Price Ray

Price Ray

7 February 2022, 04:40
Keni Chetankumar Gajanan -

Price Ray indicator is a utility that will enhance the way you trade. Primarily, it shows the Bid, Ask or Last price as a line ray which beams till the current candle, last visible chart candle or extended to all candle bars. The enhanced features in this indicator provide information in an area where you focus most, right next to the current candle. You can select text to be shown above or below the Price ray. The indicator is fully customizable, allowing it to fit any strategy requirements.

Product Links:
MT5 version
MT4 version

This document details the functionalities and is also a guide on how to configure the indicator.

Price Ray Settings

The following are the customizable indicator settings

Price Ray Settings - Temporary Disable : You can temporarily disable the indicator rather than deleting it.
Price Ray Settings - Options : You can choose the Bid, Ask or Last price for the Price Ray.
Text Display

The indicator allows the display of the following text above or below the price ray. Below are the options:

  • Bid, Ask or Last Price.
  • Current spread.
  • The range and the body size for a defined time-frame candle in pips/points -> the range as HL (High-Low) and the body size as OC (Open-Close).
  • The Candle Timer: a per second update of the time left for candle close (selected time-frame).

The customizable parameters related to the “Text Settings” are:

Text Settings - Choose Shown Text : You can select the Text to be shown above and below the Price Ray

The indicator allows customisation of Line (extension, style, width and colour), Dot (enabled or not, dot size, shifting the dot and line ray to the left) and the Text (font, size and colour). You can choose whether the colour of Price Ray is constant, or it changes based on trend. Also, you can select the bullish or bearish colour for the trend.

Styling and Formatting

Below explains on how you can configure the “Line Ray Settings” and “Font Settings”

Line Ray Settings - Beam until : The Line ray beams till the current candle, last visible bar or the maximum candles (all bars) on the left of the screen.
Line Ray Settings - Styling : The indicator allows you to decide on the styling of the Line ray as a solid line or others provided as a list. Also, you can choose the thickness and the colour of the line (See “Trend Settings” to change the colour as per trend).
Line Ray Settings - Dot Formatting : You may choose whether you want the dot to be displayed. You can configure its size and also shift the ray dot as required.
Font Settings - Styling :

You can choose the Font and colour of the text shown above and below the Price Ray.

The Trend

The ideal way to determine a trend is to look at the chart with trend lines drawn on the highs and lows. Added to this, the strategy may include, to determine whether the current price is above or lower to opening price for a higher time-frame. Price Ray indicator changes the line ray colour based on bullish or bearish candle body of a selected time-frame. I trade on a H1 period and keep the trend timeframe for M30. It works with my strategy.

The following are customizable parameters related to the “Trend Settings”

Trend Settings - Option : You may decide if colour of the price ray will change depending on the bullish or bearish body colour of the selected time-frame. If “false”, the indicator will use a constant colour as defined in the “Line Ray Settings”.
Trend Settings - Timeframe : You can choose the time-frame for the trend candle from the list. If “current”, the indicator considers the chart time-frame.
Trend Settings - Colours : You can select the bullish and bearish colour to be used by the indicator.

A Strategy: As an illustration, I have tried to explain a strategy to trade based on the body colour of the candle for the higher time-frame. I have taken a live case scenario taken on 22 Jan 2022 (weekend), in my explanation.

In Figure 1, for a H4 chart - EURUSD, I have highlighted the recent candles being discussed (candle 0 - current and candle 1 - previous).

Strategy - EURUSD - H4 Timeframe

Figure 1 (EURUSD - H4)

The R1 (Pivot Levels) resistance was strong in stopping the bullish trend and a reversal candle formed in the H4 timeframe (candle - 1).

The H1 chart in Figure 2 for EURUSD, the H4 bar highlighted as hourly candles, shows that the bears have taken control and selling pressure is prevailing.

Strategy - EURUSD - H1 Timeframe

Figure 2 (EURUSD - H1)

If you are trading on a 15 minutes chart, the trend looks confusing as bulls and bears are pushing the price up and down, as shown in Figure 3.

Strategy - EURUSD - M15 Timeframe

Figure 3 (EURUSD - M15)

As a scalper, trading the 15 minutes period, you may either decide to stay out of the market or have a strategy to trade as per the higher time-frame and only take sell positions. The body colour of Price Ray for a higher - H4 timeframe denotes a bearish trend, helping you have some profitable trades.

Figure 4 shows that the bearish trend continued the next week (in fact, the bearish trend continued till end of the month reaching 1.1125).

Strategy - EURUSD - H4 Timeframe Continuation

Figure 4 (EURUSD - H4)

The indicator also displays range (HL - High-Low) and body size (OC - Open-Close) as pips/points for any time-frame candle. It shows the strength or weakness of the currency pair (e.g. EURUSD) being traded.

Candle Timer

I have included a comprehensive Candle Timer with Price Ray. Candle timer displays remaining seconds to the close of a time-frame candle, either above or below a Price Ray. It triggers a notification alert irrespective of the selection of candle timer as a text.

Notification Sound - Toggle

Notification Sound Toggle Button: I have included a button to enable or disable the notification sound. You may decide to disable the sound alert temporarily. It is also useful when the indicator is being used in multiple charts.

Below are the “Candle Timer Settings” to be configured as required.

Candle Timer - Timeframe : You can choose to have a notification alert for a current chart period or for any time-frame.
Candle Timer - Notification Settings :

The indicator announces an alert at specified seconds before close of the current candle. You can select the alert as a pop-up or a bird chirping sound. The default option (notification sound) is the setting for the Notification Sound Toggle button. I have provided some bird sounds to select from a list. The list includes a Canary, Cardinal, Meadowlark, Owl and Rooster.

Candle Timer - Notification Sound Toggle - Location : You can choose the location of the Notification Sound Toggle button in the chart window. "Window 0" is the default chart window. As you add other indicators to be shown on separate windows (for e.g. RSI, Stochastic, etc.), the platform will show it on “Window 1” and onwards.

      Notification Toggle Location - Guide
You can select the button to be displayed on any of the four chart corners and also adjust the location by specifying pixels to shift on the x and y axis.

Please note:
  1. The display of "Last Price" depends on the availability of price feed (data) from the server.
  2. The indicator changes the Chart Properties (Function key - F8: Common tab) for enabling and disabling the default selected Price to be shown as the Line ray. You can change it when needed.
  3. The indicator will show any errors in the "Journal" and "Experts" tabs in the terminal/toolbox (Ctrl+T) window. Please check in case you encounter any errors.

Disclaimer: Past performance may not show future results. You cannot hold me responsible for use of the indicator or for any information provided in this document.

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