Kreslik.com - traders community since 2006

I was hoping someone could create an indicator to give an alert in radar screen when the type of candlestick mentioned below occurs.

I'm sure some of you are already familiar with with Trader - X:
http://traderx.blogspot.com/

At the core of his and many other's setups for trading is a narrow range candle. As discussed here:
FREQUENTLY USED TERMS:

--- NR - narrow range, narrowing range; for me, I search for patterns that include bars narrowing in range - particularly after a wide-range bar(s). The more bars narrowing in range, the more I take notice (NR3 = narrowest range of the last three bars, NR5...five bars, NR7...seven bars). Narrowing range bars indicate consolidation and often lead to a big move when price breaks out of the narrowing range.
--- NRM - narrowest range bar of the morning

What I'm hoping someone can create is an indicator similar to the Show Me Hammer & Hanging Man that already exists in Tradestation. It gives a show me on the chart or an alert in radar screen when a hammer or hanging man appears. Any help will be much obliged. Thanks, C.

Nah never heard of em, thanks for the link tho.

That NRB is the same as an Inside Bar, aka IB.

I4b is an inside bar ranging within the previous 4 bars.


If I had an indicator that points out IB's I'd have it call my cellphone and a computer would say

" [font=Lucida Console]in-side-bar for-ming. it is ad-vis-able that you re-turn to your pre-fered com-pu-ter work sta-tion.[/font] "

Yeah, thanks for the tip. It is more or less an inside bar, and there is an indicator/code for that in tradestation:

if High < High[1] and Low > Low[1] then
begin
Plot1( Close, "Inside" ) ;
Alert ;
end
else
NoPlot( 1 ) ; { remove the marker }


The only problem is, it only looks at the last bar. In other words, it won't show an inside bar for the last 3 bars. Changing the 1 to 3 in the code above then only shows a bar that is an inside bar to a bar 3 bars ago. Confused? Any suggestions on how to alter the code above so that the alert is given when a bar is the narrowest of all the last three bars?

... if anyone is familiar with quotetracker's code, here is the code I found for NARROW RANGE BAR, INSIDE BAR, and NR7. Maybe from this someone can give me an idea on how to alter tradestation's inside bar code to be NR7 code??

NRBar:
if ABS(Bar High-Bar Low) <= ABS(Bar High[1]-Bar Low[1]) set color to Gray

InsideBar:
if ABS(Bar High-Bar Low) <= ABS(Bar High[1]-Bar Low[1]) AND Bar High[1]>=Bar High AND Bar Low[1] <= Bar Low set color to Yellow

NR7:
if ABS(Bar High-Bar Low) <= ABS(Bar High[1]-Bar Low[1]) AND ABS(Bar High-Bar Low) <= ABS(Bar High[2]-Bar Low[2]) AND ABS(Bar High-Bar Low) <= ABS(Bar High[3]-Bar Low[3]) AND ABS(Bar High-Bar Low) <= ABS(Bar High[4]-Bar Low[4]) AND ABS(Bar High-Bar Low) <= ABS(Bar High[5]-Bar Low[5]) AND ABS(Bar High-Bar Low) <= ABS(Bar High[6]-Bar Low[6]) AND ABS(Bar High-Bar Low) <= ABS(Bar High[7]-Bar Low[7]) set color to $8000FF