Recent SR indicator | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

ALF indicator for most recent versions of MT4 7 replies

Recent Candles indicator 235 replies

Recent Strength indicator 860 replies

Recent Prices indicator 24 replies

Great recent strength indicator needs alert 0 replies

Attachments: Recent SR indicator
Exit Attachments

Recent SR indicator

  • #21
  • Nov 20, 2009 7:51am Nov 20, 2009 7:51am
Quoting tradewiser
Hi,

I'm using the FxPro platform which charts to 5 decimal places. Does the calculation of the bandwidthpips in the indicator take that into account?


Thanks
Yes, it should treat 0.0001 (or 0.01 for JPY pairs) as 1 pip, regardless of the broker's number of decimal places. My broker uses 5/3 dp's also.
  • #22
  • Nov 20, 2009 8:11am Nov 20, 2009 8:11am
Quoting nico28
Hi,

I only trade with S&R. Your contribution here is really Geat help to those who trade with S&R. .........
Great minds think alike, I also use S&R extensively in my trading.

The key to filtering confluence by color lies with these parameters:
FrequencyLevels = 2,3,4,5
FrequencyColors = G85, G125, G155, G175

These settings would mean that:
-- If there are less than 2 qualifying points ('QPs', i.e. candle highs or lows), within a band (defined by the BandwidthPips parameter), then no S/R band will plot.
-- If there are 2 (or more) QPs, then a dark green band (G85) will plot.
-- If there are 3 (or more) QPs, then a slightly lighter green band (G125) will plot.
-- If there are 4 (or more) QPs, then a lighter band (G155) will plot.
-- If there are 5 (or more) QPs, then a bright green band (G175) will plot.

You can have up to 9 entries for each of these parameters. You can set the colors any way you wish, either:

-- RxxxGxxxBxxx = where xxx is a number between 0 and 255, defining how much red, green or blue paint is to be applied (red+green=shades of yellow/brown; blue+red = shades of magenta/purple; green+blue = shades of cyan/turquoise; blue+green+red = shades of gray) etc; OR

-- Use any valid MT4 color name, e.g. SaddleBrown, MediumSeaGreen, Goldenrod, DarkViolet, etc. (You can use any combo of upper or lowercase, it doesn't matter, as long as the spelling is correct). Use the ColorChart parameter to inspect the MT4 palette.

By widening the bandwidth you should get greater confluence, as it's more likely that more candle highs/lows will coincide within a given band. Likewise if you increase the number of LookbackCandles. However, it's not perfect, e.g. for 5 pip bandwidth, two consecutive bands would be 1.4650 to 1.4655, and then 1.4655 to 1.4660. Now if we had a candle high at 1.4654 and another at 1.4656, they would appear within different bands, i.e. no confluence, even thought they are within 2 pips of each other. Hope that makes sense.

Feel welcome to experiment with the settings. The Word document that's downloadable from post #1 explains the settings in more detail.
  • #23
  • Edited 8:46am Nov 20, 2009 8:42am | Edited 8:46am
Thanks for the quick reply. I forgot to thank you for a really great indicator.

I setup the indicator with default inputs on the GBPUSD daily chart. I then changed the following settings:

TimeFrame = D1
LookbackCandles = 20
BandwidthPips = 4
FrequencyLevels = 2
FrequencyColors = R145
VisibilityLevel = 0

I got 5 SR levels. I then changed the BandwidthPips to 5 and the number of SR levels went down to 2 (see attched pics). How is that possible? Shouldn't the SR levels be at least be the same number?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4pips.PNG Size: 52 KB
Click to Enlarge Name: 5pips.PNG Size: 52 KB
  • #24
  • Nov 20, 2009 9:31am Nov 20, 2009 9:31am
Quoting tradewiser
I got 5 SR levels. I then changed the BandwidthPips to 5 and the number of SR levels went down to 2 (see attched pics). How is that possible? Shouldn't the SR levels be at least be the same number?
The answer is likely to be what I was trying to describe the second last paragraph in post #22. It all depends on where the bandwidth boundaries occur, and which boundaries the candle highs/lows happen to fall between. If I can devise a good solution to this problem, I will post a fix in the next version.
  • #25
  • Nov 21, 2009 10:26am Nov 21, 2009 10:26am
Quoting hanover
By widening the bandwidth you should get greater confluence, as it's more likely that more candle highs/lows will coincide within a given band. Likewise if you increase the number of LookbackCandles. However, it's not perfect, e.g. for 5 pip bandwidth, two consecutive bands would be 1.4650 to 1.4655, and then 1.4655 to 1.4660. Now if we had a candle high at 1.4654 and another at 1.4656, they would appear within different bands, i.e. no confluence, even thought they are within 2 pips of each other. Hope that makes sense.
Ok, I think I understand now. I was thinking more along these lines to make the bandwidth boundaries :

Subtract the data points in the lookback period from each other. If the difference is less than or equal to BandwidthPips then put these data points into an array. You will then have a collection of different arrays which are the bands. The height of these bands would be determined by the largest and smallest data points in the array.

