UPDATE January 25th, 2016.
Now that there have been a few comments and one indi repost, I have decided to make a couple of code adjustments and repost the new and improved version. Fortunately "I was in the flow" this morning and was able to edit it in about 10 minutes. I am not a natural coder or a full time coder so it's like pulling teeth for me.
In any case, thanks to FerruFX for your initial comment, I added the ability to select the desired chart time period for the inputted look back period on ANY open chart (which should default to the current chart timeframe), and in theory should display the indi on any chart based on any separate TF you prefer. Please note, I have not tested the accuracy or usability of this feature so use it at your own risk. In theory, it should compute, however, if you use a lower TF computation on a higher timeframe chart, in theory it should also repaint in that case, so be careful. If used on the current or higher TF, it should not repaint in theory. Those who are familiar with MT4 coding, please feel free to have a look at the code, and modify and comment as you wish.
Thanks to Inceptionist for having a look. Hope it works out for you.
Thanks to Todd Anderson for reposting. I have included the "new" versions below. So, if you can or wish to remove your upload, it will be less confusing for others that come here later and download the indi.
Thank you again FerruFX, if another TF than the current one is selected, the MTF calculation is wrong, so only use the "current" TF calculation when placed on any chart. The issue here is that the indicator mustn't be set with any other TF than the one it is applied on.
Finally, it's a little redundant but must be said: Use the indicator at your own risk. No warranties or guarantees or claims of profitability or usability are offered or intended. Although you are not buying this indi, Caveat Emptor.
ORIGINAL POST(S) BELOW *******************************
I recently created a custom histogram indicator that measures price against recent HH and LL, specifically where price is compared to the MID of recent HH and LL, where recent HH LL is defined by the Higher/Lower of the last X number of bars or 2X bars, whichever is Higher/Lower, and displayed as percent away from mid.
It's a variation of mid of HH and LL since it compares the higher of HH or LL against a period and twice the number of bars back to avoid whipsaws.
I used to display this against lines on a chart, but made a histogram out of it and it looks interesting.
It looks good at gauging trend strength and general turns (see image below).
The name of the indicator is BAM, which is an acronym for "Below and Above Mid".
Ways to use it:
1. To see general trend on longer TFs (more than 60 bars back).
2. To see market vs mid of HH LL range at any time.
3. It can tell you a possible trend has just started.
4. It can tell you when to possibly stay out against a trend.
Ways not to use it:
1. What it can't do is pick absolute tops and bottoms.
2. It can't tell you when to exit.
I'm giving this indi away here as an open source MT4 file for the sake of making it an open source development and project for those who are interested.
I am currently spending more time developing other ideas, but thought that others could benefit from as this, and potentially develop it further too, so I decided to post it here and see what can become of it.
I am giving it away here on FF for 3 reasons:
1. To see if anyone can benefit from this now as is.
2. To see if there are others that could develop it more and make it better, perhaps as a MTF indi and perhaps to include a MathMin/MathMax feature to make it display changes in stepwise fashion.
3. To see if anyone is interested in making an EA based on this or a derivative of it.
Feel free to try it, test it, use it and post your input and feedback for others to see and develop.
On a technical note, for a simple indi, it does seem to eat some resources, perhaps because of comparing every tick to potentially changing HHs and LLs. Perhaps someone could make a simple mod to alleviate this.
Also, the indi does not repaint as far as I can tell. Again please confirm and use carefully just in case.
As always, use at your own risk, no warranties or guarantees or claims are provided. If you use it, you assume any and all risk by using it.
Image below with 3 BAMS displayed...12, 60, and 120 smoothing.
NOTE (thanks FerruFX)... The files below are hard coded with PERIOD_M1 for 1minute charts only. They will not work as intended on higher TFs. Feel free to recode it/modify it etc to suit your charts. I will not be modifying them or customizing them for individual requests. And again, use the indicator at your own risk. No warranties or guarantees or claims of profitability or usability are offered or intended. Although you are not buying this indi, Caveat Emptor.
After a combined 120+ downloads in 25 hours with less than a 1% download to comment ratio. I've decided to terminate the d/l.
I'm pretty sure it will be offered elsewhere online by others taking credit for it and releasing it for free or for fee.
In my over 20 years in the industry, I'd never seen an indi that does what I described above, so I ended up making it to see how it would display and thought that "open sourcing" it would open up more ideas for it.
However, by the lack of comments, I can see that there are more takers instead. Slightly disappointed but not surprised. Was not looking for recognition or praise, just open commentary and potential cooperation for further development. There are those who would say, "but you only posted a day ago." To that I say, if this was a post about a fabulous ea or trading system, there would be 10x the activity in half the time.
I'm leaving this post up as a record of my creation of the indi for future reference, so there is no doubt where it originated.
Sorry to others that came here looking for something for nothing. Eventually within a few months I'm sure this indi will most likely be posted on other threads or sites by the same name or a different name.
I may decide to post the indi again in the future, but for now it's no longer available.
Indicator updated and re-uploaded January 25th, 2016.
