line patterns
(automated drawing of bsTL's)
Anyone want to program an MT4 indicator that draws a channel between pricebars' highs and lows, respectively, that is, a line between two price bars' highs and a line for the lows? A variable to select the widest (or narrowest) pricebar from a particular area would help, also; with fewer pricebars (the built-in ones -- candlesticks ,) to select from, drawing the channels automatically'd clean the chart. http://s5.tinypic.com/sepo9f.jpg , example.
There already may be such an indicator and I haven't seen it. Thanks for your consideration.
EDIT: Below is a context of understanding why the above indicator, however simple, is valuable. It also contains suggestions for indicators; they are not fully worked thru, however.
First, let me note that it's absurd for anyone to do this for me. Like the person who answered this post, it'd be great if I could inspire someone to make their own indicator. Also, if anyone only wants to take on at least the simplest version given above, also great. Eventually, all these ideas could make an EA. Or not. It's just that few people practice using the idea of balance in charts beyond the usual side or spinning top -- Psiholog is one -- and I was lucky enough to find use for it in the form I did. So, I'm sharing it in a way perhaps others will find beneficial.
The above asks for a hi-lo bar channel. Now, I also want this for an extremely-wide-range price bar, a 'balance line' that connects the bars' centeredness after one xwr candle with that of a very close second such candle, and possibly a very-low-range-candle area. The last three, and variations that include the first, are described in detail below.
To understand why I want this indicator, you must think 'outside the box'. I read the VSA threads regularly, because volume does not lag and it does not lie (have you make up exceptions for non-price/volume devices, thus making the whole deal an 'average' correctness versus just picking the actual time to trade). The variability in reading volume-bar divergences, pairs of climax or churn bars, and other patterns gets overwhelming at times. The VSA experts read price-bar shapes (candlestick formations and individual shapes and the like), which appealed to me, only it too overwhelms.
So I was fiddling around with different shortcuts thru applying drawing tools, as I have for years, when I found that drawing a simple line from the high of a hiekin-ashi candle (or other types of price bars, as long as they represent the entire price range per unit of time on the screen) to that of another one, and then do the same for the two candles' lows, is a workhorse, if you have a separate way to selecting which two candles to use.
This was the original intent of this thread. I usually filter for which HA candle with a price-bar spread (i.e., range width) - measure indicator, and then do the above for the price bars that are of extremely wide range.
In the noted search for a drawing-tool answer, I've a much more valuable idea closely tied to the above one, called the balance line, made for two close-set xwr candles. I find two extremely wide-range HA candles within a few candles' worth from each other, and then figure where those few candles in-between balance in, say, a spinning top, and where the few candles after the second extreme candle balances similarly.
(I also looked at extremely-low-range candles, which tend to group into large areas rather than create a worthwhile channel, since a unit of price much more often has a very low range than a very high range. This, highlighting with a box (the drawing tool) very low range candles of a certain minimum range of price and number of bars, could be a third idea, next to hi-lo xwr bar channels and close-set xwr bars' balance lines. All I've found so far is that xlr-bar areas help find pivots, unless several happen in a row. This is kind of a lame use, because so many other devices also do this, so there must be more to it.)
The balance portion of the balance line idea needs work. Finding a spinning top may be too little to handle the task of determining the balance right before the second, close extremely wide-range candle. Sometimes, the entire group of candles balances on a side market, with a spinning top in there, afterward. Plus, the first xwr candle in a pair may not have a spinning top after it, which'd possibly lead to this side market after the second. Other, even more difficult variations may exist.
The basic idea is that a single line connects the center of each spinning top balancing the respective of two extreme-range, close candles (having not, in my experience, seen more than two xwr candles close together, although I suppose it's possible (and even more complicated, I suppose), in the first example, extends into either a top or a trend, both of which are usually far away.
A third idea, similar to the first one and derived from the second, is to draw a line from the higher high of the two close candles' ranges to the high of one extremely-wide-range HA candle of some distance away, and do the same for the lows.
I found the overall approach breaks down in one or more of the ideas if the ranges are not extreme enough or the candles are neither very close nor a good distance away from each other.
As far as programming this, if anyone is interested, I'd need, subject to later adjustments,
(automated drawing of bsTL's)
Anyone want to program an MT4 indicator that draws a channel between pricebars' highs and lows, respectively, that is, a line between two price bars' highs and a line for the lows? A variable to select the widest (or narrowest) pricebar from a particular area would help, also; with fewer pricebars (the built-in ones -- candlesticks ,) to select from, drawing the channels automatically'd clean the chart. http://s5.tinypic.com/sepo9f.jpg , example.
There already may be such an indicator and I haven't seen it. Thanks for your consideration.
EDIT: Below is a context of understanding why the above indicator, however simple, is valuable. It also contains suggestions for indicators; they are not fully worked thru, however.