I hope my logic is clear or makes sense.
  • #26
  • Nov 21, 2009 7:44pm Nov 21, 2009 7:44pm
Quoting tradewiser
Ok, I think I understand now. I was thinking more along these lines to make the bandwidth boundaries :

Subtract the data points in the lookback period from each other. If the difference is less than or equal to BandwidthPips then put these data points into an array. You will then have a collection of different arrays which are the bands. The height of these bands would be determined by the largest and smallest data points in the array.

I hope my logic is clear or makes sense.
I was originally going to code the indicator similarly to the way that you described. But then I thought of this as a possible flaw: supposing BandwidthPips has been set to 5, and we have a large number (say 50) of LookbackCandles, among which there happen to be say 10 highs or lows spaced successively (within) 5 pips away from each other, e.g. 1.3235, 1.3237, 1.3242, 1.3246, 1.3250, 1.3255, etc. The result would be a band that's 50 pips wide on the chart, which I assumed would not be that helpful. Or if we attempted to somehow pair the points off, it's arbitrary as to which point we use to start the pairing process. So, for better or worse, I decided to run with what I believed was a 'cleaner' option.

Anyway, I have devised an alternate fix. I hope to post a new version of the indicator, with a number of other enhancements, within the next 1-2 days. Virtually all of the requests made in the thread to date have been included. My thanks to everybody for your suggestions.
  • #27
  • Nov 22, 2009 4:26am Nov 22, 2009 4:26am
Quoting hanover
I was originally going to code the indicator similarly to the way that you described. But then I thought of this as a possible flaw: supposing BandwidthPips has been set to 5, and we have a large number (say 50) of LookbackCandles, among which there happen to be say 10 highs or lows spaced successively (within) 5 pips away from each other, e.g. 1.3235, 1.3237, 1.3242, 1.3246, 1.3250, 1.3255, etc. The result would be a band that's 50 pips wide on the chart, which I assumed would not be that helpful. Or if we attempted to somehow pair...
Good point. I didn't think of that. I can see allot of thought has gone into your indicator. I trade only using S&R levels, James's price patterns & option data so I’m rather keen on your indicator. I’m a big fan of automation and the more I use your indicator the more I realise what a time saver it is. Thanks for sharing it.
  • #28
  • Nov 28, 2009 12:19am Nov 28, 2009 12:19am
Hi hanover,

Just came across this thread and the indicator you've created seems helpful.
I'm not sure if you've seen a dynamic colors thread by RR, if you haven't, take a look here: http://www.forexfactory.com/showthread.php?t=148882
  • #29
  • Edited 7:54pm Nov 28, 2009 5:37am | Edited 7:54pm
Quoting tpr
Hi hanover,

Just came across this thread and the indicator you've created seems helpful.
I'm not sure if you've seen a dynamic colors thread by RR, if you haven't, take a look here: http://www.forexfactory.com/showthread.php?t=148882
Thanks for the link. I'll definitely check this out.
________________

[EDIT] I've experimented for a few hours with RR's indicator. As far as I can tell, it is effectively a frequency chart of how often price moves through every level. This gives an (approximate) picture of potential 'freedom of movement', i.e. bands of heavy consolidation are shown in red, where price is more likely to stall. The S/R indy that's downloadable from post #1 has a similar facility, by setting the AllCandlePointsValid parameter to TRUE. The chart below combines both 'traditional' S/R levels (see post #10 for more info) and a frequency histogram at the right of the chart, by attaching another instance of the indy, with the parameters set as follows:

TimeFrame = "M30";
LookbackCandles = 500;
StartDateTime = "1971.01.01 00:00";
IncludeCurrentCandle = false;
BandwidthPips = 1.0;
FrequencyLevels = "5,15,30,50";
FrequencyColors = "green,yellow,orange,red";
VisibilityLevel = "0,0";
ClearancePips = 0;
CandleHighsValid = false;
CandleLowsValid = false;
CandleClosesValid = false;
AllCandlePointsValid = true;
FilledBoxes = true;
HistogramSize = 50;
HistogramFontSize = 0;
HistogramFont = "Arial";
HistogramFontColor = White;
HistogramPriceMask = "4.4";
ShowHistogramOnly = true;
RefreshEveryXMins = 30;
// OutputFile = "Output---Recent SR.csv";


(Note: the white horizontal levels, and yellow trendlines, were added manually).

