I've created an indicator which will help all those supply and demand traders out there trading with the Metatrader 4 platform.
Metatrader 4 has many known limitations, the rectangle tool is one of them. It was not thought for supply and demand traders, so I came up with an idea and created and indicator that will modify the painted rectangles automatically the way I wanted, to suit the way supply and demand type of trading requires.
I will create a video where I will show in full detail how this indicator can help you on this trading, once you see how this works, you won't be able to trade without it, hopefully
This indicator will help you to have cleaner charts as well as to being aware of where the D1 and WK supply and demand zones in control are when zooming in lower timeframes, you don't want to buy into a D1/WK supply zone, or buy into a D1 demand zone. That's very very dangerous and lower odds. With this indicator you will always know about it, if your zones are correctly drawn. It will all depend on how good you are locating the supply and demand imbalances.
WHAT CAN THIS INDICATOR DO TO IMPROVE YOUR SUPPLY AND DEMAND TRADING?
1. Rectangles will only be visible on the timeframe where it's been painted. The indicator will automatically tick the timeframe checkbox under the rectangle's visualization tab
2. The rectangles will be automatically expanded to current candle + 5 candles to the right on every tick
3. It will calculate the distance in pips between the distal line (highest price) and the proximal line (lowest price) of the rectangle
4. It will display price labels automatically on both the highest and lowest price, so that you know where to set your entries and your stop loss
5. It will allow you to automatically draw trendlines from left to right of the rectangle on H4, D1 and WK timeframes. What's the point of doing this? To assess how close or far you are from the higher timeframes (D1 and WK), how low or high you are in the supply and demand curve. Trendlines will be visible on all timeframes, so if you are on the H1 chart you will know how close to D1 and WK supply and demand you are by paying attention to the trendlines colors.
6. It will not interfere with the automatic zones drawn by the Insanity Industries SD indicator, it will not expand the rectangles created by it, so both your manual rectangles and the automatic ones can coexist. This is accomplished with the ExcluseName1 variable
7. You will be able to choose how many zones above and below current price will have trendlines painted, you do want to have your charts as clean as possible and not crowded with lines all over the place preventing you from seeing the price action
8. It will allow you to change the color and style of each trendline for each of the timeframes, so you'll know how close you are to D1 and WK by the trendline's color.
INPUTS YOU CAN CHANGE ON THE RECTANGLE INDICATOR
You can change all these variables on each of your symbols. Let me explain what each variable does.
Active = true;
It will turn on/off the indicator, if false it will not expand rectangle or execute any of its features
ExtendSize = 5;
This will expand the rectangle to current candle + 5 candles to the right. If you change it to 10 it will be 10 candles to the right
ExcludeName1 = "aII_SupDem";
This setting is to filter out the rectangles names created by the automatic SD zones from Insanity Industries indicator. It will not interfere with the automatic zones by not expand the rectangles created by it, so both your manual rectangles and the automatic ones can coexist.
ExcludeName2 = "no";
If you don't want a rectangle to be automatically expanded, edit its properties and change its description to no, it will no longer be affected by the indicator, the rectangle will not be extended. Good if you want to draw other rectangles in other areas of the charts.
Labels.Active = true;
If true, it will show price levels at high and low price of the rectangle
Color.High = White;
Color.Low = White;
These 2 settings is the color of the labels, high and low
High.Price = true;
If false, it will not show the label for the high price
Low.Price = true;
If false, it will not show the label for the low price
Label.Size = 1;
This is the font size for the price labels, change it in increments of 1
Range.Active = true;
If true, it will show the rectangle's width in pips
Range.Inside = true;
If false, it will draw the rectangle's pips width outside of the rectangle, on the far right side
Range.Color = White;
This is the color of the width in pips
Range.Size =9;
This is the font size of the width in pips label
H4_trendlines = true;
It will allow the indicator to draw trendlines both at the upper and lower price of the rectangles painted on H4
H4_lines_number = 1;
This is the number of rectangles above and below current price that the indicator will use to draw the trendlines, if you change it to 2 it will draw trendlines 2 rectangles above and 2 rectangles below current price
H4_upper_color = Yellow;
This is the color of the upper trendline for H4
H4_lower_color = Lime;
This is the color of the lower trendline for H4
H4_style = 2;
This is the style for those trendlines, from 0 to 4. It's the order you see in the line style window in Metatrader 4
The settings below are like the H4 explained above, but duplicated for both D1 and WK charts. Very important to know how close to the D1 and WK supply and demand curve you are.
