2-Stage Universal Average Range Indicator | Forex Factory

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2-Stage Universal Average Range Indicator

  • #1
  • First Post: Sep 18, 2009 2:32pm Sep 18, 2009 2:32pm
Many thanks (again!) to Zen Leow for my Impossible Indicator back in February. I hope I'm just as fortunate with this new idea:

This indicator calculates the average range of one set of back bars in pips(Stage One), then compares a second set of back bars to that number in percentages (Stage Two).

For example, the One/Two stage settings are 30/3. So first it calculates the average range of the past 30 bars IN PIPS, then calculates what PERCENTAGE of that range is used up by just the last 3 bars (including the current open bar).

So in use it might read 45/28%, meaning that the last 30 bars had an average range of 45 pips each, and that the average of the last 3 bars comes to 28% of that.

Notes:
1. This is an indicator not an EA.
2. It needs to work with any time frame, pair, or broker.
3. The two variables should be able to go as high as 500 bars.
4. Results are displayed on the chart in the upper left-hand corner like so: "30 BAR AVERAGE: 45 pips; 28% LAST 3 BARS".

Many thanks in advance!
" Average traders look to the left, great traders look to the right."
  • #2
  • Sep 18, 2009 2:46pm Sep 18, 2009 2:46pm
Quoting magicchance
Many thanks (again!) to Zen Leow for my Impossible Indicator back in February....
Interesting. Will you be posting the indicator?

Best wishes,

Cat Preacher
  • #3
  • Sep 18, 2009 3:33pm Sep 18, 2009 3:33pm
The Impossible indi is over here:

http://www.forexfactory.com/showthread.php?t=155285
" Average traders look to the left, great traders look to the right."
  • #4
  • Sep 18, 2009 4:14pm Sep 18, 2009 4:14pm
Quoting magicchance
The Impossible indi is over here:

http://www.forexfactory.com/showthread.php?t=155285
Thanks very much!

Happy pips!

Cat Preacher
  • #5
  • Sep 19, 2009 8:25am Sep 19, 2009 8:25am
You're welcome! It still works great. Play with the settings and see how the arrows pattern on your chart (but you need to wait for the market to reopen.)

No feedback yet from any programmers on my new idea?....
" Average traders look to the left, great traders look to the right."
  • #6
  • Sep 19, 2009 4:12pm Sep 19, 2009 4:12pm
I think your idea is a good one...

I am not that much of a coder but I will have a crack at it.

Hopefully someone will beat me too it and you will have better code.
  • #7
  • Sep 19, 2009 4:40pm Sep 19, 2009 4:40pm
Anything to get the ball rolling!

I've been to Oz 3 times and NZ twice. Melbourne is one of my favorite foreign cities. Where are you from exactly?
" Average traders look to the left, great traders look to the right."
  • #8
  • Sep 20, 2009 2:49pm Sep 20, 2009 2:49pm
Any help would be appreciated. I can't code to save my life.

Ronald Raygun, Zen Leow, Akukaya, anyone?....
" Average traders look to the left, great traders look to the right."
  • #9
  • Sep 20, 2009 9:54pm Sep 20, 2009 9:54pm
I think this is what you're looking for. If not let me know.

Happy Trading.
Attached File(s)
File Type: mq4 Universal Average Range Indicator.mq4   1 KB | 741 downloads
  • #10
  • Edited 10:54pm Sep 20, 2009 10:38pm | Edited 10:54pm
Lucid, thanks for stepping in! Very much appreciated!

Right now the indi reads 2070.00 in pips, 60.88%. I have a feeling the decimal point is off by 2 places in that case, with extra places at the end. 20.70 pips is more like it. I'd be happy if it just read "20.7".

The next step would be to add colored boxes around the 2 different groups of bars. Since the "3" bars are still inside the "30" I think this means the 2 boxes will overlap. It would make sense if the colors were customizable.

Please add a customizable buffer zone to the second (smaller) group of bars. The larger group doesn't need one.

You may have already figured this into the coding, but it needs to refresh with every new bar. The calculations and the boxes are not static, but move ahead with the start of each new bar.

That's it. I can't wait to see how it comes out! Thanks so much for helping out....
" Average traders look to the left, great traders look to the right."
  • #11
  • Sep 20, 2009 11:27pm Sep 20, 2009 11:27pm
Quoting magicchance
Lucid, thanks for stepping in! Very much appreciated!

Right now the indi reads 2070.00 in pips, 60.88%. I have a feeling the decimal point is off by 2 places in that case, with extra places at the end. 20.70 pips is more like it. I'd be happy if it just read "20.7".

The next step would be to add colored boxes around the 2 different groups of bars. Since the "3" bars are still inside the "30" I think this means the 2 boxes will overlap. It would make sense if the colors were customizable.

Please add a customizable buffer zone to the second...

Oops, I got my ECN logic backwards. Here ya go.

If I get time I'll add color bars.
Attached File(s)
File Type: mq4 Universal Average Range Indicator.mq4   1 KB | 622 downloads
  • #12
  • Sep 21, 2009 12:02am Sep 21, 2009 12:02am
Quoting magicchance
Please add a customizable buffer zone to the second (smaller) group of bars. The larger group doesn't need one.

