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OHLC Indicator

  • #1
  • First Post: Edited 8:46pm Jul 18, 2009 8:06pm | Edited 8:46pm
I found this indicator very nice - mq4 and screen shot attached

What it does is it draw some lines from previous day's H/L, plus 2 options of showing the 21 pips and 34 pips (fixed), above and below yesterdays H/L.

http://img268.imageshack.us/img268/3910/ffsystem.jpg


EDITED (see screenshot on next post)

I was hoping someone can redo this indicator, and show the previous day's OHLC, plus the options to change the "fixed" spread of 21 and 34 from yday's HL. Instead, it will show yday's HL, and its corresponding HIGHEST and LOWEST CLOSE.

It might look like this:
0 + number of pips from yday's HIGH (with candlestick shadow)
1 + number pips from yday's HIGHEST CLOSE (without candlestick shadow)
2 yday's HIGH (with candlestick shadow)
3 yday's HIGHEST CLOSE (without candlestick shadow)
4 yday's LOWEST CLOSE (without candlestick shadow)
5 yday's LOW (with candlestick shadow)
5 minus number of pips from yday's LOWEST CLOSE (without candlestick shadow)
6 minus number pips from yday's LOW (with candlestick shadow)

Thanks.
Attached File(s)
File Type: mq4 #SRDC_Indicator.mq4   2 KB | 2,524 downloads
  • #2
  • Jul 18, 2009 8:40pm Jul 18, 2009 8:40pm
Oh, I made a mistake, instead of previous days OPEN and CLOSE prices, what I meant was previous day's HIGHEST and LOWEST CLOSE prices (without shadow), together with previous day's H/L (with shadow)

Again, if a picture can paint a thousand words, here it is please.

http://img20.imageshack.us/img20/3910/ffsystem.jpg
  • #3
  • Edited 9:50pm Jul 18, 2009 9:34pm | Edited 9:50pm
You forgot to mention which time frame you want the highest and lowest close on, as they could be different on all time frames. Do you only want the highest and lowest close prices from H1 to be displayed on all TF's, or from a higher or lower TF displayed on all? Or, do you want the highest and lowest close, specific to that time frame?

There are numerous indicators that do something similar already... Some of the breakout indicators have this functionality already. Specifically the ant-gubreakout indicator, located on the 7am-9am GMT breakout strategy, but there are many others.

I may take a look if you can answer the above questions and I have 10 mins to spare.
  • #4
  • Jul 18, 2009 10:10pm Jul 18, 2009 10:10pm
everything will be based on previous day's data
  • #5
  • Edited Jul 19, 2009 6:49pm Jul 18, 2009 10:29pm | Edited Jul 19, 2009 6:49pm
SETUP:
1. PH - Previous day's H
2. PHC - Previous day's HC (highest close)
3. PL - Previous day's L
4. PLC - revious day's LC (lowest close)
5. 10 SMA, close (moving average for last 10 trading days)


Conditions for BUY
1. if 10SMA is below PHC
2. when price reaches PHC on its way up
3. one open trade at a time only

CLOSE BUY trade
1. SL = when prices reach 10SMA
2. if price goes beyond PH, PH will be the TP (break even)
3. if price goes beyond PH +20, set trailing stop at 10
4. if price goes beyond PH +40, set trailing stop at 20

--------
Conditions for SELL
1. if 10SMA is above PLC
2. when price reaches PLC on its way down
3. one open trade at a time only

CLOSE SELL trade
1. SL = when prices reach 10SMA
2. if price goes beyond PL, PL will be the TP (break even)
3. if price goes beyond PL +20, set trailing stop at 10
4. if price goes beyond PL +40, set trailing stop at 20


Manual testing seems like ok
  • #6
  • Jul 19, 2009 4:40am Jul 19, 2009 4:40am
Quoting 10pipsman
everything will be based on previous day's data
Ok, you've already made that clear, but if you look at the highest and lowest close for the day on a 5 min chart and the highest and lowest close on an hour chart, they might not be the same.

Even in your trade rules, you neglect to mention trading time frame. Are you trading only from the daily chart? If so why post hour charts? Will it work on any timeframe? If so then are looking for the price of the highest/lowest closes for that particular tf, or from a higher or lower tf?

Please THINK about what i've written here as time frame may be crucial to your strategy.
  • #7
  • Jul 19, 2009 4:59am Jul 19, 2009 4:59am
We will base the following on the DAILY time frame:

1. PH - Previous day's H
2. PHC - Previous day's HC (highest close)
3. PL - Previous day's L
4. PLC - revious day's LC (lowest close)

And trade on HOURLY time frame. So for the rest of the trading day, we will have one value for PH, PHC, PL, PLC only.
  • #8
  • Edited 5:56am Jul 19, 2009 5:33am | Edited 5:56am
Quoting 10pipsman
We will base the following on the DAILY time frame:

1. PH - Previous day's H
2. PHC - Previous day's HC (highest close)
3. PL - Previous day's L
4. PLC - revious day's LC (lowest close)

And trade on HOURLY time frame. So for the rest of the trading day, we will have one value for PH, PHC, PL, PLC only.
10pipsman...

