MT4 Average Candle size of X candles | Forex Factory

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MT4 Average Candle size of X candles

  • #1
  • First Post: Feb 3, 2010 6:03pm Feb 3, 2010 6:03pm
Hello.

I'm looking for a way which can show me the average size of X candles in the past.
Is there anything available?

Thanks.
MikeFT
  • #2
  • Feb 3, 2010 8:29pm Feb 3, 2010 8:29pm
The common Average True Range indicator perhaps? Set the parameter as your X candles.
  • #3
  • Feb 3, 2010 9:16pm Feb 3, 2010 9:16pm
Quote
The common Average True Range indicator perhaps?
Yeah - Maybe. Thanks for your reply.

I've seen this indicator, but couldn't really figure out how to make it work for me. It's showing me a graph, but not an actual number.

Another question regarding this indicator (I guess it's more like a general MT4 question - but anyway):
I guess the textbox "Period" with this indicator means a timeframe. Is the number I put in there the X amount of numbers of candles used for the calculation on the actual timeframe I'm looking at?

Greetings.
MikeFT
  • #4
  • Feb 3, 2010 9:24pm Feb 3, 2010 9:24pm
Yes, the period is the average you want. The graph is showing a running average of the ATR. Just look at the latest number to see the most recent average ATR.

Quoting MikeFT
Yeah - Maybe. Thanks for your reply.

I've seen this indicator, but couldn't really figure out how to make it work for me. It's showing me a graph, but not an actual number.

Another question regarding this indicator (I guess it's more like a general MT4 question - but anyway):
I guess the textbox "Period" with this indicator means a timeframe. Is the number I put in there the X amount of numbers of candles used for the calculation on the actual timeframe I'm looking at?

Greetings.
MikeFT
  • #5
  • Feb 5, 2010 7:13pm Feb 5, 2010 7:13pm
Quoting Quantisan
Yes, the period is the average you want. The graph is showing a running average of the ATR. Just look at the latest number to see the most recent average ATR.

Sorry if I'm a bit thumb, but I don't understand how to use the Average True Range.
If I put this indicator on my chart it's a wave and no numbers.
And again regarding the period: What does it mean? Is period "1" the average of one candle, regardless of the used time (1h/4h etc)?

Thanks.
MikeFT
  • #6
  • Dec 31, 2010 7:07am Dec 31, 2010 7:07am
Quoting MikeFT
Sorry if I'm a bit thumb, but I don't understand how to use the Average True Range.
If I put this indicator on my chart it's a wave and no numbers.
And again regarding the period: What does it mean? Is period "1" the average of one candle, regardless of the used time (1h/4h etc)?

Thanks.
MikeFT
The period is how many x the indicator will use to calculate itself upon. So a moving average of period 60, uses the last price in the last 60 candles/bars and divides it by 60 to get an average.

So for the average true range, you set for an example 60 period, you get the average candle size for the last 60 candles/bars. So at a M1 timeframe with a average true range of period indie set to 60, you it will show you the average size of candles/bars for the last hour. If you set it to the M15 TF you will get the same data, the average size of candles/bars for the last 15 hours, (60/4). Se how it works?

And one more thing, you are not dumb for not knowing, thats not how our world works. When we are born we rely in innate instinct, we dont know squat by then. We know what we get in touch with, what we get into our hands, what we can touch with our fingers and grasp with our minds. If there is something you dont know, its because you havent got in touch with it. I dont know what the Thames river smells like in the summer, i dont know why the craters on the moon are about as deep all of em, i dont know why alchohol is legal while other much less damaging intoxicants is not. But im not ashamed of any of these things, and to come to know about them is not shamefull either. If anybody things you are dumb for not knowing, the shame should be put on them for repressing the growth of knowledge and wisdom in our world. If we didnt let wisdom, knowledge and love grove we would be living in the djungle using leafes to cover our heads from the rain, still trying to teach our kids how to smash nuts with stones without being able to tell them with language how to do it.
My signature is: "Classified".
  • #7
  • Jan 1, 2011 8:53am Jan 1, 2011 8:53am
Hello MikeFT,

as already pointed out the Period determines how many Bars you want to calculate the average of. It always includes the current bar. So if your Period is 3 it will look at the current bar the previous bar which has allready closed and the bar before that making in 3 Bars. Since the current candle is not finished the ATR Value for the current bar will change untill the bar closes.

The data points for every bar are displayed as a graph that is true. But you can always see the current value in the top left corner. "ATR(3) 0.0015" Which means you calculate the ATR with 3 Bars and the current result is 0.0015 which is 15 Pips on a 4 Digit Broker. If you want to see the values for every data point in the graph press "Ctrl+D" which will bring up the Data Window. Now if you move your mouse across the chart you will see the corresponding value.

As we use to say: "Es gibt keine dummen Fragen nur dumme Antworten."
There are no dumb questions only dumb answers.
  • #8
  • Feb 4, 2013 11:13am Feb 4, 2013 11:13am
  •  Reh
  • | Joined Mar 2012 | Status: Vanity.... ALL is Vanity !!!! | 55 Posts
Hi ,I am looking for an indicator like this also. It will give you the average candle length for the Traders input number of candles to average..
Any help would be appreciated. Thanks
And no The Average True Range is not what I am looking for. :-)
  • #9
  • Feb 4, 2013 2:54pm Feb 4, 2013 2:54pm
This can be loaded anywhere on the chart in any color font or size using the shift and text inputs.

