PipsChart - page 3
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Resistance breaking
Nice how this indicator points out resistance and support levels
you see what it takes for the bulls to win the battle...
PipsChart v6
Interesting; so the key is to take a longer term perspective on the PipsChart rather than focusing on the most recent few bars...
I've attached an upgrade / improvement (or "improvement"), which now has a few new parameters, to make up the following list:
pips (integer) the number of pips away that causes a new bar.
count (integer) how many of price move bars to process initially so as to make up the pretend history for the PipsChart.
box (boolean) which tells whether or not to adjust the opening of a new bar to be an even count of pips lengths above or below previous open or previous bar middle.
center (boolean) which tells whether or not to use the previous bar middle for boxing or opening (if without boxing)
stretch (boolean) which tells whether or not to check breakout against bar middle rather than bar open.
show (boolean) which tells whether or not to clutter the main display with the PipsChart bars, drawn as rectangles underneath the price move bars they include.
alert (boolean) which tells whether or not to give an alert whenever a new PipsChart bar is opened.
soundfile (string) which names the sound file to use for also making a sound whenever a new bar is opened.
Note that the library interface is changed slightly, where in particular the "pips" parameter is now given directly to the PipsChartUpdate function.
Also, it still has the blue and red colors. You can change the colors used by changing the #define statements at the top of PipsChart.mq4.
svifx, please continue....
30 min later
I'm loving it...
You really can see the price flowing up and down in straight sequences... or
forming support and resistance....
the move did not go very far up it was hammered twice and went back down and is heading down further at this time
I would suggest using this indicator in place of the very noisy tick chart.
Also you see much more "ticks" than in the market watch "tick chart"
On the chart you should see this sequence res was broken it turned to support then support was broken down and turned to resistance
Edited my last post, the chart did not show up
Interesting; so the key is to take a longer term perspective on the PipsChart rather than focusing on the most recent few bars...
NO, the past is the past and you want to make money in the future...you can't change the past...
What I meant was that if you put this indicator at different times (let's say every hour) you add another instance of the indicator and it will be very confusing....
Actually you should not even try to show more bars with the indicator than you have seen draw right in front of your eyes in the chart
Even worse if you switch the time frame of your chart, everything starts anew
you can see the difference clearly between the bars drawn after you put the indicator on and before, the "recomputed ones" look totally different they are small in height and have gaps... the newer bars are connected, they overlap or show some flow...
As you stated, if you put the indicator on 1M you have to wait like 10bars so 10 minutes to get some bars drawn but if the price does not move out of the pipbox you wil have only 1 bar .....
As I said before this indicator is usefull to smooth out or filter tick noise
- You will see more tick history than on the tick chart
- It filters out range bound candles you cans see 10 5 minutes candles resumed to 2 bars
Actually it's perfect for developping an EA I was thinking of ...
Settings I use :
-Small box/spread/candle size : 3 -> 8 depending on the attached currency pair
-Count bars back 100 ( no use drawing more )
- I recompiled PipsChart.mq4 with the same color for bull or bear bar ( might be usefull to convert these 3 parameters to extern something so that colors can be set to the likings of the user :
#define BEARCOLOR DarkOrange //instead of red
#define BULLCOLOR DarkOrange //instead of blue
#define SPIKECOLOR Silver
I will post more charts later on... regards
I see nice petterns forming
Hi,
all I can say is wow ... I'm thinking about switching off the chart you can trade using the indicator only
I'm thinking of compiling it to show in the chart window at least there would be the grid... maybe in the next post...
The fact is that IT shows you nice tradeable patterns :
1, 2, 3 are double tops that you see or not depending on your candle time frame
C is a double bottom
the other are reversals...
The fun part :
C to 3 move up 16 pips you should be making 10 easy
3 to D another 10
D to 4 another 10 Or you have considered putting limit order ? to maximize profit ?
4 to E not on the chart but you should be making 20
If they are not double tops/bottoms look at the wick for reversals
Also funnywise, if the double top does not show on the indicator, it might have shown on the price chart 8) and the other way around
notice also 2, 3 and 4 are at the exact same price
from svifx: If they are not double tops/bottoms look at the wick for reversals
so I cannot be completly wrong...
Going up or going down ? the 10 pips question
Hi ElectricSavant,
yes you are right there's something to it...
I saw you have been testing hundreds of EAs so I guess I would ask you if you know an EA which is always in ?
What I mean is if sell condition met, close buy open sell and if buy condition met close sell open buy ?
regards
thanks Ralph for this nice piece of work
I think it is very similar to the renko charts (except that in renko charts there is no tail / spike). Renko charts are usually used to better identify support and resistance lines, so I guess it is the same thing with this indicator.
Yes I am testing one named EA_TrendStrengthEMAv2...you might be able to adapt Ralphs pipchart indicator to it...I do not know...
But Ralph can make an EA with one arm tied behind his back out of this...
ES
P.S. I am trading one lot per 1K and I use a TP and SL...so the way I use it...it does not always remain in...