awesome idea and very good execution!!! it fits perfectly with my trading approach, i have tested it for the last couple of days and i must say that i find it extremely useful.
two thumbs up from me!
You can also use float values for the daysBack input. So if you enter 0.5 it will calculate half day statistics.By giving different strings to label fields you can multiple indicators in one chart.
You should figure out the rest.
thanks for that informative thread,
how do you use it
I think you are one of those people who uses Market Statistics for real trading. I would like to know about your approach if it is not a secret:)
no secret. correlations between multiple timeframes.
i sent you a pm, check your inbox.
This indicator is timeframe independent....care to elaborate?
here is an example. it should be self-explanatory...
Nothing to do with timeframe then,it is just a question of using 20 days,5 days and 24 hours...
Thanks for supplying the information,I use them with 30 days,5 days and 24 hours,so,basically a very similar approach.
Thanks again and regards.
well that's just the tip of the iceberg. what you see on the chart are the settings for the indicators, but what they really show you are "dynamic" pvp values - h1 pvp... h4 pvp... daily pvp... and so on.
this is the "DYNAMIC" approach.
the other approach is "STATIC": pvp values at the end of the trading period. for instance, where is daily close relative to daily pvp? where is weekly close relative to weekly pvp? and so on...
then, what happens if/when price goes to previous daily pvp? break/bounce? same with weekly/monthly/yearly etc.
anyway, the bottom line is this: the higher the timeframe, the stronger the signal.
5 days bands
Since Akift was so kind to develop his indicator and he asked for opinions of people who use it,i will post mine.It is different from Scrat`s,but in no way better,I am sure both ways are workable....Even if mine is just the tip of the iceberg
I am talking about the latest version so far 5.0
1-I have found that the 5 days sd bands are the most useful signals for trading on a daily basis,very often they give you very good support and resistance areas for at least a 1sd target trade.
2-If you "know the trend" or believe you know ,you can use the 2nd and 3rd sd on the 24 hours for very good short term entries.
3-The relative position of the poc 5 days vs 30 days gives very good information regarding the trend,specially if you match it with the 24 hours vs 5 days.
4-I use 30 trading days ,instead of 20 or 22 ,which will be a calendar trading month,because this is a half cycle of the 12 to 13 weeks cycle,and the 3rd sd extreme penetration usually signals a change in trend...so,when price crosses the 3rd sd and then crosses it back,usually after one to 3 days of "ranging" it starts a move in a new direction
This is one of the more reliable indicators I have seen,and it doesn`t repaint.
I would like to have Market Staatistics 5 changed if possible. I would like to see the market statistics for each 24 hours separately going back into the past. There should be a new market statistics starting at midnight every day with the pvp and sd lines for that day only. I need this primarily for backtesting.
Second, can someone please post the hidden gap volume indicator of Scrat's screenshot?
Thank you very much.