D1_trendlines = true;
D1_lines_number = 2;
D1_upper_color = Yellow;
D1_lower_color = Lime;
D1_style = 0;
WK_trendlines = true;
WK_lines_number = 1;
WK_upper_color = Yellow;
WK_lower_color = Lime;
WK_style = 1;
The same settings area available now for the Monthly curve, it will automatically draw the trendlines with 2 pixels thickness
Manual_TL_On_Current_TF_Only = true;
If set to True, trendlines painted will only be visualized on the timeframe where it's been drawn. If set to False then they will be painted on all timeframes. I have it true as default, because I use the trendlines as direction on the entry timeframe H4 and H1, or even D1. I don't want them to be visible on the other timeframes, only on the ones where they relate to.
Manual_Text_On_Current_TF_Only = true;
The same feature can be applied to text objects painted with the A icon tool
NO_TL_COLOR: set to purple by default. The color set on this variable will not be taken into account as a strong SD level, no TL (tredline) will be painted on distal/proximal lines and the pips calculation will not be applied to it either. This is very useful when you want to draw a SD area you want to be aware of but you don't to have the trendlines painted on or influence on your decisions (like a speedbump against the trend)
Now the RR indicator will detect if a SD rectangle has been touched, if touched (non-fresh) the rectangle color will be automatically changed to the one you have specified for supply and demand colors retouch (see next bullet). I want to buy or sell only on fresh areas of supply and demand
Color.sup.retouch and Color.dem.rotouch: these will be the colors a non-fresh SD rectangle will be changed to
If the SD zone is not the color specified under DEMAND_COLOR_1, DEMAND_COLOR_2, SUPPLY_COLOR_1 and SUPPLY_COLOR_2, the rectangle reader indicator will not change its color to the Color.sup.retouch and color.dem.retouch
Solid.retouch. If this is set to true, when a SD zone is touched for the first time (non-fresh), the rectangle will be filled. If set to false the rectangle will be unfilled. You can change this setting at any moment, it will be instantly applied to ALL manual rectangles you have drawn, but not to those automatically painted by the Automatic SD indicator by Insanities Industries
CURVE TIMEFRAME SETTINGS
The indicator will also show how high or how low you are in the Daily, Weekly and Monthly curves by measuring proximal lines from manual supply and demand levels drawn with the rectangle indicator. It will not detect the automatic SD levels, you will have to clone the automatic SD rectangles (explained on one of my videos) and then the RR indicator will detect the proximal lines.
IMPORTANT:
- You have to have both supply and demand painted, or it will show 0%
- Only rectangles drawn manually will be detected
show.curve.percent = true;
By default, the curve percentages will be displayed. If set to false, percentages will be hidden.
curve.display.topRHcorner = true;
When set to false, the percentages will be displayed at right bottom corner
curve.display.vertical = false;
When true overrides topRHcorner setting and display vertical from toprightcorner
curve.high = 71;
If higher than 71%, the % will be displayed in red, so you know you are quite high in the curve
curve.low = 30;
Same but if between 0 and 30%, the % will be displayed in blue. If between 30 and 71%, it will be displayed in the color set in curve.middle.color.
See curve colors below
curve.high.color = Red;
curve.middle.color = Lime;
curve.low.color = Aqua;
curve.default.color = White;
curve.y.position = 20;
This is how high/low the % information will be displayed vertically
How to make the rectangle reader work if markets are closed?
If markets are close the rectangle indicator will not work properly, it needs price ticks to update them. A trick is to open the indicators windows and close it, then it will update all indicators as well as the rectangle reader. Try it. Draw a rectangle, then CONTROL+I for indicators and close it.
The default settings for automatic trendlines is set to H4=1, D1=2 and WK=2. We want clean charts, so the more automatic trendlines we use the more crowed and unreadable charts will be. Decide what timeframe is your curve and then change the settings accordingly. I use D1 for my intraday and WK for my swing, but I always want to know how close or far I'm from the WK curve, so I have the trendlines painted on the WK zones as well.
NOTE: I will not be adding M30, H1 or M15 trendline zones, because I am not doing that kind of trading, sorry
How will your charts look like when you add this indicator? Take a look at another one of my threads where I explain how to use it more in depth: http://www.forexfactory.com/showthread.php?t=428204
TROUBLESHOOTING:
If your indicator is being removed by Metatrader shortly after you run your MT Terminal, remember you have to have latest MT build. It has happened to some users, the reason is that some old MT build versions have that bug, please update to the latest build, talk to your broker on how to do that.
