I posted this elsewhere, there wasn't much interest, so it should be safe to make a thread of it...

The PipsChart indicator draws bars based on the pips movement rather than time, to only make a new bar when price moves far enough from the opening price. This is similar to a Point&Figure chart, but less rigid in its "price boxes".

The PipsChart is drawn in separate window. It draws OHLC bars to indicate an opening price, a highest and a lowest price within the bar, and a closing price, before next bars starts. The history is filled from the timeframe it is dropped on, by making four price samples of each of those bars, with a pretend timing of 1/4 timeframe: if its a bull bar, the samples are taken in order OLHC, and a bear bar is sampled OHLC.

The PipsChart bars are plotted as an indicator, but you need to forget about the time axis, because there is no match between the hosting time frame times, and the PipsChart time (except that the right-most end is the present).

The download consists of two files:
PipsChartData is a "library" and should be saved in the experts\libraries folder.
PipsChart is the indicator using the library (and drawing) and should be saved in the experts\indicators folder

The indicator is told the pips marking the threshold, and how many of the hosting timeframe bars to peep at to draw its history. The PipsChart chart includes Gold solid lines marking the beginning of weeks, and Silver dotted lines marking the beginning of days (midnight).

You will have to device your own method for using this indicator.

Attached Files

	PipsChartData.ex4 (5.3 KB, 190 views)
	PipsChart.ex4 (8.6 KB, 119 views)

I remember some members requested something like that.

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Just a note about usage: it's best to attach PipsChart to an M1 chart, because then the history side gets some refinement. And the "pips" parameter should not be less than the common bar bar height, as otherwise there it tends to show price jumps, which comes from the rather crude bar interpretation (OHLC or OLHC).

Thus, using pips=30 and count=100000 on an M1 chart (like GBPUSD) is reasonable; it then presents a 30-pips break-out "behavior" on the symbol.

thanks for those indicators ...did u have a source for that ?

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Forex Indicators Collection

Yes; it's all mine. One part of me debates with the other whether I want the source be public or not. Not that it's particularly complex or anything, so perhaps I think differently after lunch. At the moment it's not public domain.

Sorry, posted to the wrong thread. My apologies...

These are the sources for the PipsChart indicator and library.

Attached Files

	PipsChart.mq4 (4.3 KB, 111 views)
	pipschartdata.mqh (875 Bytes, 90 views)
	PipsChartData.mq4 (2.8 KB, 99 views)

thanks pal

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Forex Indicators Collection

Thanks for sharing.

This version is a minor change, to make a more refined history interpretation.

Now the indicator translates each past bar as a contiguous price movement, which starts at open, then moves 1 pip per second through high and low (for a bear bar), or through low and high (for a bull bar), and ends at close.

By this, small thresholds look smooth and nice also on higher time frames. It of course lies quite heavily about the intra bar movement, but I suppose that's what you get on higher time frames anyhow.

Attached Files

	PipsChart.ex4 (8.6 KB, 59 views)
	PipsChartData.ex4 (5.7 KB, 46 views)
	PipsChartData.mq4 (3.0 KB, 60 views)