can anybody tell me how momentum based concept gives colors to PET-D color bar tool.
it uses momentum rise or fall as basis for generating color.
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Any indicator could be used as a criteria to color those bars. My guess : they use stochastic not momentum for that in the example you show
Thanks for the info.
I was thinking the basis could be like
downmomcolor = momentum <ref(momentum,-1)
hope somebody can code this into mq4
I have an impression that they are using something smoother. Momentum is way too "nervous" - there would be a lot of color changes. Maybe they are using velocity (see the comparison with the momentum here : https://www.mql5.com/en/forum/176430/page4 )
Thanks for the education-
I saw the momentum indicators and velocity based histograms etc.
It is right now really way beyond my capacity-will need time to digest it.
I you are not busy with time,please try to give me an mq4 code where the price bars change colors based on velocity or advanced momentum smoothed enough.
I wanted your opinion about bar colors based on stochastics-is it worth consideration and is it show any reliability?
thanks in advance
This would be an indicator that draws colored bars based on velocity (a smoother momentum) : velocity_bars.mq4
Thanks for the velocity bars code.
I am looking for something like this.
a price chart with colored bars.
price bars get color of aqua if price closes in top 25% of range of the price bar.
price bars get color of yellow if price closes in bottom 25% of range of price bar.
R =range =(H-L) of price bar
DNclose = H -R*0.75
range =(high -low) of the price bar
price gives clues thatit likes to go up if price closes in top 25% of range of bar.
price gives clue that it likes to go down if price closes in bottom 25% of range of price bar.
Main code is like this
rule1 prepare to buy -(confirmation must)if price makes 3 consecutive closes above simple moving average 50
prepare to sell -(confirmation must)if price makes 3 consecutive closes below SMA50
rule2 buy bias confirmation buy if price bar closes in top 25% of range
sell bias confirmation sell if price bar closes in bottom 25% of price bar range
rule3 short term momentum confirmation
buy if momentum is increasing
sell if momentum is decreasing
I wish SMA 50 line shows color blue if price is above it and color red if price is below it.
If possible please try to code this when time permits.
sorry to bother you
once again thanks
I have an idea about the Primo's indicator Pet-D. It shouldn't be a problem for Mladen and mrtools to recreate the indicator on these parameters:
1/ Price must close above 50SMA
2/ Bar must close in upper 25% of its length
3/ Price is rising from below above 50 line or it is already there on RSI (5)
1/ Price must close below 50SMA
2/ Bar must close in bottom 25% of its length
3/ Price is falling from above below 50 line or it is already there on RSI (5)
If those conditions agree green/red arrow appears below/above the setup bar.
We would add the Velocity indicator on chart or if it is possible put the velocity coding directly to the indicator. I am not a coder or programmer, therefore no idea if it is possible to combine in one indicator.
Primo's PET-D indicator shows red or green arrows but also colors the bars red or green. They take a trade only if bars color agrees.
One question please
Please Mladen can you tell me if "velocity bars" indicator repaints after bar close or not? Thank you very much if you can take some time answering my question.
Awan0454, no repainting after bar close.
Thank you very much Mr. Tools for your very prompt reply. This forum is great.
There is one more indi for the same repainting test. I have found an RSI based bar indicator which sounds interesting for my price action trading. I just can not trade with oscillators (I can't trade by the way ). Oscillator theory combined with Price action is great tool. Please let me know if this RSI chart bars indicator repaints after bar close or not. THanks in advance.