Five Bar Trend Dashboard

v10.3
Five Bar Trend Dashboard

This indicator creates a dashboard of dots to show the trend in five time frames.

So for example on a 5 minute time frame it calculates what a 5 minute, 10 minute, 15 minute, 20 minute and 25 minute candle would be and on a daily chart it would calculate what 1 day, 2 day, 3 day, 4 day and 5 day candles would be. It then compares the current price to those candles. It can the compare closing price to the open, median price, typical price, total price and weighted close price. It then draws five dots to show whether the comparison is down or up for each time frame. The upper of the five dots represents the fastest time frame candle comparison (so 5 minutes on a 5 minute chart) and the lowest dot is the slowest comparison (so 25 minutes on a 5 minute chart).

The separate upper row shows a red dot if all the time frame dots below are red and a green dot is all the time frame dots below are green. If they are mixed then an empty blue circle is drawn. If a set of 5 red or 5 green dots is followed by a mixed row of dots then an up arrow or down arrow is shown to highlight a possible market reversal after a strong trend. The number above this arrow highlights how long the previous run of five same colour dots has gone on for. This number can help analyse how strong the run was and can be used for position sizing or just to assist in deciding how likely a reversal is to be.

Change the price that you compare to by changing the ‘customclose’ value in the indicator window. If you select open,close,high or low then the comparison is always open to close. The others are close to typical price or close to median price etc.

By ticking or unticking ‘All’ you can remove the dots representing the five time frames. This allows the indicator to be reduced down in size so as to take up less chart space.

I suggest downloading and importing the ITF file to get full functionality.

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Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

ProRealTime ITF files and other attachments : How to import ITF files into ProRealTime platform?

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  1. marcosamo • 08/22/2019 #

    hello, thank you that seems very useful. I will try it.

  2. HStrader • 08/22/2019 #

    Hello Vonasi Its seem a nice job again thanks

  3. soulintact • 08/22/2019 #

    Dear Vonasi, thanks for a truly great indicator! Forgive me, but I tried to edit your flawless code so I could implement it in Autotrading, but I obviously failed. Anyone care to elaborate what I am doing wrong?

    I tried to use “Add PRT code”, but failed why I paste the code directly.

    //————————————————————————-
    defparam cumulateorders=false
    Defparam preloadbars=10000

    //————————————————————————-

    //Settings of orders
    amount = 100 //quantity of shares/contracts to open for each new order

    //————————————————————————-
    //Indicators
    //Indicator type: Candle trend in 5 different time frames
    //Edited code originates from: Five Bar Trend
    //Author: Vonasi
    //Date: 20190822
    //Source: https://www.prorealcode.com/prorealtime-indicators/five-bar-trend-dashboard/

    m5 = customclose

    //m5=typicalprice
    //m5=medianprice
    //m5=totalprice
    //m5=weightedclose
    //m5=(close or customclose = open or customclose = high or customclose = low)

    m10h = highest[2](high)
    m10l = lowest[2](low)
    m10o = open[1]

    m15h = highest[3](high)
    m15l = lowest[3](low)
    m15o = open[2]

    m20h = highest[4](high)
    m20l = lowest[4](low)
    m20o = open[3]

    m25h = highest[5](high)
    m25l = lowest[5](low)
    m25o = open[4]

    if customclose = typicalprice then
    m10 = (m10h + m10l + close)/3
    m15 = (m15h + m15l + close)/3
    m20 = (m20h + m20l + close)/3
    m25 = (m25h + m25l + close)/3
    endif

    if customclose = medianprice then
    m10 = (m10h + m10l)/2
    m15 = (m15h + m15l)/2
    m20 = (m20h + m20l)/2
    m25 = (m25h + m25l)/2
    endif

    if customclose = totalprice then
    m10 = (m10h + m10l + m10o + close)/4
    m15 = (m15h + m15l + m15o + close)/4
    m20 = (m20h + m20l + m20o + close)/4
    m25 = (m25h + m25l + m25o + close)/4
    endif

    if customclose = weightedclose then
    m10 = (m10h + m10l + (2 * close))/4
    m15 = (m15h + m15l + (2 * close))/4
    m20 = (m20h + m20l + (2 * close))/4
    m25 = (m25h + m25l + (2 * close))/4
    endif

    if customclose = close or customclose = open or customclose = high or customclose = low then
    m5 = open
    m10 = m10o
    m15 = m15o
    m20 = m20o
    m25 = m25o
    endif

    //Line 1, First time frame
    //Red dot
    if close m5 then
    L1=1
    up = up + 1
    endif

    //Line 2, Second time frame
    //Red dot
    if close m10 then
    L2=1
    up = up + 1
    endif

    //Line 3, Third time frame
    //Red dot
    if close m15 then
    L3=1
    up = up + 1
    endif

    //Line 4, Fourth time frame
    //Red dot
    if close m20 then
    L4=1
    up = up + 1
    endif

    //Line 5, Fifth time frame
    //Red dot
    if close m25 then
    L5=1
    up = up + 1
    endif

    //Market reversal
    //Down
    if up[1] = 5 and down 5 and up 5 then
    reda = ucount[1]
    ucount = 0
    Arrow=-1
    endif

    //Up
    if down[1] = 5 and down 5 and up 5 then
    greena = dcount[1]
    dcount = 0
    Arrow=1
    endif

    BullCandle5=((L1=1)and(L2=1)and(L3=1)and(L4=1)and(L5=1)) or ((Arrow=1) and (greena>=3))
    BearCandle5=((L1=-1)and(L2=-1)and(L3=-1)and(L4=-1)and(L5=-1)) or ((Arrow=-1) and (reda>=3))

    //Conditions when to act
    if (not longonmarket and BullCandle5) then
    buy amount shares at market
    endif

    if (longonmarket and BearCandle5 and positionperf>0) then
    sell at market
    endif

  4. Vonasi • 08/22/2019 #

    soulintact – this is probably not the best place to discuss a strategy version of the indicator. I would suggest starting a topic in the ProOrder forum so that we can all discuss the idea.

  5. soulintact • 08/22/2019 #

    Of course Vonasi. Done! https://www.prorealcode.com/topic/rewriting-an-idicator-to-pro-order/

  6. Alai-n • 08/22/2019 #

    Hello, where can I get a list of possible objects and their formulations to insert in the Dashboard (Square, Circle, Triangle etc …) Thank you

  7. Vonasi • 08/22/2019 #

    I use the Windows10 ‘Character Map’. Type it in your windows search box.

  8. Alai-n • 08/22/2019 #

    @Vonasi Thanks

  9. jiddan78 • 08/22/2019 #

    how to convert to afl amibroker ?

    • Nicolas • 08/22/2019 #

      We do not supply free coding assistance for AFL Amibroker on the website. You can ask for paid programming at: https://www.prorealcode.com/trading-programming-services/

  10. Ngomsi • 08/22/2019 #

    @ Vonasi,

    how to use timeframe , 13 minutes ,21 minutes, 34 minutes,et 55 minutes with this program?
    Thanks,

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