I created an indy that shows true support / resistance by analysing candle closes and where they cluster.
It counts the number of candle closes in price groups and the length and colour of the line shows its relevance. You can change the sensitivity of the price groups with the [filter] setting.
I'm publishing this little gem because I'd like the FF hive-mind to help me find the sweet spot for intraday trading. The more input from different users, the more validity a setting will have.
Settings:
extern int LineStart = 276;
Lines are drawn using the number of candles on your screen and the start point is on the left. Change this so it fits your screen / candle zoom setting.
extern int Filter = 40;
The filter decides how big the price groups are and tallies the candle closes contained within this pip group.
extern bool UseCurrentTimeFrame = False;
If you change this to True, it uses the current timeframes to find cluster points. It's set to False by default, because the indy works best by finding clusters on 1min timeframe for example, whilst viewing a 4hour chart.
extern int ClusterTimeFrame = 1;
The timeframe used to find cluster prices. The lower the better but the data is limited as MT4 only holds 36,000 candles on 1min for example, which only covers 150 candles on 4hr chart.
EURUSD Screenshots:
Setting: filter = 40, ClusterTimeFrame = 1min, chart TF = 30mins
http://i.imgur.com/LSPyU.gif
Setting: filter = 750, ClusterTimeFrame = 60min, chart TF = Daily
http://i.imgur.com/DuHwa.gif
Posted chart below to see how coloured boxes are treated next week; orange box would be bid target...
Setting: filter = 5, ClusterTimeFrame = 1min, chart TF = 1hr
http://i.imgur.com/YOiRc.gif
Edit: Uploaded revised indy; previous version kept crashing with certain settings. Removed crappy while loop - i don't like while loops.
It counts the number of candle closes in price groups and the length and colour of the line shows its relevance. You can change the sensitivity of the price groups with the [filter] setting.
I'm publishing this little gem because I'd like the FF hive-mind to help me find the sweet spot for intraday trading. The more input from different users, the more validity a setting will have.
Settings:
extern int LineStart = 276;
Lines are drawn using the number of candles on your screen and the start point is on the left. Change this so it fits your screen / candle zoom setting.
extern int Filter = 40;
The filter decides how big the price groups are and tallies the candle closes contained within this pip group.
extern bool UseCurrentTimeFrame = False;
If you change this to True, it uses the current timeframes to find cluster points. It's set to False by default, because the indy works best by finding clusters on 1min timeframe for example, whilst viewing a 4hour chart.
extern int ClusterTimeFrame = 1;
The timeframe used to find cluster prices. The lower the better but the data is limited as MT4 only holds 36,000 candles on 1min for example, which only covers 150 candles on 4hr chart.
EURUSD Screenshots:
Setting: filter = 40, ClusterTimeFrame = 1min, chart TF = 30mins
http://i.imgur.com/LSPyU.gif
Setting: filter = 750, ClusterTimeFrame = 60min, chart TF = Daily
http://i.imgur.com/DuHwa.gif
Posted chart below to see how coloured boxes are treated next week; orange box would be bid target...
Setting: filter = 5, ClusterTimeFrame = 1min, chart TF = 1hr
http://i.imgur.com/YOiRc.gif
Edit: Uploaded revised indy; previous version kept crashing with certain settings. Removed crappy while loop - i don't like while loops.
Attached File(s)
Candle closes tally.mq4
4 KB
|
1,155 downloads
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