Price Action Show Me

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eudamonia
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Price Action Show Me

Postby eudamonia » Thu Jul 13, 2006 9:45 pm

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
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PRICEACTION.ELD
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TheRumpledOne
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Postby TheRumpledOne » Thu Jul 13, 2006 10:55 pm

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);
Last edited by TheRumpledOne on Thu Jul 13, 2006 11:13 pm, edited 1 time in total.

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eudamonia
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Postby eudamonia » Thu Jul 13, 2006 11:08 pm

TRO,

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

Edward
Eudaimonia (pron.: you-die-moan-e-a) (Greek: εὐδαιμονία) is a classical Greek word commonly translated as 'happiness'. The less subjective "human flourishing" is often preferred as a translation.

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TheRumpledOne
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Postby TheRumpledOne » Thu Jul 13, 2006 11:18 pm

I have revised it 3 times...lol
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

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eudamonia
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Postby eudamonia » Thu Jul 13, 2006 11:23 pm

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

Edward
Eudaimonia (pron.: you-die-moan-e-a) (Greek: εὐδαιμονία) is a classical Greek word commonly translated as 'happiness'. The less subjective "human flourishing" is often preferred as a translation.

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TheRumpledOne
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Postby TheRumpledOne » Thu Jul 13, 2006 11:48 pm

What made you stay in the trade for 40 pips?

Or what made you exit?
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



Please do NOT PM me with trading or coding questions, post them in a thread.

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TheRumpledOne
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Postby TheRumpledOne » Thu Jul 13, 2006 11:54 pm

Try it on multiple intervals...

Guess I need to make a SLOT MACHINE VERSION...LOL
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



Please do NOT PM me with trading or coding questions, post them in a thread.

User avatar
TheRumpledOne
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Postby TheRumpledOne » Thu Jul 13, 2006 11:56 pm

Workspace attached.
Attachments
PRICE_ACTION.tsw
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eudamonia
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Postby eudamonia » Fri Jul 14, 2006 12:46 am

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

User avatar
eudamonia
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Postby eudamonia » Fri Jul 14, 2006 1:09 am

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]

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