accrete
Hi all,

Hapalkos, hope you don't mind...I was using the stock box5 indicator and made a simple mod BreakOut_BOX_5_DailyCandles_OCbox_indicatorMOD.mq4 (note this one has the below changes) indicator of yours and i had been doing something to just bring out the open/close line a bit more (i commented out the rectangle A and B combo, and rectangle A) and added this simple code to allow us to change the Open and Close line colors in the user box:
Thom,

Looks like a great mod to facillitate pulling in those $Trillion pips.

Good Trading,
hap
  • #69
  • Feb 20, 2007 11:26am Feb 20, 2007 11:26am
Hey Guys,

Is there anyone who can help me to understand how this works. I would appreciate the help. i would like to learn this system. I have checked the thread and cant find the basics.

Thanks, Jim

Jim
  • #70
  • Feb 21, 2007 5:06am Feb 21, 2007 5:06am
Hapalkos, is there any way you could update the indicator so that it'll print out what the levels to go long or short are? By that I mean what the price for going short would be your (lowest low)-(spread box) for instance, and going long is vice versa. I'd really like to know where I should place my orders instead of trying to eyeball it and scratching my head. I tried to update the indicator, but I'm MQL retarded so I couldn't get it to work.
  • #71
  • Edited 5:56am Feb 21, 2007 5:23am | Edited 5:56am
Quoting hard1head1
Hey Guys,
Quoting hard1head1
Quoting hard1head1
there anyone who can help me to understand how this works. I would appreciate the help. i would like to learn this system. I have checked the thread and cant find the basics.

Thanks, Jim

Jim
Let me try to clarify what this thread is about. The BreakOut_BOX is not a system. It can be configured to view some aspects of different strategies. I started the indicator as an exercise in the display of fixed period information. Just an exploration of different ways to effectively present that information using primarily rectangle functions in MetaTrader. The thrust of this thread is mainly conceptual. There have been a number of contributions about how to use a break-out box and I have tried to create an indicator that is easy to configure and clean in its display. There is no system to find here. Just a flexible indicator for displaying two fixed periods. The first period shows a high/low or open/close box. The second is a decision period for whatever conditions one decides signifies a break-out. The indicator is limited to a 24-hour period overall.

What you will find are a number of people who will answer questions and help guide you to appropriate resources.

Markj, who’s request initiated this thread, has a thread in the Trading Forum, “BatFink Trading Strategy.” He probably has a specific strategy in mind. It will be interesting to see how he modifies and implements break-outs with this indicator or something similar.

Accrete, who suggested the use of open/close(transforming how I view the indicator), has already made an excellent modification for his current system. He has a website filled with indicators and systems which hold his interest. He has a high interest in break-out strategies.

Glenn5t contributed to the development of the BreakOut_BOX by posting TIME1_modified. The simple, clean code to decrement days is what caught my eye in TIME1. Glenn has made a number of suggestions about periods to measure, entries and exits. He has not mentioned a specific system. My impression is that his guidelines are the result of many hours of study and analysis. They appear to be pretty solid to me.

Last year I had written an indicator to implement the Opening Range break-out described by Mark Fisher in “The Logical Trader.” I combined elements from that effort with TIME1_modified to make the BreakOut_BOX. The book describes a complete system and is well worth studying. It calls to me now, demanding another reading.

I have seen the Box Play from John Carter’s book, “Mastering the Trade” mentioned lately. This is on my reading list so I do not yet know the specifics of his method but it is probably a good resource. There is a John Carter video on post #15 of the “Box Play” thread in the Discussion forum.
http://www.forexfactory.com/showthread.php?t=3699

There are certainly many other threads that specifically address break-out trading. Makes me wish they were categorized and indexed, but that is all I have for now.

There are many ways to use this indicator: (1) the study of histories with different period settings and break-out points. - A nice way to visually explore different strategies. (2) The marking of specific periods with simple boxes, high/low or open/close - A different way to look at intra-day sessions. (3) The overlay of daily candle bodies on lower time frame charts. - This is useful for identifying significant lines of support/resistance. It also maintains the view of the price action of daily candles.

When I first responded to Markj’s request I had nothing more in mind than showing some code to implement his concept. The indicator just evolved without any specific strategy in mind. It has struck a chord with me and others as well. The process of development has evoked a new perspectitive on many things I have learned during the past year.

