Hi Guys & Girls,
Ive coded a simple indicator showing where price enjoy to stay (consolidation areas, yellow ellipses) and where price dislikes to stay (resistance, support, pivot areas, pink ellipses).
Concept is very simple, user selects start time an end time (blue vertical line) and the indi determines the range.
In this range determines the smallest available TF to count (if TF 5 has data for the entire range, will count on TF5, if not, search for the first smallest TF providing valid data for all the range).
The following step is to determine how many bars contains each price in the range (step 1 pip).
In the screenshot, time start is February 2, 2016 time end is March 18, 2016.
In this range, TF 5 min is available with the current broker.
As we can see, the price 1.4295 was included in 256 bars of 5 minutes, but some other prices where interesting for the market also (1.4460 area, 1.4207, 1.4140-1.4150, 1.4070). Those areas where the most consolidated ones in the range, acted always as magnets (good to set taking profit).
Other prices acted as repellents for the price (pink ellipses, such as: 1.4516, 1.4390 area, 1.4335, 1.4236, 1.415, and a notable 1.4040 very interesting in conjunction with the 1.4070 consolidation area). This area uses to provide good entry locations.
Now, my problem is I dont know how to math those extreme levels. I am looking to found the technique to determine relevant spikes to use them in an EA as entry levels / take profit levels.
If somebody interested, please let me know.
Bellow is the code for this indicator.
Thank you!
Ive coded a simple indicator showing where price enjoy to stay (consolidation areas, yellow ellipses) and where price dislikes to stay (resistance, support, pivot areas, pink ellipses).
Concept is very simple, user selects start time an end time (blue vertical line) and the indi determines the range.
In this range determines the smallest available TF to count (if TF 5 has data for the entire range, will count on TF5, if not, search for the first smallest TF providing valid data for all the range).
The following step is to determine how many bars contains each price in the range (step 1 pip).
In the screenshot, time start is February 2, 2016 time end is March 18, 2016.
In this range, TF 5 min is available with the current broker.
As we can see, the price 1.4295 was included in 256 bars of 5 minutes, but some other prices where interesting for the market also (1.4460 area, 1.4207, 1.4140-1.4150, 1.4070). Those areas where the most consolidated ones in the range, acted always as magnets (good to set taking profit).
Other prices acted as repellents for the price (pink ellipses, such as: 1.4516, 1.4390 area, 1.4335, 1.4236, 1.415, and a notable 1.4040 very interesting in conjunction with the 1.4070 consolidation area). This area uses to provide good entry locations.
Now, my problem is I dont know how to math those extreme levels. I am looking to found the technique to determine relevant spikes to use them in an EA as entry levels / take profit levels.
If somebody interested, please let me know.
Bellow is the code for this indicator.
Thank you!
Attached Image (click to enlarge)
Attached File(s)
