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Two Bar Line Indicator

  • #1
  • First Post: Oct 20, 2015 11:35am Oct 20, 2015 11:35am
Hello everbody,

There is an indicator that gives you two lines on the edge of the bars. It looks like the one in the picture. Can somebody please tell me what this Indicator is called? Iv'e tried google searching 'Two line indicator' and all sorts of random things. This forum is my last hope :-/

Attached Image (click to enlarge)
Click to Enlarge Name: bands.png Size: 25 KB


Thank you,

Nicholas
  • #2
  • Oct 20, 2015 11:37am Oct 20, 2015 11:37am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Look like Envelopes ... Try the standard one provided in your MT4 platform.
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • Oct 20, 2015 11:41am Oct 20, 2015 11:41am
Yep I agree with that, it looks like envelopes, you can also get something similar with 2 ma's, one at the high (not close) and the other one at the low
Bulls are stupid Animals!especially when Im short!
  • #4
  • Oct 20, 2015 11:52am Oct 20, 2015 11:52am
Quoting FerruFx
Look like Envelopes ... Try the standard one provided in your MT4 platform.
Thank you FerruFx. So that is a 'Moving average envelope indicator' right?

I applied it to the chart but its really squiggly and I cant get it to be smooth like in the picture I posted above.
  • #5
  • Oct 20, 2015 11:53am Oct 20, 2015 11:53am
Quoting roughtrader
Yep I agree with that, it looks like envelopes, you can also get something similar with 2 ma's, one at the high (not close) and the other one at the low
Thank you for the confirmation Roughtrder,

I will have a look around for the indicator in mql format.

If you know any please post it here if you can.

Cheers.
  • #6
  • Oct 20, 2015 12:10pm Oct 20, 2015 12:10pm
Hello everbody,

I am still having trouble with this because I cant find the right settings for the envelope to match the ex4 indicator I am reffering to. I will post the original ex4 indicator that creates the two lines. Perhaps somebody can help me identify what this indicator is or which setting I should use in the 'envelope indicator' to match it?

I attached the indicator below. Anybody know what indicator is being used in this ex4 to create those two lines?

Thank you,

Nicholas
Attached File(s)
File Type: ex4 nez_Alert.ex4   23 KB | 449 downloads
  • #7
  • Oct 20, 2015 12:39pm Oct 20, 2015 12:39pm
Quoting roastchicken
Hello everbody, There is an indicator that gives you two lines on the edge of the bars. It looks like the one in the picture. Can somebody please tell me what this Indicator is called? Iv'e tried google searching 'Two line indicator' and all sorts of random things. This forum is my last hope :-/ {image} Thank you, Nicholas
It's an indicator that repaints so probably TMA.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: bands.png Size: 34 KB
Click to Enlarge Name: EURUSDM1.png Size: 43 KB
Attached File(s)
File Type: ex4 TMA.ex4   10 KB | 415 downloads
File Type: mq4 TMA.mq4   8 KB | 405 downloads
  • #8
  • Oct 20, 2015 1:05pm Oct 20, 2015 1:05pm
Quoting srt
{quote} It's an indicator that repaints so probably TMA. {image} {image} {file} {file}
Hello SRT, Thank you soo much. I think this might be the right one. I'm just trying to find the right settings to match the original nez_alert.ex4 with the TMA. The setting inputs are both exactly the same on both the Nez and also the TMA you posted, but the curves are slightly different when I put them both on the same charts. I will keep playing around with it.

The small gap you see in the original picture is actually an arrow but I painted it a light white/grey to avoid distraction. That is why the gap appeares in the bar, its actually an arrow, not a gap in the market

Thank you so much for your help buddy.

