Can you convert this Daily Open Line indicator into a Hourly Open line, but one that is adjustable to how many hours one wants to have calculated.?
With the ability to adjust the number of hours.
Like a 2 hr open, or a 17 hr open, or a 273 hr open, or a 1,000 hr open for example.
it can be done but there are a couple of problems :
1. imagine this : 5 hour period. First day it starts at midnight. Second day at 1 Am. Third day at 2am. And so on ... it will shift simply because it can not fit in the 24 hour of a day
2. If the chart is changed and then changed back, metatrader will omit the starting bars that were valid on a first run. That will directly cause repainting
So, yes it can be made, but the first issue can not be solved, and the second issue can be solved only if the indicator is anchored to some fixed start time
Thanks for real value 2 & alerts.ex4 indicator, it is really becoming very interested indicator after your touch, however, is it possible to add MTF and arrows
I think that the Weekly Open would be a good anchor point.
Meaning start the hourly open when the Weekly Open starts and every time the Weekly Open comes around that the Hourly Open would reset to start again.
This will give us enough hourly opens in between and through out the week.
It will end the process when the week ends and while the weekend is going about there is no trading.
So when the new week starts. The hourly open will start a new at the same time the weekly open has started a new.
So to avoid re-painting. When the Weekly has closed then Opened. Meaning when the Weakly candle has closed and the New Weekly Candle has opened the Hourly Open line regardless of where it is in its process will stop/close and shift to re-open/start a new Hourly Open at the same time the Weekly Open is starting.
You just won't be able to go over the amount of hours in your open larger than the number of hours in a week.
Regarding the Hourly Open to shift. I think that this is not really a problem. The goal is to customize the Hourly open to fit your needs.
You see many people use the Daily Open on a 1hr chart to help determine trading direction or for what ever reason. And the Daily Open seems to look good on the 1hr chart. And no one has a problem with it, because well there is 24 hrs in a Day and it seems to fit.
Well how about if you want to trade the 4hr. You can't simple put a Daily Open on the 4hr chart and get the same results that you would as if you were to put a Daily Open on to a 1hr chart.
So what choices to you have? You go with the next thing available, the Weekly Open. But it does not work as good as the Daily Open on a 1hr chart.
Well, where you have a Open Line being opened every 24 hour with a Daily Open line on a 1hr chart, on the 4hr you don't have 24 X 4hrs when you place a Weekly Open on that 4hr chart, do you? You have a great many more.
This could be a reason on why Open lines aren't as effective on the 4hr or any other time frame chart besides the 1hr.
Will check what can be done
Here is a multi time frame version : real_value_2_amp_alerts_amp_mtf.ex4
I think another way to do it would be to have your anchor line to be the daily open....
After that you tell the indicator to recalculate every time you go past the 24 hour mark.....for example lets say you want 72 hour line ....then the indicator would start plotting from the open and start counting from there, then once you get a new open it would tell the indicator to continue counting from 24 on up instead of 0...and to continue doing this until it reaches the 72 hour.
Once it hits 72, then the new anchor point would be the next candle...so instead of 73 it would have to be the new anchor point and that candle would be 0..... And the whole process is then repeated.
The initiation of the indicator would be at the daily start only. After that it would be the 73rd candle.
You would also have to tell the indicator to remember the last candle it counted , that way it doesn't reset every time you change time frames.
One reason I think the weekly open might not work, because you only have 24 hours and the indicator wouldn't work hourly because it will want to reset every time a new day rolls over
So your problem would be overcoming the 24hr limit.
If I began with a Weekly open.
Would there still may be a 24 hr limit.
You would still need the same principle as i described, it would be best to have the indicator counting off the 1hour so you would not be limited to only even number settings.
Regardless which way you go, you still have to overcome the 24hr limit.
But once its initiated it will start counting and will have to overcome the 24 hour mark..that is the whole problem.
Your platform counts to 0 until it resets, right? That is why you told me it would repaint.
I wonder if the weekly or monthly open is better to anchor the starting point, but That is my whole problem. Your platform counts 24 hours every day becouse that is a total day 24 hours. Your platform will never ever go to 25 or 26. This is where your problem lies. I know the week consists of more than 24 hours and the month of even more hours but your platform doesnt know that. It only knows in terms of hour per hour till it reaches 24 and thats all.
My goal would be to have a 97 hour open line on a 4hr chart,
Since 24 times 1 is a Day and seems to work well on a 1hr chart.
Maybe if I do 97 hours which is 24 time 4 (4 for 4hr candles) will work well on a 4hr chart.
...theres a couple of ways you can do that.
But which ever way you decide to go Im sure would be best.
Attached is the correct version of TTF indicator which complies exactly with the article 2004 Trend Trigger Factor article by M.H. Pee from post #46 of the "Trend Continuation Factor" thread.
Can we have a slope version of Ttf indicator in simple histogram(positive slope of the main magenta line green histo, negative slope of the main magenta line red histo) please?
Never mind Mladen. I checked it further and it's not giving meaningful results and i think it's not worth making.
Is it possible to modify the indicator by adding MA and price methods options + MTF drop menu built-in data in indicator setting