The major turning points at the extremes of the chart (white arrows) don't necessarily correspond with high frequency zones in the histogram. They align themselves more readily with key S/R levels from prior D1 candles (the bands in the main body of the chart). So it would seem that both facilities are useful, in providing different types of information.
Attached Image (click to enlarge)
Click to Enlarge Name: recent sr - screenshot #6.jpg Size: 182 KB
  • #30
  • Jan 31, 2010 7:44pm Jan 31, 2010 7:44pm
This can be downloaded from post #1. Operating instructions are in the Word doc attached to that post.

This version had been ready since late November. I've only just noticed that I forgot to post it back then. My mistake.

There are more enhancements in the pipeline, although I can't promise when they'll be ready.
  • #31
  • Jan 31, 2010 8:08pm Jan 31, 2010 8:08pm
I downloaded it. Will post any useful observations.

Thanks
Annoying Precision
  • #32
  • Jan 31, 2010 8:36pm Jan 31, 2010 8:36pm
How do you get the indicator to to draw S/R off of candlestick bodies instead of wicks?

Thanks
Annoying Precision
  • #33
  • Jan 31, 2010 8:48pm Jan 31, 2010 8:48pm
Hannover thanks for your indy.
I followed your instructions to display the histogram, but i can't set the size of it correctly. I'm also getting black gaps between the bars.
Any suggestions? Thanks for your help
Attached Image (click to enlarge)
Click to Enlarge Name: recentsr.jpg Size: 89 KB
  • #34
  • Edited 9:11pm Jan 31, 2010 8:57pm | Edited 9:11pm
Quoting erikte279
How do you get the indicator to to draw S/R off of candlestick bodies instead of wicks?

Thanks
CandleHighsValid = false;
CandleLowsValid = false;
CandleClosesValid = true;
AllCandlePointsValid = false;

This will use the candle Close price as the basis for S/R. It is not currently possible to use the Open price.
  • #35
  • Jan 31, 2010 9:10pm Jan 31, 2010 9:10pm
Quoting gorangel
Hannover thanks for your indy.
I followed your instructions to display the histogram, but i can't set the size of it correctly. I'm also getting black gaps between the bars.
Any suggestions? Thanks for your help
As far as I can tell from your screenshot, the histogram is displaying correctly.

To correct the overshoot at the right of the chart, you can do any of:
1. Reduce the value in HistogramSize, so that the histogram uses less screen space.
2. Press the minus key to zoom out, effectively 'squashing' both the price chart and the histogram.
3. Drag the chart shift mark (a gray triangle in the upper part of the window) to the left, freeing up more whitespace at the right of the chart.

Re the black gaps: these will appear if the frequency (number of candle qualifying points) at any given level is zero. The height of each level is set by the BandwidthPips parameter. The qualifying points are determined by:

CandleHighsValid: only the number of candle highs will be plotted in the histogram
CandleLowsValid: only the number of candle lows will be plotted
CandleClosesValid: only the number of candle highs will be plotted
AllCandlePointsValid: set this to TRUE if you want every point along the candle to be considered, i.e. create a "Market profile" type histogram.

Please refer to the downloadable Word doc for more detailed info.
  • #36
  • Jan 31, 2010 9:24pm Jan 31, 2010 9:24pm
Quoting hanover
Thanks for the link. I'll definitely check this out.
________________

[EDIT] I've experimented for a few hours with RR's indicator. As far as I can tell, it is effectively a frequency chart of how often price moves through every level. This gives an (approximate) picture of potential 'freedom of movement', i.e. bands of heavy consolidation are shown in red, where price is more likely to stall. The S/R indy that's downloadable from post #1 has a similar facility, by setting the AllCandlePointsValid parameter to TRUE. The chart below combines...
Woooaahhh, which multi-colored indicator is that?!
  • #37
  • Feb 1, 2010 3:42am Feb 1, 2010 3:42am
Quoting fxvoilaaa
Woooaahhh, which multi-colored indicator is that?!
It's the indicator downloadable from post #1, with the parameters set as shown in post #29.
  • #38
  • Feb 1, 2010 10:21pm Feb 1, 2010 10:21pm
Hi Hanover ,i downloaded the updated version and it works!! thanks a lot
I have another question: is it possible to display the histogram with the spikes pointing to the chart? (check attached image)
Again thanks for your great work
Attached Image (click to enlarge)
Click to Enlarge Name: recentsr1.jpg Size: 75 KB
  • #39
  • Feb 2, 2010 3:48am Feb 2, 2010 3:48am
Quoting gorangel
I have another question: is it possible to display the histogram with the spikes pointing to the chart?
Sorry, this is not currently possible.
  • #40
  • Feb 2, 2010 6:09am Feb 2, 2010 6:09am
Another gr8 Indi..as always.!
RR has a similar Indi. (as someone pointed out) but this new one with color code on right is more aesthetic. I am yet to use both along with my S&R strategy.
Will check out and let you know.
Regards & Thanks once again.
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
0 traders viewing now