Look at the daily chart.
PH is fine because that will give us the highest point of yesterdays candle.
However, PHC will only show us the CLOSE of yesterdays candle.
PL is fine because that will give us the lowest point of yesterdays candle.
However, PLC will only show us the CLOSE of yesterdays candle.

There is only 1 CLOSE per bar and the daily chart only has 1 bar for the previous day. On the daily chart the highest and lowest close of the previous day will be one and the same price, which can be verified by switching to the LINE chart rather than bar or candle (Line chart shows us CLOSE ONLY prices.)

I'm taking a guess here, but what you actually want is to look at the hourly time frame and look back to yesterday, then from the hourly data for yesterdays chart, take the PHHC (Previous day Highest Hourly Close) and the PLHC (Previous day Lowest Hourly Close).

Is this correct? This is not just semantics, specific time frame data appears to be the root of your strategy!

Also, what pairs have you tested this on? What works for one pair, may not work for another.

Please clarify properly before I take a look at the indicator.
  • #9
  • Jul 19, 2009 6:06am Jul 19, 2009 6:06am
Quoting Limstylz
10pipsman...

Look at the daily chart.
PH is fine because that will give us the highest point of yesterdays candle.
However, PHC will only show us the CLOSE of yesterdays candle.
PL is fine because that will give us the lowest point of yesterdays candle.
However, PLC will only show us the CLOSE of yesterdays candle.

There is only 1 CLOSE per bar and the daily chart only has 1 bar for the previous day. On the daily chart the highest and lowest close of the previous day will be one and the same price, which can be verified by switching to...

dont specified the timeframe in the coding and it will follow at what timeframe graph you attached the indicator to.
  • #10
  • Jul 19, 2009 6:40am Jul 19, 2009 6:40am
Quoting akukaya
dont specified the timeframe in the coding and it will follow at what timeframe graph you attached the indicator to.
akukaya, I already said this. I need to know whether or not this is correct as it will have a bearing on the whole strategy.

Please read my posts properly before commenting on them.
  • #11
  • Jul 19, 2009 7:13am Jul 19, 2009 7:13am
Quoting Limstylz
10pipsman...

Look at the daily chart.
PH is fine because that will give us the highest point of yesterdays candle.
However, PHC will only show us the CLOSE of yesterdays candle.
PL is fine because that will give us the lowest point of yesterdays candle.
However, PLC will only show us the CLOSE of yesterdays candle.
Oh, my bad. I get it now.

So, we must based it on H1 charts only, to be able to get the PHC and PLC of the previous day.

Sorry for the confusion.


Quoting Limstylz
Also, what pairs have you tested this on? What works for one pair, may not work for another.
So far, it seems to do good on GU, and GY. Starting on EU and AU, manual too.
  • #12
  • Jul 19, 2009 7:43am Jul 19, 2009 7:43am
I'll take a look at the indicator you posted and attempt to edit. I might have something that does that already.

I'll check and post back.
  • #13
  • Jul 19, 2009 8:00am Jul 19, 2009 8:00am
That will be great!
  • #14
  • Edited Jul 20, 2009 5:22am Jul 19, 2009 8:41am | Edited Jul 20, 2009 5:22am
The indicator currently utilises 6 buffers out of a possible 8. I suspect that you will need to 2 versions of the indicator, one for high/low and one for the high/low close.

This needs a bit more thought. In the mean time, I have edited the original with adjustable spreads. I will post again when I have completed the work on the close issue.
Attached File(s)
File Type: mq4 SRDC_Indicator_spread.mq4   2 KB | 1,388 downloads
  • #15
  • Jul 19, 2009 7:08pm Jul 19, 2009 7:08pm
Hi, thanks! I tried the indicator.

Some comments please, if I may:

1. The lines drawn for the PH, and PL is on current day only? Can we make it draw the lines of previous days too?

2. The lines of PHC, and PLC are under programming still right?

3. The default spread 1 is the distance between the PH and PHC, and PL and PLC.

4. The default spread 2 is +/-20 from PH and PL


The idea of separating the CLOSING EA is good. Thanks for the hard work man.
  • #16
  • Last Post: Aug 1, 2009 6:54pm Aug 1, 2009 6:54pm
Quoting Limstylz
The indicator currently utilises 6 buffers out of a possible 8. I suspect that you will need to 2 versions of the indicator, one for high/low and one for the high/low close.

This needs a bit more thought. In the mean time, I have edited the original with adjustable spreads. I will post again when I have completed the work on the close issue.


Hi, instead of working on DAILY CANDLE only, can you make an option where it will work on HOUR CANDLE too?

It works perfectly on DAILY CANDLE!

Thanks a lot!
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