Elite indicators :) - page 166
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You are always right.
It's quite brilliant that you can visualize these things before you build them.
My mind works very differently. I get a hunch about something then need to eliminate my errors until the only thing that's left is the one that works....lol
In the spirit of muddling through, I realized the SR levels shouldn't be based on the Dynamic Balance Point.
What the author is trying to acheive with this formulation is using the dynamic balanced point and the fixed balance point in tangent for trend determination.
If the DBP is above the FBP the trend is up and vice versa.
Because the dynamic balance point is the faster moving line, it wouldn't work to base SR levels off of it. SR should be based on the fixed balance point equation.
Fixed Balance Point Equation
Mc1:=BarsSince(DayOfWeek()=1);
Fc1:=BarsSince(DayOfWeek()=5);
Fc2:=Ref(BarsSince(DayOfWeek()=5),-1)-1;
{Fixed Balance Point Calculation}
FBC:=If(Mc1=0 AND Fc1>2,
{then}(Ref(HHV(H,LastValue(mc1)),-1)+
Ref(LLV(L,LastValue(Mc1)),-1)+
Ref(C,-1))/3,
{else}If(Fc1=0 AND Mc1>5,
{then}(HHV(H,LastValue(Fc2))+
LLV(L,LastValue(Fc2))+C)/3,
{else}If(Fc1=0,
{then}(HHV(H,LastValue(Mc1))+
LLV(L,LastValue(Mc1))+C)/3,
{else}0)));
{Fixed Balance Point Plot}
FBP:=ValueWhen(1,FBC>0,FBC);
FBP;
What's interesting is he's basing his SR levels off of this Fibonacci formulation rather than the calculation used to factor standard pivots.
(I'm not sure which would be more accurate, the fib levels or standard pivot levels)
Weekly Price Range Calculation
Mc1:=BarsSince(DayOfWeek()=1);
Fc1:=BarsSince(DayOfWeek()=5);
Fc2:=Ref(BarsSince(DayOfWeek()=5),-1)-1;
WRC:=If(Mc1=0 AND Fc1>2,
{then}Ref(HHV(H,LastValue(mc1)),-1)-
Ref(LLV(L,LastValue(Mc1)),-1),
{else}If(Fc1=0 AND Mc1>5,
{then}HHV(H,LastValue(Fc2))-
LLV(L,LastValue(Fc2)),
{else}If(Fc1=0,
{then}HHV(H,LastValue(Mc1))-
LLV(L,LastValue(Mc1)),
{else}0)));
WRP:=ValueWhen(1,WRC>0,WRC);
{Resistance Range}
RR1:= FmlVar("FT-FBP","FBP")+(WRP*.5);
RR2:= FmlVar("FT-FBP","FBP")+(WRP*.618);
{Support Range}
SR1:= FmlVar("FT-FBP","FBP")-(WRP*.5);
SR2:= FmlVar("FT-FBP","FBP")-(WRP*.618);
{Plot Ranges}
RR1;
RR2;
SR1;
SR2;
Fudo,
Will do
As of the comparison : I was right
Here is a weekly balance point (works exactly as the metastock formula - for example on the picture it is a balance point from 5 Thursdays ago till today) compared to 25 day daily balance point. Red one is the daily, blue one is the weekly.
As you can see, differences are hardly significant and they are coming from a logical error in metastock indicator : when they are calculating 5 weeks they are actually calculating 5 weeks + 1 day (today) If you set a number of days to 26 in "our" (metatrader version) you are going to get exactly the same values (see the lower picture : the thin black line enclosed within the blue line is the 26 day pboquestion about this recently released indicator
I think this indicator re-paints or maybe I have the settings wrong. I have been using this on a 5 minute chart. The input settings are:
Timeframe H4
Interpolate: True
RSI period: 5
Ma Type: 1
MaPeriod: 3
An arrow will show on the chart and then it could be gone in 10 or 20 minutes because price moved in the opposite direction of the arrow just plotted. The result is a MT4 chart that looks good because only the best signals are left on the chart. Does it matter if I am using interpolated or non-interpolated in the input settings? Could you please tell me what interpolated and non-interpolated mean? Thank you.
chris,
I mentioned on one of the posts that the arrow is going to be drawn on the first bar of the target time slice. In your case : it is going to be placed on the first bar belonging to the 4 hour time slice. I could choose to place arrows on all the bars belonging to it or just one and I decided to place it only on the first one.