Attached Image (click to enlarge)
Click to Enlarge Name: average candles.gif Size: 23 KB


Attached File(s)
File Type: ex4 Average Candle.ex4   4 KB | 5,751 downloads
Trade what you see not what you hope
  • #10
  • Feb 4, 2013 3:06pm Feb 4, 2013 3:06pm
  •  Reh
  • | Joined Mar 2012 | Status: Vanity.... ALL is Vanity !!!! | 55 Posts
Quoting cja
This can be loaded anywhere on the chart in any color font or size using the shift and text inputs.

Attachment

Attachment

---------------------------------------------------------------

Thanks CJA , that is exactly what I needed !!!
  • #11
  • Apr 9, 2013 11:10am Apr 9, 2013 11:10am
Quoting Reh
--------------------------------------------------------------- Thanks CJA , that is exactly what I needed !!!
I have been looking for something very similar to this and wonder if anyone can help.

Basically what I am trying to find is based on this exact concept with a bit of a twist.

I would like to be alerted by customizable sound file if possible if the current candle is larger than the previous average.

Basically telling me... HEY.. the current candle is XX% larger than the past XX number of candles!

The perfect indicator to me would look back xx number of candles (User Variable) on the current time frame.
Then 'hold' that average.
Then if the current candle is xx % (User Variable) larger than than the above.
Alert with custom sound file (User Variable)
and/or pop the screen alert (User Variable)
and/or send email (User Variable).

So to be clear, this alert should fire AS the candle is building not once it has closed.

I then make my trading decision based on the close of said candle (based on wick size)

I will continue my search but any help at all would be greatly appreciated.
  • #12
  • Apr 9, 2013 11:17am Apr 9, 2013 11:17am
.
As I am thinking more about this perhaps there would be another desirable User Variable.

User Average = T/F
This would use Either the average of the past xx candles or (if false) it would alert if the current candle is xx% larger than ANY of the past XX candles.

Since I am asking for EVERYTHING I am trying to find all in 1!

Thanks in advance to anyone who can help!
  • #13
  • Apr 10, 2013 5:11pm Apr 10, 2013 5:11pm
IF anyone is able or willing to take on the creation of this indicator I have yet another requested (User Variable).

Include wicks T/F this would tell the indi whether or not to include wicks or just bodies when calculating either average of or just the past xx number of candles.

I am willing to even speak with programmers who would request a fee to do this!

Anyone ???
  • #14
  • Apr 7, 2014 4:47am Apr 7, 2014 4:47am
Quoting cja
This can be loaded anywhere on the chart in any color font or size using the shift and text inputs. {image} {file}
Great, do you have mq4 i need to add some info, like current atr… and want to that info change color if current > from average green, and red if < from average :0)

regards
  • #15
  • Jul 1, 2014 12:14pm Jul 1, 2014 12:14pm
Quoting Reh
{quote} --------------------------------------------------------------- Thanks CJA , that is exactly what I needed !!!
Me too.
Many Thanks
  • #16
  • Jul 1, 2014 2:14pm Jul 1, 2014 2:14pm
Quoting cja
This can be loaded anywhere on the chart in any color font or size using the shift and text inputs. {image} {file}
Many thanks Cja!

Is it possible to have it MT4 build 646 compatible?

Awesome job you do.
Let it turn and find your entry.
  • #17
  • Jun 9, 2016 7:05pm Jun 9, 2016 7:05pm
New here and thank you for sharing. Ive loaded the average candle indicator but cant make it work....am I being stupid?
  • #18
  • Jun 9, 2016 11:01pm Jun 9, 2016 11:01pm
Quoting SylvesterSis
New here and thank you for sharing. Ive loaded the average candle indicator but cant make it work....am I being stupid?
I have just checked the indicator to make sure it still works and it does
but cant make it work....
More information would help?
Explain in detail what you have done step by step.
Trade what you see not what you hope
  • #19
  • Jun 10, 2016 4:11am Jun 10, 2016 4:11am
oh dear, that rather looks like me then doesn't it :-(
I downloaded it...openened MT4 data folder and put it in indicators. I reopened MT4 and there it was so dragged onto chart. In the top left corner in yellow (screenshot) but cant do anything with it in terms of timeframe, number of bars etc. thanks for responding
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 192 KB
  • #20
  • Jun 10, 2016 5:50am Jun 10, 2016 5:50am
Quoting SylvesterSis
oh dear, that rather looks like me then doesn't it :-( I downloaded it...openened MT4 data folder and put it in indicators. I reopened MT4 and there it was so dragged onto chart. In the top left corner in yellow (screenshot) but cant do anything with it in terms of timeframe, number of bars etc. thanks for responding {image}
Attached Image (click to enlarge)
Click to Enlarge Name: inputs.png Size: 21 KB
Trade what you see not what you hope
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