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Add part of second indicator.
I hope, remove zero divide, if data not avalible......
Excellent. ofcourse, I know you will fix the interface later.
Please modify the OUTPUT of pip/percent value for each MTF like this and give 3 switch for it: Open-Close , High-low, both.
because the space is limited, if both switch is selected, the High-low value should be put in brackets: like open-close difference 5 (20) then it will be clear that actual movement was 5 pips but the high-low range was 20 pips.
You will be happy that you have produced this simple but very powerful indicator.
Why? Just by watching this indicator, the fear of trading is gone. Because actually, the pip value is very less compared to high-low. Sometimes hardly 5 pips even though the high-low value for a day may be 300 pips.
That means if you keep free money in your margin account and you make a mistake by entering at a wrong time, then don't lose heart. You wait for the market retracement and then cut the position with small loss or may be profit. All depends on how much money of margin plus free funds you have kept in the account. After making calculation then only you can take risk.
Secondly this indy gives me a clear idea from these pips figures how volatile the market is. I don't need to watch any other volatility indicators like ADX or MOMO to decide whether the market is trending or moving sideway.
Please confirm that the data on the ADR screen (your first indicator) is percentage change of open-close from daily open (00:00 gmt) until the time of trading. After 24 gmt the values will be reset. Am I correct?
New traders will be able to get rid of their fear from watching this indy and understand the logic of volatility which is not same as the net change. So if you give volatility figure in brackets along with net change it will be very clear.
If you can put 30-minutes, 1 hour, 2- hour, 4- hour, 8-hour, 16-hour and 24 hours statistics in Open-close (high-low) then it will also be good addition to decide whether to enter the market or not for day-trading and range trading.
Plotting hourly momentum will be great. Make a separate screen for this.
And please do create a separate window option for this and if possible all three screens can appear in one separate window at different corners.
Excellent. ofcourse, I know you will fix the interface later.
Please modify the OUTPUT of pip/percent value for each MTF like this and give 3 switch for it: Open-Close , High-low, both.
because the space is limited, if both switch is selected, the High-low value should be put in brackets: like open-close difference 5 (20) then it will be clear that actual movement was 5 pips but the high-low range was 20 pips.
You will be happy that you have produced this simple but very powerful indicator.
Why? Just by watching this indicator, the fear of trading is gone. Because actually, the pip value is very less compared to high-low. Sometimes hardly 5 pips even though the high-low value for a day may be 300 pips.
That means if you keep free money in your margin account and you make a mistake by entering at a wrong time, then don't lose heart. You wait for the market retracement and then cut the position with small loss or may be profit. All depends on how much money of margin plus free funds you have kept in the account. After making calculation then only you can take risk.
Secondly this indy gives me a clear idea from these pips figures how volatile the market is. I don't need to watch any other volatility indicators like ADX or MOMO to decide whether the market is trending or moving sideway.
Please confirm that the data on the ADR screen (your first indicator) is percentage change of open-close from daily open (00:00 gmt) until the time of trading. After 24 gmt the values will be reset. Am I correct?
New traders will be able to get rid of their fear from watching this indy and understand the logic of volatility which is not same as the net change. So if you give volatility figure in brackets along with net change it will be very clear.
If you can put 30-minutes, 1 hour, 2- hour, 4- hour, 8-hour, 16-hour and 24 hours statistics in Open-close (high-low) then it will also be good addition to decide whether to enter the market or not for day-trading and range trading.
Plotting hourly momentum will be great. Make a separate screen for this.
And please do create a separate window option for this and if possible all three screens can appear in one separate window at different corners.
I think you may face difficulty in 2-hour, 4- hour and 16-hour because there is no timeframe for this in MT4. But I know you will find a way. I have high regard for your abilities.
Please confirm that the data on the ADR screen (your first indicator) is percentage change of open-close from daily open (00:00 gmt) until the time of trading. After 24 gmt the values will be reset. Am I correct?
No and yes.
If you use statMode=0, is change calculated from 00:00+timAdjust your broker time (chart price time).
Yes, after 24h calculation will start calculation from new first candle.
If you use statMode=1, is change calculated for last 24 hours (-1h, for calculation is used 1h time frame).
Monday would begin with the first candle, regardless of the settings
(I must check on monday, hope i will not forget ).
If you use statMode=0, is change calculated from 00:00+timAdjust your broker time (chart price time).
Yes, after 24h calculation will start calculation from new first candle.
If you use statMode=1, is change calculated for last 24 hours (-1h, for calculation is used 1h time frame).
Monday would begin with the first candle, regardless of the settings
(I must check on monday, hope i will not forget ).
ADR indicator is OK.
Statistics indicator: Need fixed values and not connected with Open price of daily candle.
I think it will enhance the value of your indicator if you can incorporate a general period selector for longer period times.
Keep the switch 0 and 1 and then keep all statistics up to daily change Open-
close (high-low in brackets - no need for switches both values can print at same time)
And then give choice for user to select the definition of time period and leave the space in the screen for six periods: a trader would like to see one month, two month, three months, six months, one year, and sixth one to check multi-years trend.
So you can have six fields with label definition to be input by the user.
If he wants one month from 1st day of the month at 00 time he will input
Month as label definition, select period switch from (value 01.01.2000 00:00
format). So he is free to select the date and time.
Similar another five fields should be given.
If the MT4 programme doesn't make printing of fixed date time charts on the screen, then you may use vertical time period to select high low or open close. In such a case may be then there might be 12 indicators to be put on charts. I am not sure. But this will be the last thing to do.
I think the existing interface displaying the two sets of statistics at the same place is not good for chart view.
If you open it another window then there are a lot of possibilities of making the interface more interesting.
You have used some good interface for MARSI. Same style or histogram or bar chart will do.
Daily ADR statistics: on any of four corners of the chart
Statistics indicator: Need fixed values and not connected with Open price of daily candle.
All data left of the symbol name, are conected to open price of selected timeframe. (eg. column D is related to open price current daily candle).
Do you think should be linked to the previous candle closing price ?
All data left of the symbol name, are conected to open price of selected timeframe. (eg. column D is related to open price current daily candle).
Do you think should be linked to the previous candle closing price ?
okfar,
For daily it should be linked to the previous daily candle closing price. Yes
For Weekly it should be linked to the previous Friday closing price.
For Monthly it should be linked to the LAST Friday closing price of last month.
I had also suggested to give an option for the user to select his own date and time and leave space on the screen for six output fields to display those values.
).
Linear Mode
