MTF Alerter and ChartDisplay thoughts!

For one more example: look at the last M1 bar. and the GREEN Indi 2

And than compare it with the DarkViolet Indi 1

2. to scroll through and look what kind of OverallChartSituation( 'setup') has produces which result.
If similar OverallChartSituation repeatedly produce closely same results - we hope to trade such OverallChartSituation in the future: projecting ( probably hopefully expecting ) similar results.

3. to examine the Current situation ( most often with Point 2 in mind)


In reference to the 2 points above:

My current feeling is:

1.
On a normal Chartsetup where the Line indicator uses the same Period as the chart: I feel very comfortable how the usual STO is display.

2.
On a MTF Line Indicator Chartsetup: where the Indicator Period is Higher than the charts Period: I do not feel very comfortable how things are display (even though I understand why it is displayed as it is.)
- also not with the interpolated MTF Line indi's which are still better than the step display.


To conclude so far:

It seems to me: better to use some shifting or maybe even to have an indicator who does not redraw Past data at all. (which I did not really test or finally think through)

Perfect thank you so much for that MJ and I apologize about going missing on everyone...I had a week with no internet connection and was so super miserable...I saw that you and despichtt were trying to figure out the issue I had and left you with but couldnt so the problem I ran into before with the alerter that I was trying out with the vlines exactly was that lets say I add a five minute alerter with all the parameters set and everything...all the past vlines come up...so than when I add the 15 minute alerter which will have the exact same settings as the five aside from being the 15 minute alert instead of the 5 minute alert...all the lines that the 5 minute alert drew disappear and all that is shown is the 15 minute alert lines and the same thing happens each time a different time frame is added...I tried changing the unique id for each but strangely enough got the same thing...I will add a pic for you...ok the first pic shows when I add the 5 minute and we see all the lines for it....the second is where I add the 15 minute with the 5 minute and we can see that the lines for the 5 minute disappear with just the 15 minute lines being shown and than in the last pic shows where i switch timeframes and come back down to the five minute to kind of in a sense refresh everything and we see all the lines together...

I was looking at the different examples you gave and I'm left wondering why are the different indies even with the same stochastic frames drawing such different data?

hi pmullin86,

No problem at all. Thanks for the explanation of the problem. I will definitely have to look into that. ( have some ideas what it could be).

Anyway, I also want to apologize that we spoiled your journal a bit with this Alerter stuff (even though is is related) But anyway: sorry for that.



MTF_ Alerter: I got a bit stuck.

1.
I had to read up a couple of things as I'm quite new to MT4.
Anyway it takes more time than what I wanted to invest ( at least I learned already some new stuff - it's never bad)

- but now I have a couple of good ideas so I guess it would be a shame not to do it.

2.
The other thing is: as I did play around a bit I got stuck again with the why MTF Line indis are display.
Even though the interpolated once are more helpful I still feel that I have to twist my mind
(one reason I did not really use them much as I usually used different charts for each TF and I also disliked that they did not draw to the active candle.).

SO I guess the Alerter will take still some more time - but I have some quite nice ideas and parts of the code together.

The main point is: what does one feel looks more natural:

You used until now the Green drawing style.

I think that all makes sense...so what are your couple ideas if you dont mind my asking and its ok my friend no need to apologize or anything...

Some of it I pointed out in your thread: like possibilities for: Tasks priorities, tracking etc.etc..


Also for Past data: option to select a defined period: which might be in the future for statistic quite helpful. Also helpful with write to file as one could see: from time XX to XX a certain combination produced so many alerts.


Others are more internally: like to check for dependency of resources (mostly indies) a tasks needs to work - so the user enables right indis.

Option to make it more easily extensible for new tasks and other resources (indies but also other stuff like Price ...).

I did not think that completely through (also there are smarter guys out there) so forgive me if it is wrong.

Anyway: the main issue (for good or bad) I see is this:

How we plot Charts!!



e.g. M5 chart:

1 Candle Bar represents StartPoint and EndPoint.

2. Line Bar Point can only represent one thing ( in case of STO usually the EndPoint).

3. The time line at the bottom represents the Bars opening time StartPoint.

__________________________

*NORMAL CHART:
Whereas we can quite naturally make this shifts for a normal chart.

*MTF CHART:
it becomes somewhat unnatural in a MTF-chart where we CLEARLY SEE the difference between StartPoint and EndPoint because of the many bars between.

To make the point more visible I overlay part of a Line Chart with trend lines.

