Indicators By Insanity Industries

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bredin
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Postby bredin » Tue Mar 23, 2010 10:37 pm

Ok new verison up :)

jahjahblessed, looks like its showing the right things then, thanks for the pic.

IN-XS, youre welcome.

Patch, thanks much

flinux, Ive not used renko charts before (thats probably why the tf has broken on the HUD, tho)are you seeing any value there? Thanks for the pic.

G.
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Postby flinux » Tue Mar 23, 2010 10:47 pm

Renko bars are based on price movement, not tf. "M3" is just a label. I'm just trying out renko+supdem ;)
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Patch
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Postby Patch » Tue Mar 23, 2010 11:51 pm

Hi flinux

Good to see your post today at 4:45pm. In the EURJPY chart you posted, it is a M3 chart. I am very interested and curious as to why you use an M3 TF rather than M1 or M5, or M2 or M4. Why do you us this time frame? How did you choose M3 in particular? and what is the formula or method to create an M3 chart?

Some of the wick and tails are quite long, then the first long leg has a majority of candles with no wick of tail.

Patch
InVA
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Postby noone22 » Wed Mar 24, 2010 6:19 am

Hi,
Thank you, I know about Sam' stuff.

bredin, a quick question about your II_SupDem.mq4
indicator. If I install it for D1 (with forced.tf = 1440)
it won't show in full details - no upper & low price and
no white-red bar.
The rest of TFs are just fine.

See pic for details (D1 is the most right one):
Image

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bredin
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Postby bredin » Wed Mar 24, 2010 6:54 am

Not having the same issue

Image

Although on your pic it may be that you are too close to the right hand edge of the chart, try moving your HUDs +20 on pos.x

edit: I got my x and y mixed up.

G.
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Postby noone22 » Wed Mar 24, 2010 8:39 am

Yeh, it was pos.x = 0 causing the problem.
In fact, minimum pos.x must be 19.
I've added in init():
if (pos.x < 19) { pos.x = 19; }

Thank you for great indicator!

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Postby flinux » Wed Mar 24, 2010 12:43 pm

Patch wrote:Hi flinux

Good to see your post today at 4:45pm. In the EURJPY chart you posted, it is a M3 chart. I am very interested and curious as to why you use an M3 TF rather than M1 or M5, or M2 or M4. Why do you us this time frame? How did you choose M3 in particular? and what is the formula or method to create an M3 chart?

Some of the wick and tails are quite long, then the first long leg has a majority of candles with no wick of tail.

Patch
InVA



"M3" is just a label, isn't the Timeframe.

The Renko charting method is thought to have acquired its name from "renga" which is the Japanese word for bricks. Renko charts are similar to Three Line Break charts except that in a Renko chart, a line (or "brick" as they're called) is drawn in the direction of the prior move only if prices move by a minimum amount (i.e., the box size). The bricks are always equal in size. For example, in a 5-unit Renko chart, a 20-point rally is displayed as four, 5-unit tall Renko bricks.

Renko charts were first brought to the United States by Steven Nison when he published his book, Beyond Candlesticks.

Basic trend reversals are signaled with the emergence of a new red or blue brick. A new blue brick indicates the beginning of a new up-trend. A new red brick indicates the beginning of a new down-trend. Since the Renko chart is a trend following technique, there are times when Renko charts produce whipsaws, giving signals near the end of short-lived trends. However, the expectation with a trend following technique is that it allows you to ride the major portion of significant trends.

Since a Renko chart isolates the underlying price trend by filtering out the minor price changes, Renko charts can also be very helpful when determining support and resistance levels.
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Postby jarnapal » Wed Mar 24, 2010 5:36 pm

Bredin, wanted to know if you consider these supply and demand zones too.


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Postby bredin » Wed Mar 24, 2010 7:26 pm

jarnapal,
I assume you mean the yellow boxes (which are hard to see, upload pics to tinypic.com to keep their original size).

At an earlier stage those boxes, or boxes near to those points would have existed. They have been eliminated by price moving through them and are no longer valid as supply or demand. If you look at the middle one (supply) you can see the telltale down move confirming that it is supply, albeit a 'weak' supply (drop base drop), but on the return leg price blow through meaning there is no longer supply at that point.

There is a better (strong) zone immediatly before that one, which was eventually replaced by the lower of the supply zones on the chart, which was only blown through by 6 or so pips, nothing on a daily chart. This trade would have been good for about 500 pips (1st target), it eventually makes about 700 before turning.

You cant just trade because price is in a zone, you still need to Identify a good entry and exit, read the PA for the reversal and all those other details....

G.
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Postby bredin » Thu Mar 25, 2010 9:02 pm

noone,
its only a great indi if you are making money with it, otherwise its junk.

Heres a good (and slightly lucky) trade from last evening on GJ that made my whole damn evening!

Image

Think about it: 7.5ish% in 60 seconds!

G.
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