I have now finalized the specification. I use MT4 platform. My language is English. I need an indicator which measures the absolute volatility of a currency pair in various time periods. Absolute volatility is defined by (highest price -lowest price) in a specific time period. The indicator is a matrix where each row is a currency pair (for example AUDJPY), each column is a time period (for example M5) and each element of the matrix is volatility measured in fractional pips. I have attached a screenshot. If we click on a column header (for example M15), the column header will be highlighted in red color and sort rows according to the volatility values in descending order.
Parameters’ specification:
* Currency pairs should be specified in a comma separated list.
* Time periods should be specified in a comma separated list.
* Volatility should always be shown in descending order.
* Volatility should be shown in fractional pips. ie "10.1"
* Gap between two columns should be a variable.
* Row height should be a variable.
* X & Y are measured from the top left corner.
* Font sizes of currency pairs, column header and volatility numerals should be the same. This font size should be a variable.
* Color scheme - (A) Background black, (B) currency pair & column headers white, (C) selected time period is highlighted in red and (D) volatility numerals lime. Clicking on a currency pair should color it magenta so that I can track the volatility of a specific currency pair. Clicking anywhere else should remove the color and the currency pair will become white.
* For easier reading there should be grid lines in Light Slate Gray.
* Currency pair names should be left adjusted.
* Volatility figures should be right adjusted.
* Scan frequency should be a variable.
* There should be a "Scan Now" button in the GUI. Location of this button should be decided by the developer, subject to my approval.
* Accuracy measurement - I intend to start the indicator when I start my trading day. It remains open till I finish my trading for the day. I will take a screen video. Except at the start, volatility values of a currency pair should not be the same across all the time periods.
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I have been asked two questions which merit answers.
First question: There is something that is not clear which is the volatility calculation. If as example we wanted to display the volatility of 1H time frame, would it be calculated as the high - low of the last candle? or different calculation?
My answer: For example for 1H, each scan should pick up the highest and lowest price within the period of last 1 hour and the difference in price measured in fractional pips will give us the volatility. Thus, volatility values will change after each scan
2nd question: Shouldn't you be normalizing the equation, i.e. (high-low)/high? Especially if you are interested in comparing different symbols
My answer: No I do not need normalization. That is why I am calling it "Absolute Volatility"
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