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Price Action Show Me
Posted: Thu Jul 13, 2006 9:45 pm
by 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
Posted: Thu Jul 13, 2006 10:55 pm
by 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);
Posted: Thu Jul 13, 2006 11:08 pm
by eudamonia
TRO,
Thanks. Any more thoughts on how to improve this indicator?
Edward
Posted: Thu Jul 13, 2006 11:18 pm
by TheRumpledOne
I have revised it 3 times...lol
Posted: Thu Jul 13, 2006 11:23 pm
by eudamonia
You're too quick for me
Thanks, the code looks a lot cleaner.
Edward
Posted: Thu Jul 13, 2006 11:48 pm
by TheRumpledOne
What made you stay in the trade for 40 pips?
Or what made you exit?
Posted: Thu Jul 13, 2006 11:54 pm
by TheRumpledOne
Try it on multiple intervals...
Guess I need to make a SLOT MACHINE VERSION...LOL
Posted: Thu Jul 13, 2006 11:56 pm
by TheRumpledOne
Workspace attached.
Posted: Fri Jul 14, 2006 12:46 am
by 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
Posted: Fri Jul 14, 2006 1:09 am
by 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]