Hello everyone,
this is not a trading strategy, but it could improve it alot.
you know the problem that all candles above 1 hour look different at every broker because of timezones. all candles below 4 hour is no problem, because every 1 hour starts at the same time on the whole world, but not 4hours etc.
i found a solution. it is called DynamicCandles. it is difficult for me to describe, because english is not my native language. i'll try it:
everyone who is trading systems or methods with candlepattern know the Pinbar. it is a candlepattern with long high shadow or low shadow and the close is very near at the open of a candle. there are many other patterns which shows trend reversal or continuation. but not every pinbar could be found on a chart with MT4 because of timeshift or timezoneshifts. sometimes you see in a 1 hourchart a bullish or bearish outside bar, which is the same like a pinbar but with a trendreversal duration of 2 hours. now think about you have the ability to have a 2 hour chart or a 20 minute chart or an 76 minute chart. usually impossible in MT4. i know there is a way with a script to tweek a minute chart with live quotes. but know it is possible with DynamicCandles. And not only this. There is one more feature i try to describe now.
there are two modis. a dynamic and a static mode. the static mode works the same like the CustomCandle indicator. you could have in static mode every charttimeframe you want.
For Example: you have open a 1 minute chart in MT4 and apply the DynamicCandles as an overlay. switch to linegraph and set the linegraph color to NONE. you set the 'TimeFrame'-parameter to 7. now you have 7 minute chart in MT4. Isn't it easy.
Now comes the big part of the DynamicCandles-Indi. The dynamic mode.
If you switch UseDynamicCandle to TRUE you will see dynamic candles.
Example:
In the 1 minute timeframe you set 'TimeFrame' to 10 and have a 10 minute chartframe. everythings clear by now? but what happens. the usual 1 minute bars are now seperated in dynamic 10 minute candles. the DynamicCandle is static at his position in the window, but the usual 1 minute open, high, low and close quotes are the underlying values of every dynamic candle. so, bar 0 - 9 forms dynamic candle #1. Bar 10-19 forms dyn. candle #2 and so on. if the usual bar 0 closes it move to position 1 (the next left position and all others to). a new bar at the first position(0) is generated. you know this. but the dynamic Candles do NOT move to left every 10 minutes, they stay were they are. they only transforms lows, highs, opens,closes with the quotevalues of the underlying price. puhhh, so difficult with my hun tongue.
but pictures says more than 1000 words. here is a video i captured in fastmotion about the EURUSD from today april 28 at 11.55 (ibfx-time :-) ) there was a nice uptrend and you could watch how the pinbar was formed. you could explore more pinbars at time.
here is the video
what is the pro now? at every trendreversal there is a pinbar sometimes hidden because of timeshift sometimes 2 bars forming the pinbar but with a DBHLC (Double High Low Close) etc. if everyone will using this DynamicCandles in a 1 hour chart and with TimeFrame set at 24, everyone will see the same dailycandle even if he/she sits in australia, london, usa. and the best with this example is. every hour a new dynamic daily candle will form. hard to believe and understand? take the indi in 1 minute chart with TimeFrame-setting at 5 and watch what happens. if you understand the concept you can adapt this to other TF's of your choice. maybe this is evolutional in chartanalytics, chartpatterns and usefull for strategies.
the other settings are not difficult to understand i hope. CountBars is the number of bars shown in the chartwindow.
if you have questions, go ahead. i'll try to answer with best willing and understanding.
regards der stratege
this is not a trading strategy, but it could improve it alot.
you know the problem that all candles above 1 hour look different at every broker because of timezones. all candles below 4 hour is no problem, because every 1 hour starts at the same time on the whole world, but not 4hours etc.
i found a solution. it is called DynamicCandles. it is difficult for me to describe, because english is not my native language. i'll try it:
everyone who is trading systems or methods with candlepattern know the Pinbar. it is a candlepattern with long high shadow or low shadow and the close is very near at the open of a candle. there are many other patterns which shows trend reversal or continuation. but not every pinbar could be found on a chart with MT4 because of timeshift or timezoneshifts. sometimes you see in a 1 hourchart a bullish or bearish outside bar, which is the same like a pinbar but with a trendreversal duration of 2 hours. now think about you have the ability to have a 2 hour chart or a 20 minute chart or an 76 minute chart. usually impossible in MT4. i know there is a way with a script to tweek a minute chart with live quotes. but know it is possible with DynamicCandles. And not only this. There is one more feature i try to describe now.
there are two modis. a dynamic and a static mode. the static mode works the same like the CustomCandle indicator. you could have in static mode every charttimeframe you want.
For Example: you have open a 1 minute chart in MT4 and apply the DynamicCandles as an overlay. switch to linegraph and set the linegraph color to NONE. you set the 'TimeFrame'-parameter to 7. now you have 7 minute chart in MT4. Isn't it easy.
Now comes the big part of the DynamicCandles-Indi. The dynamic mode.
If you switch UseDynamicCandle to TRUE you will see dynamic candles.
Example:
In the 1 minute timeframe you set 'TimeFrame' to 10 and have a 10 minute chartframe. everythings clear by now? but what happens. the usual 1 minute bars are now seperated in dynamic 10 minute candles. the DynamicCandle is static at his position in the window, but the usual 1 minute open, high, low and close quotes are the underlying values of every dynamic candle. so, bar 0 - 9 forms dynamic candle #1. Bar 10-19 forms dyn. candle #2 and so on. if the usual bar 0 closes it move to position 1 (the next left position and all others to). a new bar at the first position(0) is generated. you know this. but the dynamic Candles do NOT move to left every 10 minutes, they stay were they are. they only transforms lows, highs, opens,closes with the quotevalues of the underlying price. puhhh, so difficult with my hun tongue.
but pictures says more than 1000 words. here is a video i captured in fastmotion about the EURUSD from today april 28 at 11.55 (ibfx-time :-) ) there was a nice uptrend and you could watch how the pinbar was formed. you could explore more pinbars at time.
here is the video
what is the pro now? at every trendreversal there is a pinbar sometimes hidden because of timeshift sometimes 2 bars forming the pinbar but with a DBHLC (Double High Low Close) etc. if everyone will using this DynamicCandles in a 1 hour chart and with TimeFrame set at 24, everyone will see the same dailycandle even if he/she sits in australia, london, usa. and the best with this example is. every hour a new dynamic daily candle will form. hard to believe and understand? take the indi in 1 minute chart with TimeFrame-setting at 5 and watch what happens. if you understand the concept you can adapt this to other TF's of your choice. maybe this is evolutional in chartanalytics, chartpatterns and usefull for strategies.
the other settings are not difficult to understand i hope. CountBars is the number of bars shown in the chartwindow.
if you have questions, go ahead. i'll try to answer with best willing and understanding.
regards der stratege
Attached File(s)
.......and don't worry, you have explained it very well.
