Indicators By Insanity Industries

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bredin
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Postby bredin » Sun Mar 21, 2010 5:30 am

Tman

Can you mark up a chart explaining precisely what you mean by this, and the thought process that goes into marking a line?

Could you define "touching" for a sr line?

Ive had a play with a couple of ideas and Im not sure Ive got anything Id call useful or are really happy with at this time.

G.
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Postby bredin » Sun Mar 21, 2010 9:41 am

Tman
Ive been marking SR on W1 and MN line charts for the last couple of hours, like Ive been taught to do, and then loading II_SupDem, and almost without exception the SR lines fall into a Supply or Demand Box drawn by my indi. The exceptions are almost always when the SR line falls into a SD box that is deliberatly not drawn (too recent to be considered as a formed zone).

I am also not sure that counting how often price crosses a line will yield results.... Wait for it tho Ive had another idea...

G.
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Postby tmanbone » Sun Mar 21, 2010 1:33 pm

Image

The red line drawn in the above chart, is what I would consider a very strong S/R line. Now would there be anyway to rank that line on it's strength verses a line of lesser strength. Also would it be possible to know if the line is a common number (support & resistance) verses just support or just resistance. The counting I was referring to was swing highs/lows that pivoted off of the S/R line. Just throwing out some ideas I've been mulling over. I've been having some issues with MT4 when it comes to marking these lines, after I mark these lines on one pair and click to the next, the lines are still there, but for the wrong pair, also when I mark trend lines on one chart and click to the next the trend lines are still there, but for the wrong pair. Do you know what is going on with that? Thanks,
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T

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bredin
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Postby bredin » Sun Mar 21, 2010 8:22 pm

I dont know whats wrong with you MT4, I would suggest reinstalling the platform in case it is a corrupt file.

Image

Once I know what I am looking for and how much tolerance I have this will be easier

G.
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Postby tmanbone » Sun Mar 21, 2010 10:53 pm

I'm looking to plot all weekly market turns within a limited distance from current price, as to keep chart clean, but would have lines move and replot as price moves, i.e within a designated amout of pips user definable. The extremes away from current price are not of that much interest until price moves within x amount of pips from them. The red line above is to the pip, but I'm open to your thoughts on what you think. If you were to plot zones I would think they would need to be narrow. The zone could be plotted with a numerical value of how many times price reversed off of it, therefore designating a numerical strength to the zone. I'm interested in taking these lines/zones and monitoring them on the daily. I know it's hard to see how I'm thinking, please keep asking the questions. Thanks,
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T

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Postby bredin » Mon Mar 22, 2010 10:20 am

tman,
the reason I asked about how wide the line is is that if it is 1 pip there will always be precisely 1 bounce from the line, except by coincidence, and will be broker dependent for that coincidence. If you count a bounce from +/- 20 pips you will get more, but as you want to allow the lines to migrate over time, counts of past bounces become a waste of time, imo.

In that pic we run the risk that from what we can see of the line we have 5 bullish and 3 bearish bounces, does it actually tell you anything?

G. (getting my head around this, slowly)
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Postby jarnapal » Mon Mar 22, 2010 10:21 am

Bredin, I love the indicator.

Can you make it update automatically ? Right now I have to re-apply it to the chart to update the dem. and supp. zones.

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Postby bredin » Mon Mar 22, 2010 11:19 am

jarnapal,

I am having no issues with updates (I have been scalping 5M charts all evening with it). zones are created and destroyed AT THE FIRST TICK OF EACH BAR. You can check this with a M1 chart. Sometimes you will see price push through a zone, but this is a small issue next.

I did this since It does not need to do its calculations any faster than this.

Also, to force an update, switch timeframes, its faster than reloading :)

G.

PS, Im glad you like it, but the real question is are you making pips with it?
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Postby bredin » Mon Mar 22, 2010 11:30 am

I should also say again that Im only getting killed by entering between zones (ie late or early). I have seen a few zones "blow through" without price stalling but this is rare, and Id advise waiting for price to stall before entering, rather than always at the bleeding edge of the zone, price often stalls there anyway.... Im using an emergency stop on the far side of the zone, btw.

Things usually work out nice when this aligns with the RAT......

G.
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Postby jarnapal » Mon Mar 22, 2010 2:52 pm

Bredin, when you are trading on 5min chart do you only look for supp and dem. zones on 5 min chart or do you also look them on different timeframes as each timeframe has it's own zones.

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