SNS_SHI_FIBS_CHANNEL

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snscott
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SNS_SHI_FIBS_CHANNEL

Postby snscott » Thu Nov 12, 2009 2:28 pm

SNS_SHI_FIBS_CHANNEL

I was experimenting with the SHI TREND CHANNEL indicator and on a whim added a FIB CHANNEL on top of the SHI line.

It was interesting to see, immediately, that the price candles highs, lows, and closes seemed to "respect" the fib lines as shown in this screen shot:

Image

So, I decided to modify the indicator itself to have it do two things: First, it will put a FIB CHANNEL on along with the SHI Channel, and second, it gives you the option of turning on the SHI Channels for multiple time frames.

This is what it looks like with MTF SHI channels turned on (and zoomed out so you can see them):

Image

I've been watching it with EURUSD, USDJPY, and GBPUSD and the "affinity" for those fib channel lines seems to hold for them all.

The only problem now is figuring out how to use this as a predictive tool.

And note that the fib lines are certainly no guarantee - sometimes price blasts right on through the SHI channel lines as if they were not even there. This indicator draws a starburst looking symbol on the chart when that happens.

So, I'm throwing this indicator out here for the Kreslik Community to play with - help us figure out how to use those FIBS to make "relatively" accurate/safe predictions about price. :D


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Much thanks to RockHardTen and CheapKungFu for their assistance with getting the bugs worked out of this.

[hr]

Note that SNS_Object Library needs to be in your experts:libraries folder.

[hr]
VERSION HISTORY
1.1 Added CHANNEL.RAY true/false option to allow lines to "extend into the future" 11/12/2009
NOTE that this change required a modification to the SNS_ObjectLibrary as well

1.1a Fixed minor issue that prevented user from turning off extensions to the FIBO lines

v1.2 Modified to use SNS_ObjectLibrary.mqh

[hr]
Attachments
SNS_SHI_FIBS_CHANNEL.zip
v1.2
(40.56 KiB) Downloaded 252 times
Last edited by snscott on Tue Dec 01, 2009 7:59 pm, edited 3 times in total.
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Postby cr0cop » Thu Nov 12, 2009 5:45 pm

looks cool

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Postby forexbob » Thu Nov 12, 2009 7:16 pm

thanks
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Version 1.1

Postby snscott » Thu Nov 12, 2009 8:34 pm

Version 1.1 of this indicator just uploaded to post #1 above.

By request, added a CHANNEL.RAY true/false option (true now by default) that allows the lines to "project" out into the future. Set this to false to make it work like the original 1.0 version.
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Version 1.1a

Postby snscott » Thu Nov 12, 2009 9:19 pm

Doh! Needed to fix a minor bug that prevented the user from turning "extended line" mode OFF for the FIBO LINES. Not a "show stopper", but potentially a little irritating.
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Re: Version 1.1a

Postby RockHardTen » Fri Nov 13, 2009 6:18 pm

snscott wrote:Doh! Needed to fix a minor bug that prevented the user from turning "extended line" mode OFF for the FIBO LINES. Not a "show stopper", but potentially a little irritating.


Yeah not a bad thing, I just like it better off as I like to have the gauge on .

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Postby RockHardTen » Tue Nov 17, 2009 5:18 pm

Steve, what does the alert setting alert us to?

Thx

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Postby snscott » Tue Nov 17, 2009 10:20 pm

RockHardTen wrote:Steve, what does the alert setting alert us to?

Thx

That alert was/is in the original SHI indicator and it looks like it is supposed to sound off if the price is at or beyond a channel boundary line (but only one alert for any given candle - so it, thanklfully, does not continuously sound the whole time price is above/below the boundary)
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Postby keith_4970 » Wed Nov 25, 2009 1:58 pm

Thanks Steve - SHI is a new system to me and have been fortunate in receiving support fm fellow trader today...will be watching yr platform with interest - gd luck

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Postby snscott » Wed Nov 25, 2009 3:54 pm

keith_4970 wrote:Thanks Steve - SHI is a new system to me and have been fortunate in receiving support fm fellow trader today...will be watching yr platform with interest - gd luck


Just to be clear, it is not "my platform", by any means. I just enhanced the previously existing SHI CHANNEL indicator to include FIB lines as well as display multiple time frames.

I, myself, have not uncovered the decoder-ring that lets me use these channels to be consistently profitable.

See, there is a fundamental problem with indicators like the SHI CHANNEL and all others that "repaint", which means they recalculate from tick to tick and so therefore can realign in an instant.

Which is fine, since they are simply applying their formulas in real time as the market changes, but this gives you a false sense of the "predictive" capabilities of these types of indicators since it is always going to look great IN HIND SIGHT, as it will seemingly have magically "predicted" highs and lows, or whatever. An upward sloping channel can transform into a downward channel in the blink of an eye as the numbers continue to crunch with each tick that comes in.

Let there be absolutely no delusions here:

There is NO "magic bullet" or "holy grail" indicator which "predicts" the future path of the market. There is no way to do that until they add a "ReadTradersMinds()" function to MetaTrader. The best they can do is, perhaps, point to the general direction based on PAST data, which of course, really offers no reliable indication of what will happen tomorrow.
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