Rolling Market
An MTF Rolling Bar chart window indicator.
A Rolling Bar is constructed much like a Moving Average.
After settling on a certain number of bars (period), the oldest bar is dropped from the series as a new bar comes in and the MA updated.
For a Rolling Bar of say the M5 TF, the series would consist of 5 M1 bars to make up the normal 5 minute duration.
As the current M1 Bar #0 is completed the total time covered becomes 5 minutes.
Then a new bar, worth 0 seconds comes in as the oldest full bar drops out.
The composite M5 Rolling Bar now covers only 4 minutes, but will wind up always being between 4 to 5 minutes long and hold significant information.
During this time price will move and Highs and Lows set up among the 5 M1 bars.
With a High and Low a bar of a certain size pip-wise can be drawn. This sets up a range of price movement over a - within known limits - variable time stretch.
The indicator is formed by applying the same reasoning to all 9 TFs and setting the resulting bars side by side.
A permanently updating footprint becomes available, giving an excellent snap impression of the market but also detailed insight on price behaviour.
The documentation, largely pictorial, steps through this in more detail and also has a full description of the Dialog Box options.
The templates are more for a quick-start in checking out the indicator by itself, without messing your trade screens.
rolling market.tpl is the default and suitable for all charts.
rolling market-mini.tpl is meant for setting up smaller windows and allows for not showing any candles.
Careful; this is done by setting the Line Graph colour to None in the chart properties box and selecting that mode.
The unintended result is that all Dojis also become invisible. Please make sure to avoid using the -mini.tpl on trade charts.
apipshort
//+---------------------------------------------------------------+
June 29, 2014: Updated Rolling Market.mq4 to account for GOLD quoted with 2 digits.
If already a user, just overwrite with attached *.mq4. Otherwise everything is in the zip.
Thanks to people who checked this out so far.
Attached File(s)
Rolling Market.mq4
13 KB
|
408 downloads
|
Uploaded Jun 29, 2014 8:37am
Rolling Market.zip
176 KB
|
422 downloads
|
Uploaded Jun 29, 2014 8:37am