Price Action Show Me

[eudamonia]

We'll this is a Show Me that looks for breakouts by looking for a candle that opens and closes entirely above (for breakouts) or entirely below (for breakdowns) the previous candle.

I've added time constraints and MA constraints because this is how I use it. Feel free to modify.

Here's how I made some pips this morning:



This indicator works best in trending markets but I also use it with small profit targets during ranging markets.

Edward

[TheRumpledOne]

I modified the inputs so the user can specify the start/stop time WITHOUT having to modify the indicator.

I added ALERTS so the user can have audible/visual notification.

I added iInd input so you can specify any function rather than only having the moving average.

I add iIndColor, so the user can decide what color they want.

Hope you don't mind... I can't help it... It's what I do!!

Code: Select all


{_SHME_PriceAction  - plots the close of the 2nd bar in a momentum move.  Designed to look for
breakouts or continuation break-outs.}

{Please note the time limitations are set for Pacific Standard Time and would be 0500 to 1200 for EST}    

{Programmer:  Edward Heming}

{ Modifying Programmer:  Avery T. Horton, Jr.  aka TheRumpledOne }


inputs:

   iStartTime( 0200 ),
   iStopTime( 0900 ),

   iInd( Average(close, 60) ),
   iIndColor( yellow ),

   iPAupColor( Cyan ),
    iPAdnColor( Magenta ),
   Text.Spacing( 1 ),
   BarSize ( 8 );
//   MALength( 60 );

vars:
   aTick(MinMove/PriceScale),
   spacing(Text.Spacing * aTick),
   Minticks(aTick*BarSize),
   MA ( 0 ),
   MAlong ( false ),
   MAshort ( false ),
   TimeStart ( false );

{Set the Conditions}
            
condition1 = false;
condition2 = false;
TimeStart = false;
MAlong = false;
MAshort = false;

{Moving Average and Plot}
            
MA = iInd ;

{Moving Average Conditions}
            
If Close > MA then MAlong = true;
If Close < MA then MAshort = true;

{Time Constraints set for Pacific Time}
         
if Time > iStartTime and Time < iStopTime then TimeStart = true;   

{Long Entry Plot setup}
      
if O > O [1] and C > C[1] and H > H[1] and C - O > Minticks then condition1 = true;
   if condition1 = true and MAlong = true and TimeStart = true then begin
   plot1(   L + spacing, "MoveUp", iPAupColor );
   Alert( "MoveUp" ) ;
   end;

{Short Entry Plot setup}
      
if O < O [1] and C < C[1] and L < L[1] and O - C > Minticks then condition2 = true;
   if condition2 = true and MAshort = true and TimeStart = true then begin
   plot2(  H + spacing, "MoveDn", iPAdnColor );
   Alert( "MoveDn" ) ;
    end;





plot3 (MA, "Ind", iIndColor , default, 1);

[eudamonia]

TRO,

Thanks. Any more thoughts on how to improve this indicator?

Edward

[TheRumpledOne]

I have revised it 3 times...lol

[eudamonia]

You're too quick for me Thanks, the code looks a lot cleaner.

Edward

[TheRumpledOne]

What made you stay in the trade for 40 pips?

Or what made you exit?

[TheRumpledOne]

Try it on multiple intervals...

Guess I need to make a SLOT MACHINE VERSION...LOL

[TheRumpledOne]

Workspace attached.

[eudamonia]

TRO,

I agree intervals would be pretty cool.

Is there anyway you can make a poor man's slot machine for this? I'm still a poor man

To answer your question about exits for this, I was looking at previous support (now resistance) at 1.8440 on the 60 min chart.



Edward

[eudamonia]

TRO,

I found an error in the spacing that was preventing us from moving the dots away from the candles. This should fix it.

Edward

[php]{_SHME_PriceAction - plots the close of the 2nd bar in a momentum move. Designed to look for
breakouts or continuation break-outs.}

{Please note the time limitations are set for Pacific Standard Time and would be 0500 to 1200 for EST}

{Programmer: Edward Heming}

{ Modifying Programmer: Avery T. Horton, Jr. aka TheRumpledOne }


inputs:

iStartTime( 0500),
iStopTime( 0800),

iInd( Average(close, 62)),
iIndColor( yellow),

iPAupColor( Cyan),
iPAdnColor( Magenta),
Text.Spacing( 10),
BarSize ( 6 );
// MALength( 60 );

vars:
aTick(MinMove/PriceScale),
spacing(Text.Spacing * aTick),
Minticks(aTick*BarSize),
MA ( 0 ),
MAlong ( false ),
MAshort ( false ),
TimeStart ( false );

{Set the Conditions}

condition1 = false;
condition2 = false;
TimeStart = false;
MAlong = false;
MAshort = false;

{Moving Average and Plot}

MA = iInd ;

{Moving Average Conditions}

If Close > MA then MAlong = true;
If Close < MA then MAshort = true;

{Time Constraints set for Pacific Time}

if Time > iStartTime and Time < iStopTime then TimeStart = true;

{Long Entry Plot setup}

if O > O [1] and C > C[1] and H > H[1] and C - O > Minticks then condition1 = true;
if condition1 = true and MAlong = true and TimeStart = true then begin
plot1( L - spacing, "MoveUp", iPAupColor );
Alert( "MoveUp" ) ;
end;

{Short Entry Plot setup}

if O < O [1] and C < C[1] and L < L[1] and O - C > Minticks then condition2 = true;
if condition2 = true and MAshort = true and TimeStart = true then begin
plot2( H + spacing, "MoveDn", iPAdnColor );
Alert( "MoveDn" ) ;
end;

plot3 (MA, "Ind", iIndColor , default, 1);[/php]