Metatrader 4 has many known limitations, the rectangle tool is one of them. It was not thought for supply and demand traders, so I came up with an idea and created and indicator that will modify the painted rectangles automatically the way I wanted, to suit the way supply and demand type of trading requires.
I will create a video where I will show in full detail how this indicator can help you on this trading, once you see how this works, you won't be able to trade without it, hopefully
This indicator will help you to have cleaner charts as well as to being aware of where the D1 and WK supply and demand zones in control are when zooming in lower timeframes, you don't want to buy into a D1/WK supply zone, or buy into a D1 demand zone. That's very very dangerous and lower odds. With this indicator you will always know about it, if your zones are correctly drawn. It will all depend on how good you are locating the supply and demand imbalances.
WHAT CAN THIS INDICATOR DO TO IMPROVE YOUR SUPPLY AND DEMAND TRADING?
1. Rectangles will only be visible on the timeframe where it's been painted. The indicator will automatically tick the timeframe checkbox under the rectangle's visualization tab
2. The rectangles will be automatically expanded to current candle + 5 candles to the right on every tick
3. It will calculate the distance in pips between the distal line (highest price) and the proximal line (lowest price) of the rectangle
4. It will display price labels automatically on both the highest and lowest price, so that you know where to set your entries and your stop loss
5. It will allow you to automatically draw trendlines from left to right of the rectangle on H4, D1 and WK timeframes. What's the point of doing this? To assess how close or far you are from the higher timeframes (D1 and WK), how low or high you are in the supply and demand curve. Trendlines will be visible on all timeframes, so if you are on the H1 chart you will know how close to D1 and WK supply and demand you are by paying attention to the trendlines colors.
6. It will not interfere with the automatic zones drawn by the Insanity Industries SD indicator, it will not expand the rectangles created by it, so both your manual rectangles and the automatic ones can coexist. This is accomplished with the ExcluseName1 variable
7. You will be able to choose how many zones above and below current price will have trendlines painted, you do want to have your charts as clean as possible and not crowded with lines all over the place preventing you from seeing the price action
8. It will allow you to change the color and style of each trendline for each of the timeframes, so you'll know how close you are to D1 and WK by the trendline's color.
INPUTS YOU CAN CHANGE ON THE RECTANGLE INDICATOR
You can change all these variables on each of your symbols. Let me explain what each variable does.
Active = true;
It will turn on/off the indicator, if false it will not expand rectangle or execute any of its features
ExtendSize = 5;
This will expand the rectangle to current candle + 5 candles to the right. If you change it to 10 it will be 10 candles to the right
ExcludeName1 = "aII_SupDem";
This setting is to filter out the rectangles names created by the automatic SD zones from Insanity Industries indicator. It will not interfere with the automatic zones by not expand the rectangles created by it, so both your manual rectangles and the automatic ones can coexist.
ExcludeName2 = "no";
If you don't want a rectangle to be automatically expanded, edit its properties and change its description to no, it will no longer be affected by the indicator, the rectangle will not be extended. Good if you want to draw other rectangles in other areas of the charts.
Labels.Active = true;
If true, it will show price levels at high and low price of the rectangle
Color.High = White;
Color.Low = White;
These 2 settings is the color of the labels, high and low
High.Price = true;
If false, it will not show the label for the high price
Low.Price = true;
If false, it will not show the label for the low price
Label.Size = 1;
This is the font size for the price labels, change it in increments of 1
Range.Active = true;
If true, it will show the rectangle's width in pips
Range.Inside = true;
If false, it will draw the rectangle's pips width outside of the rectangle, on the far right side
Range.Color = White;
This is the color of the width in pips
Range.Size =9;
This is the font size of the width in pips label
H4_trendlines = true;
It will allow the indicator to draw trendlines both at the upper and lower price of the rectangles painted on H4
H4_lines_number = 1;
This is the number of rectangles above and below current price that the indicator will use to draw the trendlines, if you change it to 2 it will draw trendlines 2 rectangles above and 2 rectangles below current price
H4_upper_color = Yellow;
This is the color of the upper trendline for H4
H4_lower_color = Lime;
This is the color of the lower trendline for H4
H4_style = 2;
This is the style for those trendlines, from 0 to 4. It's the order you see in the line style window in Metatrader 4
The settings below are like the H4 explained above, but duplicated for both D1 and WK charts. Very important to know how close to the D1 and WK supply and demand curve you are.
