How to use this Day channel indicator? | Forex Factory

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How to use this Day channel indicator?

  • #1
  • First Post: Mar 7, 2012 3:21pm Mar 7, 2012 3:21pm
I was tinkering around with my charts and I put on this daily chanel indicator.

I am not that familiar with it, but I like how it tells if price is moving in the upper or lower half of the day.

Does anyone else use this indicator?


PGPB

I will post a chart of what it looks like
Attached File(s)
File Type: mq4 Day Channel.mq4   3 KB | 644 downloads
File Type: ex4 Day Channel.ex4   4 KB | 520 downloads
  • #2
  • Mar 7, 2012 3:22pm Mar 7, 2012 3:22pm
here is a 15 minute chart, showing price trading downwards.

PGPB
Attached Image (click to enlarge)
Click to Enlarge Name: dchan.JPG Size: 59 KB
  • #3
  • Mar 7, 2012 3:25pm Mar 7, 2012 3:25pm
not even sure if I will continue using it

PGPB
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Click to Enlarge Name: today.JPG Size: 62 KB
  • #4
  • Mar 9, 2012 1:57am Mar 9, 2012 1:57am
Quoting pgpb
I was tinkering around with my charts and I put on this daily chanel indicator.

I am not that familiar with it, but I like how it tells if price is moving in the upper or lower half of the day.

Does anyone else use this indicator?


PGPB

I will post a chart of what it looks like
Hi pgpb,
Came across two posts(p37#551,p36#530) by you on the Zamanib thread which articulate perfectly the problem with many systems. Drawdowns and refining entries.
To me its especially critical when operating with a small account.
Was keen to see if you had the answer, when in a later post (p38#563)you suggested checking out your activity.
The channel you have here appears to be Donchian and have dabbled with it for a while, without much success.
It appears very similar to the 2 line system used by Zamanib, but would be hard to confirm as the formula there was not revealed.
Perhaps, the middle line could be used to determine trade direction, with entries, via Stop orders?
EP
  • #5
  • Mar 9, 2012 12:23pm Mar 9, 2012 12:23pm
Quoting EaglePip
Hi pgpb,
Came across two posts(p37#551,p36#530) by you on the Zamanib thread which articulate perfectly the problem with many systems. Drawdowns and refining entries.
To me its especially critical when operating with a small account.
Was keen to see if you had the answer, when in a later post (p38#563)you suggested checking out your activity.
The channel you have here appears to be Donchian and have dabbled with it for a while, without much success.
It appears very similar to the 2 line system used by Zamanib, but would be hard to...
Hi EP

thanks for your interest.
It looks like this indicator draws the high and low of the day and the mid point.

Basically price can do two things, go up or do down. I know this sound simplistic, but that really is it.

I have been using this indicator along with one moving average and somehow it really makes things easier to see.

I trade off 15 minute charts, but I also pop up to 4 hour charts to see the general direction of the market.

PGPB
  • #6
  • Mar 21, 2012 8:20am Mar 21, 2012 8:20am
Can someone who knows how to make changes to MT4 code make it so that the lines this indicator draws are less thick.
(indicator posted on first post of this thread)

I can change the thickness of the lines, but as soon as I change time frames the lines have changed back to be heavy lines again.

I am only interested in having the indicator draw the days high and low, I hide the other lines.

Thanks in advance

PGPB
  • #7
  • Mar 21, 2012 9:21pm Mar 21, 2012 9:21pm
Quoting pgpb
Can someone who knows how to make changes to MT4 code make it so that the lines this indicator draws are less thick.
(indicator posted on first post of this thread)

I can change the thickness of the lines, but as soon as I change time frames the lines have changed back to be heavy lines again.

I am only interested in having the indicator draw the days high and low, I hide the other lines.

Thanks in advance

PGPB
READY
Attached File(s)
File Type: mq4 Day Channel.mq4   3 KB | 738 downloads
IH - B221 Return Today: -0.2%
  • #8
  • Last Post: Mar 22, 2012 4:27am Mar 22, 2012 4:27am
Quoting Vicente
READY

Thank you!!

Much appreciated
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