Please do not forget that you are using multi time frame, and that along with a normal behavior of multi time frame, as I already told, the alert or the arrow can happen on any of the bars belonging to a time slice. And if the target time frame bar is still opened, it is a subject to changes as any still opened bar is (multi time frame or not)
_______________________
You might have noticed that there is an option alertsOnCurrent. That option is there to give you alert only on closed bar (if you set it to false) or on a current, still opened bar (if you set it to true)
regards
mladen
I think this indicator re-paints or maybe I have the settings wrong. I have been using this on a 5 minute chart. The input settings are:
Timeframe H4
Interpolate: True
RSI period: 5
Ma Type: 1
MaPeriod: 3
An arrow will show on the chart and then it could be gone in 10 or 20 minutes because price moved in the opposite direction of the arrow just plotted. The result is a MT4 chart that looks good because only the best signals are left on the chart. Does it matter if I am using interpolated or non-interpolated in the input settings? Could you please tell me what interpolated and non-interpolated mean? Thank you.Fudo,
Here is the pivot version of dynamic balance point.
One additional parameter : dbpTimeFrameForPivots. With it choose the period for which you want the pivots to be calculated (so it can draw horly pivots, 4 hourly pivots, and so on... )In the formula you supplied I usedregardsmladen
Wow! That was amazingly fast. Thank you so much.
That was a great idea to add the flexibility of adjusting the dbpLength and target time frame. very nice.
Is there a way to have the indicator draw the balance point as a horizontal line and factor support and resistance levels off of it based on these calculations?
Resistance1 = 2 * BalancePoint - low;
Resistance2 = BalancePoint + (high - low);
Resistance3 = high + 2 * (BalancePoint - low);
Support1 = 2 * BalancePoint - high;
Support2 = BalancePoint - (high - low);
Support3 = low - 2 * (high - BalancePoint);Triangular bands request
mladen, Kindly consider this request. Thanks
I think an alert when the price touches the band ( the first time for each candle) would be more effective. Otherwise it could be nearly two periods before a signal is given. Use would then be able to watch for an entry from this point ( first touch)
I use the triangular bands as part of a 1 hour scalp setup and an alert would be hlpful
regards
Peter
Hi
I have tried to add the alerts, email and arrows at these points but there is some error in the code. it is getting compiled properly but when I attach it to the chart, its not showing arrows properly. Can anyone help me fixing it.
Umesh
mladen,
Kindly consider this request. Thanks
mladen,
Kindly consider this request. Thanks
Quote:
Mladen,
Attached is the TriangularMA centered abands alerts indicator.
This indicator gives alerts and emails when the price crosses the bands.
Can you modify this indicator to give alerts when:
The previous candle has touched the band and the present candle is of opposite color (Black for upper band and white for lower band).
With AlertonCurrent=false.
Thanks
Umesh
Quote:
mladen,
By color of candle I meant:
When the 1st candle touches the upper band it is of white color(i.e. its close is higher than its open) and 2nd candle is of black color (i.e. its close is lower than its open) then the indicator gives a Down alert.
When the 1st candle touches the Lower band it is of Black color(i.e. its close is lower than its open) and 2nd candle is of White color (i.e. its close is higher than its open) then the indicator gives an UP alert.
Its a two candle pattern with Triangular MA abands alerts
Triangular moving average is confirming the overbought/oversold condition and candle pattern is confirming the reversal.
I am using H1 timeframe for this setup.
Please find the attached image for details.
Thanks and Regards
Umesh
Umesh,
Try this one : the lines of code of interest to you are lines from 134 to 137. I think I got your conditions right but please do check them. Some additional condition comes to mind (like if high lower then upper band when previous high broke the upper band and similar for lower band) but did not code those regardsmladen
Thank you mladen!
It's very interesting how this works! The SR levels seen to work really well on the 30M and 1H TF for ranging markets. (it seems to go out of sync a bit on break outs, is that because it's factored on the last period balance point?)
I'm not sure if you saw my last post concerning the fixed balance point versus the dynamic balance point for the SR levels, but I have a feeling the intention of the dynamic point is for trend determination and the fixed balance point is for SR.
does that make sense?
kind regards,
Fudo
Fudo,
Here is the pivot version of dynamic balance point.
One additional parameter : dbpTimeFrameForPivots. With it choose the period for which you want the pivots to be calculated (so it can draw horly pivots, 4 hourly pivots, and so on... )In the formula you supplied I usedregards mladenThanks mladen
Thanks a lot mladen
This is exactly what I was asking for. I really appreciate your efforts.
Thanks and Regards
Umesh
Umesh, Try this one : the lines of code of interest to you are lines from 134 to 137. I think I got your conditions right but please do check them. Some additional condition comes to mind (like if high lower then upper band when previous high broke the upper band and similar for lower band) but did not code those regards mladen
Request for midpoints
Hi Mladen,
Can you please add midpoints on this indicator? Keep the same calculation, just add the midpoints. I would appreciate if you can do this by the begining of next week. Thank you very much in advance.
Best regards