Hi all,
I'd very much appreciate if any of the folks who know MQL could help out please.
Goal:
To view the high_low range of a bar as a factor of the ATR(x_adjustable). This will be used in aid of momentum based and breakout trades. I.e. this will measure the relationship between the Actual True Range of the current bar and the Average True Range of the last X bars.
Explanation:
Depending on the instrument and time frame, I make use of a variety of ATRs. As an example, on a cable H4 chart I use an ATR(12). I add the attached Candle Range in pips indicator and once a bar has closed, calculate the relationship between the ATR(12) and Actual Range as Actual Range / ATR(12). Depending on the time and day, I only execute trades (with this strategy) when the prior Actual Range / ( ATR(12) converted to pips {please see notes below}) >= 1.4
I realise this is a simple calculation to do manually, but I'd like to test the strategy on a scalping basis and won't be able to do this as well as entry, R:R, etc etc math in time to catch the momentum move.
Please note that I'm not fussed about the actual line - I only need the values in the Data Window - although perhaps being able to view it as a line will result in interesting discoveries.
Attachments:
I use this to measure the bar range and then read the ATR and do the math manually at present. Candle range in pips indicator by Zen Leow attached - this simply plots the high_low range of the current bar as a line graph in pips.
Notes:
I use a 5 decimal (3 dec JPY) broker. I'm not sure how the calculation within the indicator would need to be different to discern the ATR pip value. I suspect that for 5 decimal pairs it would be ATR(x) * 10000 and for 3 decimal pairs, ATR(x) * 100 ?
As always, my sincere appreciation for your help and if nothing else, time to read this.
Thanks,
n2o
I'd very much appreciate if any of the folks who know MQL could help out please.
Goal:
To view the high_low range of a bar as a factor of the ATR(x_adjustable). This will be used in aid of momentum based and breakout trades. I.e. this will measure the relationship between the Actual True Range of the current bar and the Average True Range of the last X bars.
Explanation:
Depending on the instrument and time frame, I make use of a variety of ATRs. As an example, on a cable H4 chart I use an ATR(12). I add the attached Candle Range in pips indicator and once a bar has closed, calculate the relationship between the ATR(12) and Actual Range as Actual Range / ATR(12). Depending on the time and day, I only execute trades (with this strategy) when the prior Actual Range / ( ATR(12) converted to pips {please see notes below}) >= 1.4
I realise this is a simple calculation to do manually, but I'd like to test the strategy on a scalping basis and won't be able to do this as well as entry, R:R, etc etc math in time to catch the momentum move.
Please note that I'm not fussed about the actual line - I only need the values in the Data Window - although perhaps being able to view it as a line will result in interesting discoveries.
Attachments:
I use this to measure the bar range and then read the ATR and do the math manually at present. Candle range in pips indicator by Zen Leow attached - this simply plots the high_low range of the current bar as a line graph in pips.
Notes:
I use a 5 decimal (3 dec JPY) broker. I'm not sure how the calculation within the indicator would need to be different to discern the ATR pip value. I suspect that for 5 decimal pairs it would be ATR(x) * 10000 and for 3 decimal pairs, ATR(x) * 100 ?
As always, my sincere appreciation for your help and if nothing else, time to read this.
Thanks,
n2o
