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Thread: Help with coding range indior

  1. #1
    Hi Guys Girls,

    Ive coded a simple indior revealing where price enjoy to remain (consolidation areas, yellowish ellipses) and at which price dislikes to remain (resistance, support, pivot areas, pink ellipses).

    Concept is quite simple, user chooses start time an end time (blue vertical line) along with the indi decides the range.

    In this range decides the smallest accessible TF to count (if TF 5 includes data for the entire range, will count on TF5, otherwise, search for your first smallest TF providing valid data for all the range).

    The following step is to ascertain how many pubs contains each price in the range (measure 1 pip).
    In the screenshot, time start is February 2, 2016 time end is March 18, 2016.

    In this range, TF 5 min can be obtained with the current broker.
    As we can see, the price 1.4295 was included in 256 pubs of 5 minutes, but some other prices where intriguing for the market also (1.4460 area, 1.4207, 1.4140-1.4150, 1.4070). Those regions in which the most consolidated ones in the range, acted consistently as magnets (good to place carrying profit).

    Other prices acted as repellents for its price (pink ellipses, such as: 1.4516, 1.4390 area, 1.4335, 1.4236, 1.415, and a noteworthy 1.4040 very intriguing in conjunction with this 1.4070 consolidation area). This region uses to provide good entrance places.

    Now, my problem is that I dont know how to math those intense levels. I am seeking to found the method to determine important spikes to utilize them in an EA as entrance levels / take profit levels.

    If somebody interested, please let me know.

    Bellow is the code for this particular indior.
    Thank you!

    https://www.forexforum.co.za/attachm...1841237575.mq4

  2. #2
    Thank good point, you Tunera! This will be searched for by me.
    Best wishes,

    Nicolae

  3. #3
    From what I understand, what you're doing is basically what's known as market profile, there are many versions of it additionally for mt4 (only look around on FF), somewhere you can find also some type of EA.

    I dedied quite a fantastic time to the analysis of this field, and finally I abandoned it, in my eyes that it was not giving any edge at all.

    However, look around about market profile, there are numerous traders (even great traders) who use or have used it, you will find guides, theories, indiors, egies etc. all over the internet about it.

    Hope it help

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