New idea: calculate daily movement

hey every one

i have an idea

as all we know the old way to calculate the daily range or movement is by measuring the difference between high and low

but my idea is to calculate how much pips did the price (( walk )) during the day

how this is calculated ???

as we all know any day consist of candles whatever the time frame (( 1hr, 30min ...... etc )) but as long as you use smaller time frame you get more accurate calculation


let's say we will use 1hr candle so we will have 24 candles during the day

we will calculate how much did the price move in every 1hr candle and then (( sum )) the 24 candle to get the amount of pips that the price (( walked )) during the day

how will we calculate the movement in every candle ?? is it the difference between the high and low of the candle ?? no it's different

see the attached image

do you see this green candle ??? can you imagine how it was created ???

let' imagine

first the price was at 1.5300 ( open of the candle ) then it go down to 1.5200 ( low of the candle ) here the price walk 100 pip
then the price moved from 1.5200 to 1.5500 ( high of the candle ) here the price walk 300 pip
then the price move from 1.5500 to 1.5400 (( close of the candle )) here the price walk 100 pip


so the difference between the high and low was 300 pip

but the total movement happened during the candle was (( 100 + 300 +100 )) = 500 pip and that is what we want

so we need an indicator we put it at any time frame (( from 1hr to 1min ))

the indicator will calculate the movement of every candle (( what ever the time frame of the candle either it was 1hr or 30min or even 1 min ))

the indicator will calculate the lower tail and sum it to the higher tail and then multiply by 2 then sum with them the body of the candle

so the equation to calculate the movement during any candle (( 1hr, 30min, 15min .... 1min ))

is

((lower tail + upper tail )*2) + candle body = candle movement

then we sum all the movements of all candles to get the total daily movement

AND FINALLY THE INDICATOR WRITE THE RESULT OF THE CALCULATION AT EVERY DAY AS I MADE IN THE ATTACHED PHOTO WHERE X IS THE NUMBER OF PIPS

I don't see how this calculation has anything to do with candle movement.
From your example...
Lower tail = 1.5200
Upper tail = 1.5500
So (lower tail + upper tail )*2
is (1.5200 + 1.5500 )*2 =6.14
So 6.14 + candle body,
Problem, candle body does not have a value, so impossible to complete calculation.

i mean the length of tail in pips

i think real movement in tick, so you need log price using static file or sql, and calculate them all to get total movement.. or you can scan 1 minute TF bars for faster calculation, but not real movement in 1 day.

you are right

and i think in what you say but there was a problem

if i use tick or 1 min i will not be able to test this theory for long period due to lack of data (( let's say i want to test from 2008 ))

so i will test it on 1 hr chart or 30min


is there is any one could help and make the indicator

In any case, there's no history for price movement. Measuring length of tail or body or anything else isn't movement.

The only way is to have the movement measurement in real time.

1 pip up = 1
2 pips down = 3 (cumulated)
3 pips up = 6 (cumulated)
and so on ... until end of day.

Can anyone make the indicator as i described ???

If C>O, pips = (O-L)+(H-L)+(H-C)
If C<O, pips = (H-O)+(H-L)+(C-L)
Both of these resolve algebraically to:
pips = 2(H-L)+Abs(C-O)

I have no idea how this indicator can be used profitably, but since it's a < 15 min programming job, I did it for you.
Set VertSpacingPips to a negative value, if you want the text to plot below the candles.
As always, install .mqh files in /experts/include folder, other files in /experts/indicators folder.

If you want me to spend any more time on this indicator, you first need to show me how I can use it profitably in my own trading.

you are magnificent mr hanover i will try it and till you