Adding the M5 MTF candle and switching to 1 Minute Chart one sees nicely how the Candles endpoints are connected by the lines (trend-lines)

Of course one can debate about this and smart people had probably there good reason to settle on such representation of line charts

But maybe they did not use MTF overlay Chart setups.

Which becomes a bit obscure especially if one zooms in more closely and does not see the end of the MTF candle.

Or uses multiple MTF indis with different periods.

For MTF Display adjusted Lines

Feel just more natural to me especially if one is let's say on the 2nd or 3rd M1 chart Bar (between M5 start/end point.

And also if one uses many MTF indis with different Periods together.
-

Some effects of this all:

that for instance a M5 MTF stoch wiggles on a M1 chart nearly for 10 Minutes (not to mention Higher MTF Periods ) - OR like some indis do not draw to the end. So if you zoom in you can not see anything as the last plotted point is in the past out of the charts range.

On a normal chart setup this all does not disturb too much.

Anyway: just how I see it (maybe I'm also wrong) - but at least it might make some to think about it

I played a bit with the MTF MA I posted in pmullin86 thread do not work as they should. (live candles which I had not checked as it was weekend).

Anyway, with the thoughts above I will have to rethink what I plan to do.

Will probably take a bit longer as I might also travel for a week or so.

Taking this as the base:

For what do we traders usually use ChartsPastData

Isn't it that we use them most of the time:

1. have a visible record of general Past development

2. to scroll through and look what kind of OverallChartSituation( 'setup') has produces which result.
If similar OverallChartSituation repeatedly produce closely same results - we hope to trade such OverallChartSituation in the future: projecting ( probably hopefully expecting ) similar results.

3. to examine the Current situation ( most often with Point 2 in mind)


Taking this as the base:
I've started to work on new indicators with aim to full-fill especially point 2 (and 3) in a MTF-Chart setup.

I will first do the MA (only SMA and EMA have no real need for the others at the moment) as it is a bit easier and faster to do than the STO.

Plan is to see if it works out with MTF interpolation to fullfill the 2 points mentioned above.

I might not to use the internal indicators of MT4 but maybe calculate all myself.

You can use the custom candles to show a higher time frame but use the underlying chart (15 min or what ever) to display your favorite oscillator like MACD or Stochastic.

That way you can see the underlying sentiment that exists with each of the larger candles you have set on the custom candles.

The below chart shows 12 hr candles (720 min) overlaid on a 4 hr chart. The MACD is to display 8 hrs and "the force" oscillator is on the native chart of 4 hrs. You can readily see the underlying strength or weakness in each candle by looking for divergence in any of the histogram settings.

Just a thought...you don't need to design yet another indicator.

hi gspajon,

Interesting thought, did not think about this before.

Some Question:

1.
how do you get the Candles for the Higher Period.

Did you use the Custom Candle indi - and in the color setup set the normal supplied chart candles to same as background color ?

Or anything different.


You can use the custom candles to show a higher time frame but use the underlying chart (15 min or what ever) to display your favorite oscillator like MACD or Stochastic.

That way you can see the underlying sentiment that exists with each of the larger candles you have set on the custom candles.

The below chart shows 12 hr candles (720 min) overlaid on a 4 hr chart. The MACD is to display 8 hrs

2.
Don't you need a MTF - indi to do that.

I guess that is the main point.
if one wants to display on the same 5min chart: H4, H1, M30, M15 one still need the MTF indies, doesn't one?

Yes I use the same indicator you have posted on this thread. I placed it on a 4 hr chart and set the indicator to read 720 min (12 hrs) then used the setting "BGCandle" to true to make it look like a real candle...but you can leave this false and see the underlying candles as well, if you like.

But I did NOT want to see the underlying candles...too much noise. I just wanted to read the 12 hr candle as my trading time frame. So it set the underlying chart to a line chart then changed the color property for "line graph" to "none". That way the chart displays as a normal chart but with a 12 hr candle.

Now I have a 12 hr candle on top of a 4 hr chart. I can then set the indicators to display at the native chart setting which tells me what is happening underneath any given candle. I then look for a price action signal that coincides with divergence on the indicators I have displayed.

For a bearish signal I want to see the indicators are forming lower lows while price is forming higher highs...conversely...for a bullish signal I want to see the indicators forming higher lows while price is forming lower lows. Then wait for the price action signal and enter.

Word of warning...this method takes an excruciating amount of patience but can yield risk-reward-ratios of between 5:1 & 10:1

Thanks gspajon.

Interesting thought. I guess it's a bit different than what I had in mind with the MTF on one chart.

To be honest I did not play enough with the Custom candles and the idea to use them for simulating a higher TF had not entered my mind like you did it.

So thanks a lot.