I want to create an indicator that would keep me out of choppy markets
This is a very intersting idea.
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Hello,
I want to create an indicator that would keep me out of choppy markets. I only
want the indicator to help me enter trades that have moved at least 1 pip per 1
minute during a certain (variable input) time frame.
I want the indicator to record the price ('benchmark price') immediately after
loading and again after every 1 minute to compare with the current price. I
want the indicator to have 5 colored squares, for example: a 15 pip, 20 pip, 30
pip, 45 pip, and 60 pip indicator squares in a horizontal line from smallest to
largest, left to right.
If the current price has increased/decreased at least 1 pip per 1 minute from
the benchmark price, the indicator would color the corresponding square green.
For the 15 pip square it would need to move at least 15 pips from the benchmark
price in 15 minutes or less, 20 pips in 20 minutes or less for the 20 pip
square, 30 pips in 30 min etc...)
If it has not moved at least 1 pip per minute, it would color the square red
(similar to Signal Bars). The indicator would be able to be placed in any one
of the 4 corners of a chart.
After the indicator is loaded (or the EA that uses this indicator is loaded) it
will start to record the benchmark prices immediately (updated every 1 minute).
The indicator will compare the current price at the end of every 1 minute with
the benchmark price, which is also reset every minute.
The indicator will not have to wait to indicate color. After 1 minute, it It
will start comparing the current price with the benchmark price and color the
corresponding square green or red. For example, if the pair has moved 30 pips
in 8 minutes after loading the indicator; the 15 pip square, the 20 pip square
and the 30 pip square will all be green. The 45 pip and 60 pip square will
still be red. If the pair has moved 60 pips in 42 minutes, all squares will be
green
The indicator would reset after a trend change on the main trading indicator (such as nonlagMAv7), then will follow the rules outlined above.