Thanks.
  • #9
  • Oct 20, 2015 1:18pm Oct 20, 2015 1:18pm
Quoting roastchicken
{quote} Hello SRT, Thank you soo much. I think this might be the right one. I'm just trying to find the right settings to match the original nez_alert.ex4 with the TMA. The setting inputs are both exactly the same on both the Nez and also the TMA you posted, but the curves are slightly different when I put them both on the same charts. I will keep playing around with it. The small gap you see in the original picture is actually an arrow but I painted it a light white/grey to avoid distraction. That is why the gap appeares in the bar, its actually...
Just be aware of the repaint though.
I was pointing to the curve in the blue line. Notice how it was curving down BEFORE price made the big fall. That shows it repainted after the fact. Prior to the fall I'm sure the blue line would have been curved slightly up.
Don't try to backtest with this indicator. Use TMAtrue if you want to backtest this indicator.
  • #10
  • Oct 20, 2015 1:33pm Oct 20, 2015 1:33pm
Quoting srt
{quote} Just be aware of the repaint though. I was pointing to the curve in the blue line. Notice how it was curving down BEFORE price made the big fall. That shows it repainted after the fact. Prior to the fall I'm sure the blue line would have been curved slightly up. Don't try to backtest with this indicator. Use TMAtrue if you want to backtest this indicator.
Oh I get you now. Basically you are saying the curves are not real time. I will be aware of this thank you.

Cheers SRT, you are the man.
  • #11
  • Oct 20, 2015 1:52pm Oct 20, 2015 1:52pm
Quoting roastchicken
{quote} Oh I get you now. Basically you are saying the curves are not real time. I will be aware of this thank you. Cheers SRT, you are the man.
Any indicator that "repaints" changes the lines at a later time to make it look like it predicted the price movement better.
So on the far left side of that chart price was trending up so the lines would have been sloping up in real time but as price started falling the indicator had to change the lines that it painted 10 minutes ago so it could allow for the lines to start sloping down.

A normal moving average doesn't repaint so it lags price much more but the lines never move after the candle closes so you can backtest a method by looking at historical charts because nothing has changed. Repainting indicators like TMA change the history to make the indicator look much better than it is. The lines you see now on the chart will move in 10, 15, 20 minutes if price makes a big move.

You won't be able to sell @ the top line & buy @ the bottom line because the lines will keep moving. It looks good now but only because the lines were moved to make it look good.
  • #12
  • Oct 20, 2015 3:38pm Oct 20, 2015 3:38pm
Quoting roastchicken
There is an indicator that gives you two lines on the edge of the bars. It looks like the one in the picture. Can somebody please tell me what this Indicator is called?

It's technically two indicators, Nicholas, not one: the red line is a moving averages of the highs, and the blue line is a moving average of the lows, of the same periodicity. I think. (MA's are typically applied to the close, but they don't have to be, and in this example I believe they're not. I've seen trading systems based on this, and their charts can certainly look exactly like the one shown above.)
  • #13
  • Oct 20, 2015 4:36pm Oct 20, 2015 4:36pm
Quoting srt
{quote} Any indicator that "repaints" changes the lines at a later time to make it look like it predicted the price movement better. So on the far left side of that chart price was trending up so the lines would have been sloping up in real time but as price started falling the indicator had to change the lines that it painted 10 minutes ago so it could allow for the lines to start sloping down. A normal moving average doesn't repaint so it lags price much more but the lines never move after the candle closes so you can backtest a method by looking...
Hello STR,

Yeah I get what you mean now. This could be a bother to my strategy I was going to try. I will have to keep an eye on it in real time now to see if the trade conditions are still met as it is shown when I look at the history :-S

Thank you for the heads up, its much appreciated.
  • #14
  • Last Post: Edited 5:13pm Oct 20, 2015 4:40pm | Edited 5:13pm
Quoting Xela
{quote} It's technically two indicators, Nicholas, not one: the red line is a moving averages of the highs, and the blue line is a moving average of the lows, of the same periodicity. I think. (MA's are typically applied to the close, but they don't have to be, and in this example I believe they're not. I've seen trading systems based on this, and their charts can certainly look exactly like the one shown above.)
Hello Xela,

Thanks for the advice. I just found out from STR that the TMA indicator repaints, so prehaps two moving averages would be better suited for this. I have tried two moving averages but they dont appear to show like how the TMA does, unless my settings of the MA's are incorrect? I'll keep playing around with it to see if I can get it to look similar to the TMA. Other than that it looks like I might have to re-think my whole strategy.

Cheers,

Nicholas
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