First, let me note that it's absurd for anyone to do this for me. Like the person who answered this post, it'd be great if I could inspire someone to make their own indicator. Also, if anyone only wants to take on at least the simplest version given above, also great. Eventually, all these ideas could make an EA. Or not. It's just that few people practice using the idea of balance in charts beyond the usual side or spinning top -- Psiholog is one -- and I was lucky enough to find use for it in the form I did. So, I'm sharing it in a way perhaps others will find beneficial.
The above asks for a hi-lo bar channel. Now, I also want this for an extremely-wide-range price bar, a 'balance line' that connects the bars' centeredness after one xwr candle with that of a very close second such candle, and possibly a very-low-range-candle area. The last three, and variations that include the first, are described in detail below.
To understand why I want this indicator, you must think 'outside the box'. I read the VSA threads regularly, because volume does not lag and it does not lie (have you make up exceptions for non-price/volume devices, thus making the whole deal an 'average' correctness versus just picking the actual time to trade). The variability in reading volume-bar divergences, pairs of climax or churn bars, and other patterns gets overwhelming at times. The VSA experts read price-bar shapes (candlestick formations and individual shapes and the like), which appealed to me, only it too overwhelms.
So I was fiddling around with different shortcuts thru applying drawing tools, as I have for years, when I found that drawing a simple line from the high of a hiekin-ashi candle (or other types of price bars, as long as they represent the entire price range per unit of time on the screen) to that of another one, and then do the same for the two candles' lows, is a workhorse, if you have a separate way to selecting which two candles to use.
This was the original intent of this thread. I usually filter for which HA candle with a price-bar spread (i.e., range width) - measure indicator, and then do the above for the price bars that are of extremely wide range.
In the noted search for a drawing-tool answer, I've a much more valuable idea closely tied to the above one, called the balance line, made for two close-set xwr candles. I find two extremely wide-range HA candles within a few candles' worth from each other, and then figure where those few candles in-between balance in, say, a spinning top, and where the few candles after the second extreme candle balances similarly.
(I also looked at extremely-low-range candles, which tend to group into large areas rather than create a worthwhile channel, since a unit of price much more often has a very low range than a very high range. This, highlighting with a box (the drawing tool) very low range candles of a certain minimum range of price and number of bars, could be a third idea, next to hi-lo xwr bar channels and close-set xwr bars' balance lines. All I've found so far is that xlr-bar areas help find pivots, unless several happen in a row. This is kind of a lame use, because so many other devices also do this, so there must be more to it.)
The balance portion of the balance line idea needs work. Finding a spinning top may be too little to handle the task of determining the balance right before the second, close extremely wide-range candle. Sometimes, the entire group of candles balances on a side market, with a spinning top in there, afterward. Plus, the first xwr candle in a pair may not have a spinning top after it, which'd possibly lead to this side market after the second. Other, even more difficult variations may exist.
The basic idea is that a single line connects the center of each spinning top balancing the respective of two extreme-range, close candles (having not, in my experience, seen more than two xwr candles close together, although I suppose it's possible (and even more complicated, I suppose), in the first example, extends into either a top or a trend, both of which are usually far away.
A third idea, similar to the first one and derived from the second, is to draw a line from the higher high of the two close candles' ranges to the high of one extremely-wide-range HA candle of some distance away, and do the same for the lows.
I found the overall approach breaks down in one or more of the ideas if the ranges are not extreme enough or the candles are neither very close nor a good distance away from each other.
As far as programming this, if anyone is interested, I'd need, subject to later adjustments,
- the ability to type in a candle's location
hi-lo candle channel:
a trendline drawn between the highs of two such candles
a trendline drawn between the lows of two such candles
a parameter denoting how far apart two such candles can be before drawing the channel
pair of extremely-high-width candles, balance line for:
the ability to find a spinning top after a candle
the ability to find the exact middle of that spinning top
a trendline drawn between the exact middle of the spinning top after one extreme-width candle and the exact middle of the spinning top after another, close extreme-width candle
a parameter for a particular number of candles to find the range of each candle therein
finding the range of each candle
a parameter for what range of each candle the user wishes to select, say, a minimum therein
ability to combine the last two parameters to give a localized highest-range candle
a parameter to denote how close two candles must be before drawing a balance line between two close-and-extreme candles
a parameter to do the same for drawing a channel
used for extremely-high-width candle (if distant ones) channels and (if close ones) balance lines:
the ability to extend a trendline beyond two given points, as in a ray
lowest-range candle areas:
parameter to number how low a candle's range must be before including the candle in an xlr-bar area
parameter to number how many bars to include in each area
ability to draw a box over such an area
Anyone in their right mind can see this is an extraordinary thing to ask of someone, and it's fine if no one, as before, does it. It's just good to get it down on paper. There is the option of ignoring the balance-line option, which is fraught with difficulties in pinning down (however much more valuable an idea), for only programming the hi-lo bar channel originally asked for.
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Part of the bsTL microverse: Overview, patterns (or, those with fewer or more candles), TF use, trading. (And its future: automatic; precise.)
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