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InstantTrueRange

This is an impulse detector that uses a measure of instant changes in rates of all major currencies. It calculates change in value (point value multiplied by point delta) on every bar for several crosses with major currencies. This forms a kind of "complete circle" of the Forex market. Then this general change is compared to a change of current instrument or a list of selected instruments, and alarm is fired if their difference is over a threshold.

The indicator is somewhat similar to AverageTrueRange, but the range on every bar does not depend from previous bars but from simultaneous bars of all major currencies of the market.

The "circle" is formed by the following balanced pairs: EURAUD, AUDUSD, USDJPY, GBPJPY, GBPCHF, CADCHF, NZDCAD, EURNZD. Please, make sure they are available in Market Watch.

The indicator shows instant range for current symbol only, but can monitor ranges for arbitrary list of work symbols and notify user when any of them exceeds specified threshold.

Overall market range is shown by green fat histogram, and red line is its smoothed value; current symbol's range is shown by blue slim histogram.

Parameters:

  • Instruments - a string with comma separated work symbols; default value - empty string, which means that only current symbol will be monitored;
  • Example - an example string for Instruments parameter, ready for copy and paste;
  • MaxLimit - maximum number of bar to process; default value - 1000; 0 - means all bars; NB: bars that are non-existent in at least one of "circle" symbols are skipped;
  • OHLC - a mode defining how the range is calculated; possible values are: 0 - |high - low|, 1 - |open - close|, 2 - |open - close|/|high - low|; default value - 0;
  • Hint - a hint for OHLC parameter;
  • Threshold - a float number that specifies on how many times the monitored symbol range should exceed the overall market range smoothed average to produce an alarm about buy or sell condition; default value - 2;
  • Smoothing - EMA period for overall market range smoothing; default value - 3;
  • Alerts - enable/disable alerts when any of the monitored symbols range exceeds overall market range by Threashold times; default - true.
No reviews
Version 1.2 - 2014.06.09
Initialization order has been changed: it's now postponed. MetaTrader returns zero tick value just after it's stared, when indicator window is already shown but user is not yet logged in into his account. This caused a problem with indicator data, and required a user to reopen the indicator settings. Now it's fixed.
Version 1.1 - 2014.06.02
Fixed a problem with partial redraw of the histogram after restart of the terminal. Added a threshold for the signal generation: bar size must exceed current spread.