Disclaimer: This BAM indi is NOT designed to catch market tops and bottoms and exact turns. But it may indicate a trend/strong trend and recent change in trend. Also, it DOES NOT indicate the most important thing in trading...when to exit. Again, no guarantees, warranties, claims of usability, or proper coding/programming are presented or made with this indi, use it at your own risk. Use it only on demo and if you feel comfortable using it live and have good results, please share your experiences using it here.
Now that there have been a few comments and one indi repost, I have decided to make a couple of code adjustments and repost the new and improved version. Fortunately "I was in the flow" this morning and was able to edit it in about 10 minutes. I am not a natural coder or a full time coder so it's like pulling teeth for me.
In any case, thanks to FerruFX for your initial comment, I added the ability to select the desired chart time period for the inputted look back period on ANY open chart (which should default to the current chart timeframe), and in theory should display the indi on any chart based on any separate TF you prefer. Please note, I have not tested the accuracy or usability of this feature so use it at your own risk. In theory, it should compute, however, if you use a lower TF computation on a higher timeframe chart, in theory it should also repaint in that case, so be careful. If used on the current or higher TF, it should not repaint in theory. Those who are familiar with MT4 coding, please feel free to have a look at the code, and modify and comment as you wish.
Thanks to Inceptionist for having a look. Hope it works out for you.
Thanks to Todd Anderson for reposting. I have included the "new" versions below. So, if you can or wish to remove your upload, it will be less confusing for others that come here later and download the indi.
Thank you again FerruFX, if another TF than the current one is selected, the MTF calculation is wrong, so only use the "current" TF calculation when placed on any chart. The issue here is that the indicator mustn't be set with any other TF than the one it is applied on.
Attached File(s)
BAM-V2.ex4
15 KB
|
582 downloads
|
Uploaded Jan 24, 2016 6:07pm
Attached File(s)
BAM-V2.mq4
3 KB
|
648 downloads
|
Uploaded Jan 24, 2016 6:07pm
Finally, it's a little redundant but must be said: Use the indicator at your own risk. No warranties or guarantees or claims of profitability or usability are offered or intended. Although you are not buying this indi, Caveat Emptor.
ORIGINAL POST(S) BELOW *******************************
I recently created a custom histogram indicator that measures price against recent HH and LL, specifically where price is compared to the MID of recent HH and LL, where recent HH LL is defined by the Higher/Lower of the last X number of bars or 2X bars, whichever is Higher/Lower, and displayed as percent away from mid.
It's a variation of mid of HH and LL since it compares the higher of HH or LL against a period and twice the number of bars back to avoid whipsaws.
I used to display this against lines on a chart, but made a histogram out of it and it looks interesting.
It looks good at gauging trend strength and general turns (see image below).
The name of the indicator is BAM, which is an acronym for "Below and Above Mid".
Ways to use it:
1. To see general trend on longer TFs (more than 60 bars back).
2. To see market vs mid of HH LL range at any time.
3. It can tell you a possible trend has just started.
4. It can tell you when to possibly stay out against a trend.
Ways not to use it:
1. What it can't do is pick absolute tops and bottoms.
2. It can't tell you when to exit.
I'm giving this indi away here as an open source MT4 file for the sake of making it an open source development and project for those who are interested.
I am currently spending more time developing other ideas, but thought that others could benefit from as this, and potentially develop it further too, so I decided to post it here and see what can become of it.
I am giving it away here on FF for 3 reasons:
1. To see if anyone can benefit from this now as is.
2. To see if there are others that could develop it more and make it better, perhaps as a MTF indi and perhaps to include a MathMin/MathMax feature to make it display changes in stepwise fashion.
3. To see if anyone is interested in making an EA based on this or a derivative of it.
Feel free to try it, test it, use it and post your input and feedback for others to see and develop.
On a technical note, for a simple indi, it does seem to eat some resources, perhaps because of comparing every tick to potentially changing HHs and LLs. Perhaps someone could make a simple mod to alleviate this.
Also, the indi does not repaint as far as I can tell. Again please confirm and use carefully just in case.
As always, use at your own risk, no warranties or guarantees or claims are provided. If you use it, you assume any and all risk by using it.
Image below with 3 BAMS displayed...12, 60, and 120 smoothing.
NOTE (thanks FerruFX)... The files below are hard coded with PERIOD_M1 for 1minute charts only. They will not work as intended on higher TFs. Feel free to recode it/modify it etc to suit your charts. I will not be modifying them or customizing them for individual requests. And again, use the indicator at your own risk. No warranties or guarantees or claims of profitability or usability are offered or intended. Although you are not buying this indi, Caveat Emptor.
Indicator updated and re-uploaded January 25th, 2016.
Disclaimer: This BAM indi is NOT designed to catch market tops and bottoms and exact turns. But it may indicate a trend/strong trend and recent change in trend. Also, it DOES NOT indicate the most important thing in trading...when to exit. Again, no guarantees, warranties, claims of usability, or proper coding/programming are presented or made with this indi, use it at your own risk. Use it only on demo and if you feel comfortable using it live and have good results, please share your experiences using it here.