I'm not sure what you mean by this. If you'll elaborate I'll see what I can do.
  • #13
  • Edited 6:48am Sep 21, 2009 12:46am | Edited 6:48am
Quoting LucidObscuri
I'm not sure what you mean by this. If you'll elaborate I'll see what I can do.
Say the smaller box is only 15 pips high, as based on the last 3 bars. With a buffer set at "5", the box would become 25 pips high, with an extra 5 pips on the top and bottom. Similar to the New York box indi from the '7-9am Big Dog' breakout system. Settings would be customizable both by pip count and box color. I like the idea of using the New York indi as a template, but I think it has some coding errors, at least from how it has always run on my computer/broker. So I'm not suggesting that we use it as an actual template (unless you want to go line by line and verify it's coding, but I could never ask that you do that), but maybe for general inspiration.

The larger box formed by the primary bar group would not need a pip buffer setting.

So there are 3 colored zones: 2 established by the high/low range of 2 different bar counts, and a buffer zone on the smallest bar count zone.
Attached File(s)
File Type: ex4 NewYorkBox.ex4   22 KB | 593 downloads
" Average traders look to the left, great traders look to the right."
  • #14
  • Sep 21, 2009 11:58am Sep 21, 2009 11:58am
Lucid, the corner display works fine now. Many thanks!

Also, I like how you're keeping the name the same as you make improvements. Much nicer than clogging up my indi portfolio with obsolete files.
" Average traders look to the left, great traders look to the right."
  • #15
  • Sep 21, 2009 12:26pm Sep 21, 2009 12:26pm
Quoting magicchance
Say the smaller box is only 15 pips high, as based on the last 3 bars. With a buffer set at "5", the box would become 25 pips high, with an extra 5 pips on the top and bottom. Similar to the New York box indi from the '7-9am Big Dog' breakout system. Settings would be customizable both by pip count and box color. I like the idea of using the New York indi as a template, but I think it has some coding errors, at least from how it has always run on my computer/broker. So I'm not suggesting that we use it as an actual template (unless you want to...
Unfortunatelly that file is not human readable as it is the compiled version (the mq4 files are the source code). I could decompile it, but it makes the code ugly and boxes aren't hard to do anyway.

I see what you mean about the buffer. Once I finish taking care an issue with the Overlay indicator (from the other thread) when candles are missing from history I'll do the boxes.
  • #16
  • Sep 21, 2009 12:43pm Sep 21, 2009 12:43pm
Sorry about that, I should have known better. Here it is....
Attached File(s)
File Type: mq4 NewYorkBox.mq4   18 KB | 531 downloads
" Average traders look to the left, great traders look to the right."
  • #17
  • Sep 21, 2009 4:34pm Sep 21, 2009 4:34pm
I got board today.

Here ya go.

NOTE: I posted this a minute ago, but I had to make a change since it would signal you to death. This will only signal once per candle.
Attached File(s)
File Type: mq4 Universal Average Range Indicator.mq4   3 KB | 500 downloads
  • #18
  • Sep 21, 2009 5:32pm Sep 21, 2009 5:32pm
Looking good. Loads fast and works clean. Some minor changes please....

1. Only the small box is supposed to have a buffer. I honestly don't see a need for the larger box to have one. Feel free to correct me if you've seen something I didn't. But if you do give them both buffer zones they should operate independantly.

2a. The upper & lower buffer zones should be visible and customizable, same as the boxes they frame.

2b. RE the smaller box only: Make the buffer boxes begin at the extreme left and extend to the right an extra 5 bars worth of distance, regardless of time frame.

3a. Make the display read, "Average Range of X Bars: XX Pips"; and, "Percentage of X Bars: XX%".

3b. Increase the display font size to 15 pts.

That's it. Again, great work!
Attached Image (click to enlarge)
Click to Enlarge Name: m45.gif Size: 26 KB
" Average traders look to the left, great traders look to the right."
  • #19
  • Sep 21, 2009 8:33pm Sep 21, 2009 8:33pm
OK, I've added a font size option and change the text. I also noticed the boxes were drawing on top of the current candle, so I fixed that.

Before I modify the padding I've got a question about your entry point for this strategy.

At first I thought the padding was just for asthetics, but it sounds like you might be thinking of it as an entry point for the trade. Currently the padding will grow with the current candle, so it cannot be used like that. I also noticed that since the current candle is being included in the average range it tends to have a dramatic impact on that range when a candle first opens since a new candle has a range of 0 pips. For the short range which may only be looking at a few candles, this will almost always bring the percentage down to the point of triggering a signal. I'm wondering if it wouldn't be better to exclude the current candle from the average range, but use it only for signalling a breakout.

Please let me know your thoughts on what exactly would signal a breakout with this system.

Thanks.
  • #20
  • Sep 21, 2009 8:37pm Sep 21, 2009 8:37pm
I think you're right. We should exclude the current candle. That will keep the boxes a bit more static and easier to visualize the breakout from. I like it.
" Average traders look to the left, great traders look to the right."
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