This may not be the answer you expected but hopefully, these few words will be of some help.
  • #72
  • Feb 21, 2007 5:29am Feb 21, 2007 5:29am

One method as to where to set the break-out point comes from Mark Fisher, a futures trader that specializes in energy . His book, The Logical Trader, describes a break-out strategy that is part of his ACD Method. The break-out points are called “a-values.” In the index there is a table of values which gives 28 for the Pound.

The attached image illustrates the indicator configured for Period A from Tokyo Open to Frankfurt Open and Period B from Frankfurt Open to New York Open with a break-out setting of 28 pips.
Attached Image
  • #73
  • Edited 5:36am Feb 21, 2007 5:33am | Edited 5:36am
Probability can be used to determine exit points. Support/resistance and other factors must be considered but knowing the probable limits is helpful.

I have spent some time with the spreadsheet that Vegas included in “Vegas Wealth Builder Part II.”
http://www.forexfactory.com/showthread.php?t=4365
He presents determining a target value which is calculated by taking the mean of previous daily ranges. This gives you a daily range value which should be reached or exceeded 50% of the time. He then takes 5 pips off to cover spread. I have done additional calculations to determine pip values at other probabilities. The last calculations yielded 126 pips for a 50% probability that this would be the range for any given day. 96 pips – 75% probability. 166 pips – 25% probability. This morning I setup a BreakOut Box with the Period A running from Tokyo Open to Frankfurt Open. Instead of using High/Low for the Period A box, I used Open/Close. This makes a small difference in the break-out point price values. I set the break-out value to 28 pips. I then put probability lines on the chart measuring from the extremes of the Tokyo session. On my command, Cable marched south. Well, not really. I took a nap and Cable meandered. But I returned to find Cable had cleanly pierced the 50% line. No money in it but I did get a feel good.

Using Open/Close on the Period A box instead of High/Low is just an experiment. It does not indicate that I have any particular insight that this is a better setup. I do find that overlaying the chart with a BreakOut_BOX configured as Open/Close for a 24 hour period is helpful in seeing points of support and resistance. Essentially, such boxes represent the body of daily candles.
Attached Image
  • #74
  • Feb 21, 2007 5:38am Feb 21, 2007 5:38am
Adjustment of targets
Attached Image
  • #75
  • Feb 21, 2007 6:01am Feb 21, 2007 6:01am
This chart has one 24-hour box to represent daily candle bodies and several boxes with different time periods for intra-day sessions.
Attached Image
  • #76
  • Feb 21, 2007 6:07am Feb 21, 2007 6:07am
Using daily candle bodies to see lines of support/resistance.
Just a few lines to show s/r at open/close on daily boxes configured open/close.
Attached Image
  • #77
  • Feb 21, 2007 9:10am Feb 21, 2007 9:10am
Quoting Skyhook
Hapalkos, is there any way you could update the indicator so that it'll print out what the levels to go long or short are? By that I mean what the price for going short would be your (lowest low)-(spread box) for instance, and going long is vice versa. I'd really like to know where I should place my orders instead of trying to eyeball it and scratching my head. I tried to update the indicator, but I'm MQL retarded so I couldn't get it to work.
I added text to the screen so that you can see it and look at the code to do it. If you set the band to 0 the prices will dissappear. Let me know what you think.
Attached File(s)
File Type: mq4 ##BreakOut_BOX_5_Asian_Session_HLbox_SCREEN_TEXT_indicator.mq4   23 KB | 5,691 downloads
  • #78
  • Feb 21, 2007 9:11am Feb 21, 2007 9:11am
Screenshot of Text on Window 0
Attached Image
  • #79
  • Feb 21, 2007 9:27am Feb 21, 2007 9:27am
Hi hapalkos,

I have tried to load your BreakOut #4 Box Indicator onto my MT4 chart &
the indicator loads into the indicator list, but will not open on the chart.
The one I'm trying to load is on page 2 item #21. What might I being doing
wrong?

Thanks for your help.

AceTrader
  • #80
  • Edited 10:17am Feb 21, 2007 9:52am | Edited 10:17am
Quoting acetrader
Hi hapalkos,

I have tried to load your BreakOut #4 Box Indicator onto my MT4 chart &
the indicator loads into the indicator list, but will not open on the chart.
The one I'm trying to load is on page 2 item #21. What might I being doing
wrong?

Thanks for your help.

AceTrader
I have not experienced any problems with loading any of the versions so I am kind of at a loss. Why don't you try BreakOut_BOX_5 in post #38 and we will go from there.

hap

Sometimes I have had problems with an indicator not functioning. Closing MetaTrader and restarting usually did the trick. Something must get reset that is not readily apparent.
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