TimePrice ratio
- Indicatori
- Enrico Mariani
- Versione: 1.1
- Aggiornato: 29 aprile 2019
- Attivazioni: 5
A chart is made by price and time but many traders consider only price.For each swing TIME-PRICE RATIO indicator shows in real time ratio between price/time and time/price.
Moreover in the past you can read for each swing :number of pips;number of bars;ratio P/T and ratioT/P.
Why it is usefull? because when P/T or T/P is a fibonacci ratio,the probabilities increase for inversion near support/resistance lines.During swing formation an audible alarm and a warning window advise you that a fibonacci ratio is occured.
You can choose number of swings shown with different colours (I prefer two,at most three) using MAGIC NUMBER and playng with input invert_at_pips
TIPS:
TF 1 m invert_at_pips 50 or 100
TF 5 m invert_at_pips 100 or 200
TF 15 m invert_at_pips 100 or 200
TF 1H invert_at_pips 300 or 400
TF 4H and 1D invert_at_pips over 1000
distancefromhigh and distancefromlow allow you to put correct text under/above bars.For example TF1 minute I use distancefromhigh1 5, distancefromlow1 5, distancefromhigh 2 10 and distancefromlow 2 10.
For TF1 H I use distancefromhigh 1 15, distancefromlow 1 15, distancefromhigh 2 40 and distancefromlow 2 40.
Indicator input parameter:
magic-in order to allow drawing multiple swings with different parameters
disablealert-set true/false for alarm
whatcorner-choose in what corner you want read ratio value
barsdepth-how many bars in the past for showing swings
invert_at_pips - to change swing amplitude
distancefromhigh 1-set how many points first text is above high bar
distancefromlow 1-set how many points first text is under low bar
distancefromhigh 2-set how many points second text is above high bar
distancefromlow 2-set how many points second text is under low bar
