gaheitman wrote:I'd like to take a crack at creating an indicator that will show us what this looks like before we try to code an EA for it.

gaheitman wrote:Steve,

Empty4 has a drawing object called Standard Deviation Channel (might have to add it to your drawing toolbar -- it's the one with the "D"). When you add it to the chart, you drag it from beginning price to ending price. As you drag, it will change the width of the channel so that it is plus or minus one standard deviation from the center (OK, OK, "centre" ) line. You can edit the properties of the object so that you can see what 2 or 3 standard deviations would look like.

Now this is showing a channel based on the actual price, Pippo is suggesting we use the maximum of the distance travelled from the open in each bar (MathMax(High-Open,Open-Low) as the data points instead of actual price. At least I think so.

I'd like to take a crack at creating an indicator that will show us what this looks like before we try to code an EA for it. I have a few questions first, however.

Pippo,

1) How many bars/days of data do we look at? I am assuming we are only looking at bars within our trading times, so we will have to scan back and collect bars, calculate the mean/stdev and then use that for today.

2) Are we basing the channels on the open of each bar? Or are we anchoring them on some MA? If so, what is the moving average type/period?

OK, apparently it was only a couple of questions, though one was multi-part.

George

hayseed wrote:to get a visual, you can shade in the deviations, atr's or any such pip value.... if using calculations that are based from the opening price, the shaded areas can move with each new bar.... and ofcourse redraw with any change in charts timeframe.....

if using values such as average zigzag move, it's best to to let the area increase with time..... as it will many bars to hit the target......

pending orders can be set at the various levels as seen by the colors.....h

hayseed wrote:hey whip..... yes, quite a few actually..... but it's steve's forum and i haven't looked into what can or can not be posted.....

the code required is quite simple.....
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takin it further, if you have many orders with odd lot sizes at multiple entry points, you can calculate the projected combined profit/loss at the increments up and down.... every time new orders are placed or orders are closed the projected values will change....

as example, in the chart below the values are in yellow at each aqua line.... i have squished the chart to fit the forum pages..... it would normally not be so cluttered.....


handy for those that trade support or resistance and would like to know the profit/loss at that point......h


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example using atr

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Code: Select all

 
  DrawRectangle("rectanglec", 0,Time[1],(Close[1]+iATR(NULL,0,20,1)), Time[0],(Close[1]-iATR(NULL,0,20,1)), Blue); 
  DrawRectangle("rectangleh", 0,Time[1],(Close[1]+iATR(NULL,0,20,1)), Time[0],(Close[1]+2*iATR(NULL,0,20,1)), Magenta); 
  DrawRectangle("rectanglel", 0,Time[1],(Close[1]-iATR(NULL,0,20,1)), Time[0],(Close[1]-2*iATR(NULL,0,20,1)), Magenta); 

  DrawRectangle("rectangleh2",0,Time[1],(Close[1]+2*iATR(NULL,0,20,1)), Time[0],(Close[1]+3*iATR(NULL,0,20,1)), Red); 
  DrawRectangle("rectanglel2",0,Time[1],(Close[1]-2*iATR(NULL,0,20,1)), Time[0],(Close[1]-3*iATR(NULL,0,20,1)), Red); 
  
  if(Volume[0] < 4)
  {
   ObjectDelete("rectanglec");
   ObjectDelete("rectangleh");  
   ObjectDelete("rectanglel");
   ObjectDelete("rectangleh2");  
   ObjectDelete("rectanglel2");
   }  

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Code: Select all

  void DrawRectangle(string name, int window, int startbar,double startprice, int endbar, double endprice, color clr)   
  {  
  ObjectCreate(name,OBJ_RECTANGLE,window,startbar,startprice,endbar,endprice);
  ObjectSet   (name,OBJPROP_COLOR,clr);
  ObjectSet   (name,OBJPROP_BACK ,true);
  }