Hi All, I have had a stab at rewriting my "candle effect" indicator that I have written for the IGIndex/Prorealtime platform and the GFT platform also (which both work as I expected). However, I am a very inexperienced MQL4 programmer, and all this current candle effect indi does is just draw the closing price, and not the close[i] + candleeffect[i] on the main chart window. I also have a section that supposedly calculates some MAs of the candle effect and those don't seem to display at all. I would appreciate some help to correct these problems please.
It is a price action indicator that sometimes gives a nice early indication of reversal, but sometimes it fails miserably. I think it may need corrections for other price action effects as below:
Later on, I want to add other correcting effects to the indicator, such as reducing the candle effect for inside bars, increasing the bullishness if there is a double bottom, or bearishness for a double top; increasing the bullishness if there is a higher close above previous high or bearishness for a close below last low etc, but I thought I would just begin with the basic indicator first.
I have another version on the IGIndex platform that I plot in a different window where I plot the "candle effect" alone without it being added to the change in closing price, with MAs etc.
I have attached a pic of what it looks like on the IGIndex/Prorealtime platform. The first is with the Candle effect overlaid on the price window. You can see that when the close is less than the candle effect, generally there is an uptrend, and the reverse for a downtrend. The second pic shows both versions.
Eventually I would like to evolve it into an EA (with trades based on crossovers of MAs of the candle effect) because this would allow us to use optimization to find out exactly how much extra weight should be added to the correcting effects to make it a more accurate predictor of price movement. I think the correcting effects are important because these are what PASR traders base their trading decisions on.
I would appreciate some help to correct these problems please.
Regards, Christopher Collins
It is a price action indicator that sometimes gives a nice early indication of reversal, but sometimes it fails miserably. I think it may need corrections for other price action effects as below:
Later on, I want to add other correcting effects to the indicator, such as reducing the candle effect for inside bars, increasing the bullishness if there is a double bottom, or bearishness for a double top; increasing the bullishness if there is a higher close above previous high or bearishness for a close below last low etc, but I thought I would just begin with the basic indicator first.
I have another version on the IGIndex platform that I plot in a different window where I plot the "candle effect" alone without it being added to the change in closing price, with MAs etc.
I have attached a pic of what it looks like on the IGIndex/Prorealtime platform. The first is with the Candle effect overlaid on the price window. You can see that when the close is less than the candle effect, generally there is an uptrend, and the reverse for a downtrend. The second pic shows both versions.
Eventually I would like to evolve it into an EA (with trades based on crossovers of MAs of the candle effect) because this would allow us to use optimization to find out exactly how much extra weight should be added to the correcting effects to make it a more accurate predictor of price movement. I think the correcting effects are important because these are what PASR traders base their trading decisions on.
I would appreciate some help to correct these problems please.
Regards, Christopher Collins
Attached Image(s) (click to enlarge)
Attached File(s)
The world's true gold is it s people (CTGC).
