First hour of trading average high and low

First hour of trading average high and low

This indicator was needed by Roman.

The upper line shows the highest of the first hour plus the average for the past n days of the difference between the first-hour-highest and the daily open.

the lower line shows the lowest of the first hour minus the average for the past n days of the difference between the first-hour-lowest and the daily open.

I hope someone else might use this code.

Blue skies

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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.

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  1. Maz • 04/28/2017 #

    Hi, I quite like this idea. I just wanted to suggest some code alterations:
    // --------------------------------
    // once period = 20
    // once gmtOffset = 000000 // 010000 for EU just an idea
    once startTime = 080000 //+gmtOffset ??
    // --------------------------------

    once endTime = startTime+010000
    // to avoid nasty spike on the graph
    once up = undefined
    once down = undefined
    once super = undefined
    once infer = undefined

    //computation timeframe in use and intraday number of bars - intrab
    if intradayBarIndex = 0 then
    time1=opentime
    elsif intradayBarIndex = 1 then
    time2=opentime
    // only needs to be done once a day no?
    deltatime=(time2-time1)/100
    intrab=round(522/deltatime)
    endif
    //deltatime=(time2-time1)/100
    //intrab=round(522/deltatime)

    //computation max and min in the first hour - super e infer
    if (time>=startTime) and (time<=endTime) then
    super = dopen(0)
    infer = dopen(0)
    //if high>super then
    //super=high
    //endif
    super = max(high, super)
    //if low<infer then
    //infer=low
    //endif
    infer = min(low, infer)
    endif
    //else
    //super = super // ??? why?
    //infer = infer // ??? why?
    //endif

    //computation average (super-initialopen) and (initialopen-infer)
    if (time = endTime) then
    sommadeltasuper=0
    sommadeltainfer=0
    for i=0 to (period) do
    j=1+round(i*intrab)
    sommadeltasuper = sommadeltasuper+abs(super[j]-dopen(i))
    sommadeltainfer = sommadeltainfer+abs(dopen(i)-infer[j])
    next
    deltasuper = sommadeltasuper/period
    deltainfer = sommadeltainfer/period
    //endif
    //if time>endTime then
    elsif time>endTime then
    up=super+deltasuper
    down=infer-deltainfer
    else
    up=up
    down=down
    endif

    return up,down

     

  2. gabri • 04/28/2017 #

    Maz,
    excellent corrections, thanks a lot
    Gabri

  3. Francesco78 • 04/28/2017 #

    Thank you, what is the rational? breakout outside the rectangle?
    Regards
    Francesco 

  4. gabri • 04/28/2017 #

    Roman made the strategy, I made the code and Maze made it bulltproof. You can use it I believe in many ways. A London breakout might be one of them for example.
     

  5. Roman • 04/28/2017 #

    Francesco78
    here is the strategy:
    https://www.prorealcode.com/topic/highlowopen-prices-for-specific-timeframes/

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