A question to Codersguru and other coders

alp 2006.10.21 23:47

Hi Guru and folks,

as you are the top programmers at this forum, here's a question to you all:

is it possible to create a "timeframe free" chart in MT4 by using some software tools where candles are formed by some pre-defined number of ticks.

This will avoid any time factor as any market has essentially the only one dimension that is a tick or one instant change of price.

In this chart each candle will consist a user defined number of ticks (100, 200, 300 etc).

The pros of this approach are obvious.

The length of each candle would be relatively or almost equal to each other whereas a time chart candles consisting of different number of ticks are not.

This inequality especially in unexpected and sharp whipsaw reversals creates huge distortions in any linear indicator and provokes a trader to commit mistakes.

At times when the market is non active this candle will collect small ticks in one formation and effect additional smoothness whereas numerous time candles create an effect of losing momentum resulting in false signals of any momentum measured indicator.

A trader using this approach will be not dependent of any time frame and will be able to stabilize equity curve whereas in time dependent charts a trader using the same trading system may be successful in H1 chart and unsuccessful in H4 chart one week and vice versa in another. Sadly enough it's randomly distributed.

I guess this tick approach is used in different trading platforms for example in Woodies charts and most likely in TS and MS.

So, the question again is this possible or should we ask Metaquotes about it.

Thanks and happy trading

alp