D1_trendlines = true;
D1_lines_number = 2;
D1_upper_color = Yellow;
D1_lower_color = Lime;
D1_style = 0;
WK_trendlines = true;
WK_lines_number = 1;
WK_upper_color = Yellow;
WK_lower_color = Lime;
WK_style = 1;
The same settings area available now for the Monthly curve, it will automatically draw the trendlines with 2 pixels thickness
Manual_TL_On_Current_TF_Only = true;
If set to True, trendlines painted will only be visualized on the timeframe where it's been drawn. If set to False then they will be painted on all timeframes. I have it true as default, because I use the trendlines as direction on the entry timeframe H4 and H1, or even D1. I don't want them to be visible on the other timeframes, only on the ones where they relate to.
Manual_Text_On_Current_TF_Only = true;
The same feature can be applied to text objects painted with the A icon tool
NO_TL_COLOR: set to purple by default. The color set on this variable will not be taken into account as a strong SD level, no TL (tredline) will be painted on distal/proximal lines and the pips calculation will not be applied to it either. This is very useful when you want to draw a SD area you want to be aware of but you don't to have the trendlines painted on or influence on your decisions (like a speedbump against the trend)
Now the RR indicator will detect if a SD rectangle has been touched, if touched (non-fresh) the rectangle color will be automatically changed to the one you have specified for supply and demand colors retouch (see next bullet). I want to buy or sell only on fresh areas of supply and demand
Color.sup.retouch and Color.dem.rotouch: these will be the colors a non-fresh SD rectangle will be changed to
If the SD zone is not the color specified under DEMAND_COLOR_1, DEMAND_COLOR_2, SUPPLY_COLOR_1 and SUPPLY_COLOR_2, the rectangle reader indicator will not change its color to the Color.sup.retouch and color.dem.retouch
Solid.retouch. If this is set to true, when a SD zone is touched for the first time (non-fresh), the rectangle will be filled. If set to false the rectangle will be unfilled. You can change this setting at any moment, it will be instantly applied to ALL manual rectangles you have drawn, but not to those automatically painted by the Automatic SD indicator by Insanities Industries
CURVE TIMEFRAME SETTINGS
The indicator will also show how high or how low you are in the Daily, Weekly and Monthly curves by measuring proximal lines from manual supply and demand levels drawn with the rectangle indicator. It will not detect the automatic SD levels, you will have to clone the automatic SD rectangles (explained on one of my videos) and then the RR indicator will detect the proximal lines.
IMPORTANT:
- You have to have both supply and demand painted, or it will show 0%
- Only rectangles drawn manually will be detected
show.curve.percent = true;
By default, the curve percentages will be displayed. If set to false, percentages will be hidden.
curve.display.topRHcorner = true;
When set to false, the percentages will be displayed at right bottom corner
curve.display.vertical = false;
When true overrides topRHcorner setting and display vertical from toprightcorner
curve.high = 71;
If higher than 71%, the % will be displayed in red, so you know you are quite high in the curve
curve.low = 30;
Same but if between 0 and 30%, the % will be displayed in blue. If between 30 and 71%, it will be displayed in the color set in curve.middle.color.
See curve colors below
curve.high.color = Red;
curve.middle.color = Lime;
curve.low.color = Aqua;
curve.default.color = White;
curve.y.position = 20;
This is how high/low the % information will be displayed vertically
How to make the rectangle reader work if markets are closed?
If markets are close the rectangle indicator will not work properly, it needs price ticks to update them. A trick is to open the indicators windows and close it, then it will update all indicators as well as the rectangle reader. Try it. Draw a rectangle, then CONTROL+I for indicators and close it.
The default settings for automatic trendlines is set to H4=1, D1=2 and WK=2. We want clean charts, so the more automatic trendlines we use the more crowed and unreadable charts will be. Decide what timeframe is your curve and then change the settings accordingly. I use D1 for my intraday and WK for my swing, but I always want to know how close or far I'm from the WK curve, so I have the trendlines painted on the WK zones as well.
NOTE: I will not be adding M30, H1 or M15 trendline zones, because I am not doing that kind of trading, sorry
How will your charts look like when you add this indicator? Take a look at another one of my threads where I explain how to use it more in depth: http://www.forexfactory.com/showthread.php?t=428204
TROUBLESHOOTING:
If your indicator is being removed by Metatrader shortly after you run your MT Terminal, remember you have to have latest MT build. It has happened to some users, the reason is that some old MT build versions have that bug, please update to the latest build, talk to your broker on how to do that.
Attached File(s)
Set and Forget supply and demand trading community
