I thought of a useful tool, that would color certain areas of the price barcharts that are within time limits (from hh:mm_start to hh:mm_finish ) in some distinct color, so that this way we can visually observe if a pattern exists over specific intraperiod (for example every day from 9:00 to 9:30 am) time.
I came up with that idea as many people claim that these patterns exists and are quite profitable. I took HeikenAshi indicator as a starter, but couldn't figure out how make it color only the specific period of time... I would very appreciate any help on the code or any other suggestion.
I made some changes in the code of HA for color bars within specific period of time.
Can u explain the color purpose...which color for buy or sell signal ?
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GREAT THANX, Igorad!!1
Now i got it, how to check the time there. I'm working now on a more sensetive version of this tool, so it can filter minutes and selected days of week as well.
The whole thing originated on http://forex.kbpauk.ru/showflat.php/Cat/0/Number/25750/an/0/page/0#Post25750
the guys basically says that there's a pattern on EURUSD 30min charts (session opening time) and it depends on the trend of that day (european session)...
you got the wrong idea, this is not a buy/sell indicator, but rather a tool to search for patterns. for example we would like to check if there's a pattern exists every day from 16 to 16:30 (the first 30min of american session in my local time). in this case we would put hour_start=16 and hour_end=17 (i'm working on a more sensetive period selection now). then the chart would be colored according to HeikenAshi** indicator only on the selected periods, and we can visually observe if similarities occure in the behaviour of the market.
**it colors blue the uptrend and red the downtrend.
Thanks for your explanation...
This's what I mean "it colors blue the uptrend and red the downtrend."
If we can determine previous pattern the first reversal color chart for entry point right ?
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sorry, I can't understand what you're saying
can you pls put it more fomally...
basically as I see it (having read thread from Russian forum above) the "pattern" consists of CONTEXT + COLOR_PATTERN. The color_pattern is just a distinctive similar combination of blue and red bars. and the idea is to enter the pattern at the beginning and exit on reversal.
then the logic of using pattern should be something like that: "if market is in condition X" just before pattern time, the pattern should be Y, or if market is not in condition X before pattern, the pattern wouldn't be valid for this case. Now about X - I believe that it should be something to do with
a) current tech. figure of the market (flag, triangle, etc...)
b) trend of the day
c) RSI, ATR, BB Range, commodity index, or some similar indicator.
basically two thing as i feel, VOLATILITY & CURRENT TREND CONDITION (maybe Awsome Oscillator?).
btw, do u know any nice indicator that would measure nicely the context?
these are my vague ideas, i haven't checked yet anything... buzy with college shit
So if you have some suggestions how to measure context, or find some interesting patterns I would be very grateful.
An alternative is i-ParamonWorkTime.
It colors the background of the chart for 2 sessions (blue in the morning, red in the afternoon).
Personnally I prefer to look at a black background, so I set the morning session from Midnight to 0800 (for example) , and the afternoon session from (for example) 1700 to 2359, all in grey.
This way, the night session is grey, and my day session in left in black and doesn't meddle with whichever template I have on.
thx! great indicator!
Paramon just allows you to color code your chart based upon specific time range. I believe that is different than what is posted, will try it out...
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