PipsChart - page 2
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Hello Mr Ronnquist,
I'm sending you many thousands of thank yous...
I started a thread a while ago (I can't find it anymore...must have been deleted) about creating spread wide candles
(3 pips or else )
and guess what nobody got interested in...
but You did IT... many many thanks to you...for sharing this for free...
I'm very interested to make some small changes to your code but I'm not really a very good programmer...
I'll take a week or so to see it working on live data and fiddling around with your code
Would you mind including some comments in your latest sources ? or else PM me to transform this in a pip milking machine ?
Anyway keep on the good work...Thanks; you're welcome to improve it. And I'm sure you have a keen audience right here for suggestions of trade entry, management, or exit conditions.
hi
can someone explain in details HOW TO READ AND USE THIS INDICATOR?
"IT WILL BE VERY NICE IF SOMEONE EXPLAIN IT IN SCREEN-SHOT ON THE CHART"
THANK YOU EVERYBODY
I know how to read it in the technical sense, but I can't say much about how to use it. I hope someone can fill in with that.
To read this, you have to ignore the time axis; the time axis relates to the price movement diagram, but is totally and utterly wrong and irrelevant for the PipsChart. Don't look at it. Forget it. It's not there.
Then, a bar is formed by an opening price, which breaks out from the previous bar, and is more than the given amount of pips above or below that prior bar's opening price. If there is a price jump of several pips, than the new opening price might be more than exactly one more than the defined pips amount away from the prior opening price.
Though, such a jump will only happen when the chart is built from the incoming ticks, and will not happen to the history part that is shown when the indicator is attached. (Unless it happens to be such a jump between the close of a price move bar and the following open)
Following bar opening, all sub sequent ticks ends up painting that bar as long as they are not more than the defined pips away from the opening price.
By that process, a bar ends up having the usual four price points: open, high, low and close.
But forget the time axis. If price lingers for, say, seven week between +/- pips of the open price, then all those ticks end up painting the one bar. This is regardless of time frame on the price move chart on which the PispChart is attached. It'd be a single PipsChart bar on an M1 chart as well as on an MN1 chart, and on any time frame in between.
The PipsChart bar is drawn as a candle, and if one could have rectangular corners, then that would be nice.
Even so, a blue bar shows a bull candle, with the open price at the low end of the colored portion, and the close price at the high end of the colored portion, and then the bar high and low stretch out, up and down, as gray lines.
Similarly, a red bar shows a bear candle, with open price at the high end of the colored portion, and the close price at its low end.
It might be hard to see the exact numbers; for that you would bring up the Data Window and read the numbers while moving the mouse onto the bar of interest.
Did I mention you should forget about the time axis?
When you sit an stare at a PipsChart for some length of time, you might discover certain patterns preceding certain price movements. For instance, that a red bar with an extended low wick sometimes indicates the beginning of an up trend, and a blue bar with an extended high wick sometimes indicates the beginning of a down trend.
Perhaps someone (else) can give some good advice on usage...
Just a primitive observation ... I held the mouse over each rounded bar in the indicator to get the price quote, because as mentioned this is not just to line up the Price bars with the chart above...you cannot scrole and they do not line up or relate to one another...anyways the observation is since the BO is being measured it is simply to trade in the direction of the previous color on the formation instance of the new PIPS Price bar...try 10 pips in cable...and use a stop/reverse for color change always with the 10pip TP on the M1 with the default settings.
always nice reading your work Doc...
ES
P.S. The market is closed and this theory has not been watched or tested....it's just that I am awake and cannot sleep.
P.P.S. I suppose an entire website could be built around methods and indicators for this sort of Chart bar choice. (hint: I suspect the zig-zag indicator could be used on the Pips Charting method and be more effective in measuring the size of the zags and their length could be noted)
P.P.P.S. Doc!...If you write an EA to test my 10 pip theory let me know, how it does...even if it fails miserably
.
A sound is needed when a new bar forms..
ES
PipsChart v5
I made a convenience update (and with sound for you, ES), so that the bar body includes the open time as its description, and added a parameter "mid" for opting a bar formation variant. With mid=false, you get the "normal" behaviour, and with mid=true, the open price of a bar is faked as the mid point of previous bar rather than the price that triggered the new bar (the triggering price is also used for making the initial high, low and close).
Further, I added an extra include file with a function that applies the so far unnamed ES's decision logic, in case someone wants to compose an EA for it. The logic function, pcCheck(), firstly filters on PipsChart bar start, and when a new bar starts, the previous two bars are considered for a start pattern: a bull bar followed by a bear bar marks the start of a tradable downwards move, and a bear bar followed by a bull bar marks the start of a tradable up move.
It looks like the so far unnamed ES's decision logic fits quite well with the mid=true variant.
Following a small set of experiments, I think I would like to suggest that the so far unnamed ES's decision logic should remain unnamed.
HeHe..oh well...
There must be some way to use these bars! Everytime there is a sizeable wick there is a reversal...no?
ES
Following a small set of experiments, I think I would like to suggest that the so far unnamed ES's decision logic should remain unnamed.
HeHe..oh well...
There must be some way to use these bars! Everytime there is a sizeable wick there is a reversal...no?
ESYeah, I would hope there are some "rules" about using this; the indicator was asked for, and by it's resemblance to Point&Figure charts, there might even be book knowledge to apply.
Perhaps svifx can drop a few pearls?
hmmmm
I'm just starting live observation of this indicator...
I don't use candles nor colors on my chart because it's misleading the price
can only go UP or Down and your eyes can see this very well without colors
Also I have seen red candles as the price was going up and the opposite...
The same is true with this indicator look for yourself on the chart
Also this indicator is for real time watching only
If you put the indicator on the chart and wait 15 minutes and put the same indicator again you will get totally different results...
more to come ... regards