Retracement grid indicator

Here is a picture of an indicator that measures how many times price has touched a particular price level. This indicator could be developed into something more valuable but I am not a programmer.

Instead of using a grid that only uses an arbitrary number of pips to make levels (for how many times price touched a certain point), using historical data to make the levels seems to make more sense. But, you would also have to determine how many times price reversed from that point or continued through that point.

A talented programmer may be able to use this indicator code to start from?

Keep looking to the light,

pipsqueak4x

Thank you for your contribution Pipsqueak4x.

what Pipsqueak4x post is just like Market Profile indicator.
I just pass by to this thread, constin 's indicator could show the continuity of a currency. It could judge whether that currency is trending or ranging.

do hope any coder could help .

Ideas for programming

What we would be interested in here is the number of times the price reversed at those levels and the actual levels where the price is at the present time.

This could be done with different values for the settings.

How could this indication be done manually?

Although the trading strategy could be used with martingale it doesnt necessarely need to use martingale. The indicator could be used with different strategies.
We'll have to use a simple martingale EA and run it through the strategy tester for a specific period. This will help find the times price returned at those specific levels (once for shorts and once for longs).

For the actual levels we'll have to run the martingale EA on the demo account and see what level the price is at the present time. (once for shorts and once for longs)

To do this manually will be very complicated and waste of time.
We are trying to turn this manual indication into an actual indicator.

2008 09 07-2008 10 07 strategy test
gbpjpy
shorts
values:
x=50
y=300

level 0=4
level 1=1
level 2=1
level 3=2
level 4=3
level 5=2
level 6=0
level 7=2
level 8=0
level 9=1
level 10=0
level 11=0
level 12=0
level 13=1
level 14=0
level 15=1
level 16=0

2008 10 07- 2008 11 07 strategy test
gbpjpy
shorts
values:
x=50
y=300

level 0=10
level 1=5
level 2=4
level 3=3
level 4=2
level 5=0
level 6=1
level 7=0
level 8=2
level 9=3
level 10=1
level 11=1
level 12=0
level 13=2
level 14=0
level 15=3
level 16=0

very impressive the month before the last the price reversed at the level 15 for 300 pips once and the last month price reversed at level 15 for 300 pips 3 times.

Coders, your opinions will be greatly appreciated if such indi can be done.

Thank you

push......

Just googling for your similar ideas indicator...yet negative ....

Thank you Soul.
Well, we got the basics outlined.
We need some volunteer coders willing to help out.

though your question is not clear to me,i hope that if you search for point and figure charts, modal point of www.forex .com you may get an answer.i am attaching p&f ea that you can check on mt-4

Thank you for your EA indicator. That is gonna be of great help.
Indicator draws the grid candles based on the closing of the timeframe bars and that might cause the grid candles to fall behind. we need the indicator to draw the grid candles based on the present time price movement. Is that possible to be done?

This could be an indication of the actual level - where the price is at the present time
The EA indicator draws the grid candles based on the closing of the timeframe bars and that might cause the grid candles to fall behind.
We need the grid candles based on the present time price movement.
Is this possible to be done?

It looks that this indicator doesnt work on live charts, it only works on strategy tester.
We have to make this indicator work on live charts.

mr costin

this is point&figure ea, it is purely based on price action study analysis.if you want more information, i suggest you to see this website, please look at www.impactforex.com

Thank you for your suggestions Drbsprasad.
Your links to the post show "address not found"

Any other indicators related to this system are welcomed.

Thank you

sorry it was a mistake, see the below web address www.foreximpact.com

Hi Constin,

Let me try to figure out what you need;

In certain period (let's assume 1 years or 1 month) you want to know how many time price hits a certain price level. You will count the level was hits if the price break the levels. is it ?

So let's say price move up from level 0 to level 4 but could not reach level 5, which level that we should count by 1 times? Level 4 only or all level below level 4 should count 1 times?

Thanks

KG

Hello Kang_Gun

In certain period (let's assume 1 years or 1 month) you want to know how many time price hits a certain price level. You will count the level was hits if the price break the levels. is it ? X is the distance between levels and y is the distance the price reverses from a certain level. we want to count the level from which price reversed the value y.

So let's say price move up from level 0 to level 4 but could not reach level 5, which level that we should count by 1 times? Level 4 only or all level below level 4 should count 1 times? none or level 4 if price reverses the value y from level 4.

Also please see post 25:
http://www.forexfactory.com/showpost...6&postcount=25



Thank you,