Good to see you getting your hands dirty by delving under the hood.
I am sure you understand that I have my hands full right now. My purpose in posting here is to attempt to attract attention to your thread.
Please help out, folks.
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| ITB Levels https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=5556 |
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| Author: | gunaydines [ Thu Oct 25, 2018 10:18 am ] |
| Post subject: | ITB Levels |
Dear Coders, I am trying to learn and improve coding for the last one and a half years. Actually, I don't have any professional or amateur experience on "coding universe", however I have to admit that I have benefited a lot from the SHF, you are all great. In order to achieve my goal, I have gone over and over on the EAs and Indicators by experienced coders in SHF, line by line, letter by letter. Right now, I can code some simple indicators (almost more than one year) and EAs (since the last 4-5 months) by changing the shell codes. I hope I can code tools and EAs in the future which would be useful for the community. For the last 3 months, I am using some levels computed by the following method for my long term trades. These levels are called as “Isolated Tops & Bottoms (ITB)” and show the direction of the market. I use it on DAILY, WEEKLY and MONTHLY charts. I don’t recommend using it on the lower timeframes. - The method assumes that if the price is over the ITB level, the market is BULLISH, if it is below this level the market is BEARISH. Bullish Condition: - If the current bar’s HIGH is HIGHER than the LAST HIGH (which is the HIGHEST HIGH value in the current Bullish Trend) AND current bar’s CLOSE is over the previous ITB level, then our current ITB level is the MINIMUM of previous bar’s CLOSE or OPEN, - Else if, the current bar’s HIGH is NOT HIGHER the LAST HIGH AND current bar’s CLOSE is over the previous ITB level, then our current ITB level equals to the previous ITB level. - Else, the price breaks down the ITB level then we are in the Bear Market. Bearish Condition: - If the current bar’s LOW is LOWER than LAST LOW (which is the LOWEST LOW value in the current Bearish Trend) AND current bar’s CLOSE is below the previous ITB level, then our current ITB level is the MAXIMUM of previous bar’s CLOSE or OPEN, - Else if, the current bar’s LOW is NOT LOWER than LAST LOW AND current bar’s CLOSE is below the previous ITB level, then our current ITB level equals to the previous ITB level. - Else, the price breaks up the ITB level then we are in the Bullish Market. Like the DWM Pivots, I prefer to see the DAILY, WEEKLY and MONTHLY ITB levels on lower timeframes on the same chart and I observed that the price follows these levels like the typical Pivot Levels. I coded an indicator, however I am having problems on some pairs and lower timeframes (lower than Daily), please see the attached files. RED is for MONTHLY, YELLOW for WEEKLY, AQUA for DAILY. If you can let me know where my mistake(s) is(are) or correct the code, I will be grateful. If I am asking too much, please skip this post and please don't roast me, I am just at the beginning of the road. Thanks & Green Pips ! Emre |
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| Author: | SteveHopwood [ Thu Oct 25, 2018 10:50 pm ] |
| Post subject: | ITB Levels |
Good to see you getting your hands dirty by delving under the hood. I am sure you understand that I have my hands full right now. My purpose in posting here is to attempt to attract attention to your thread. Please help out, folks. |
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