Weighted Price Action

Weighted Price Action

This indicator counts the number of times eight different price action events occur in the last p bars. It then gives more weight to recent price action events and less to earlier price action events.

The price action events it counts are:

  • close > open
  • high > previous high
  • low > previous low
  • close is in top half of candles range
  • close < open
  • high < previous high
  • low < previous low
  • close is in bottom half of candles range

Two lines are drawn. The green line represents weighted upward price action and the red line weighted downwards price action. The lines are drawn from a datum of whichever line has the lowest value so that is can easily be seen which type of price action has been most dominant recently.

Weighted average lines with a period of half p can also be drawn. These smooth out the indicator returns but also add some lag.

You can choose which of the two lines are displayed by ticking or un-ticking ‘Lines’ and ‘Averages’ in the indicator window.

It is also possible to remove any of the price action events from the calculation by ticking or not the relevant box.

If the green average line is rising from zero then it indicates an increase in recent long price action and bulls have been on top of bears. If it starts falling then the bulls are losing control.

If the red average line is rising from zero then it indicates an increase in recent short price action and bears have been on top of bulls. If it starts falling then the bears are losing control.

As with all my indicators I advise downloading and importing the ITF file to get full functionality.

Share this

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?

New! PRC is also now on YouTube, subscribe to our channel for exclusive content and tutorials

  1. Wilko • 279 days ago #

    Thanks for the idea!
    This type of scoring can really help in not only identifying regimes in isolation, but also to rank eg different stocks as to how bullish price action is. It is in relative comparisons that these types of ranking systems really show their value!

    Nice bit of code!

  2. Vonasi • 279 days ago #

    Thanks for the compliments Wilko.

  3. jissey • 28 days ago #

    Il manque des infos comme la définition de P et de lines ,où peut-on les trouver? Merci cdlt

    • Vonasi • 28 days ago #

      Download the ITF file and import it as tells you to do in the indicator description. Do not cut and paste the code.

  4. Globalmarkets79 • 4 days ago #

    What is the price of p and j?

    • Vonasi • 3 days ago #

      p can be any look back period you want. If you downloaded and imported the indicator as suggested in the description then you can set the p value in the indicator settings window, j is a value calculated within the code so you don’t need to set it to anything.

  5. Globalmarkets79 • 3 days ago #

    Thank you Vonasi for the answer. I have an other question. When i tried to run the indicator i had a message that variable “lines” is underfined. Please can you explain the variable “lines”?

    • Vonasi • 19 hours ago #

      Lines is either 0 or 1 to turn on or off the drawing of them. Once again if you download and import then ‘Lines’ should be an option in the indicator settings window.

  6. Globalmarkets79 • 33 mins ago #

    Thank you Vonasi, this indicator is very helpful!!!

avatar
Register or

Likes

avatar avatar avatar avatar avatar avatar avatar avatar
Related users ' posts
XXXXVII Fixed ITF Trend Background //Indicateur CCI ID2 = CCI[50] => 60 ID3 = CCI[100] => 60...
Sanglier thanks ! i have been looking forward to find something like this
Screw27 Hi man, I installed the indicator and i don't know why but my graph it is so big
HelixKing sounds interesting I'll take a look
Darren Nash Thanks Souhail, in the end i just copy/paste the logic with variables and it works. I rem...
Darren Nash One thing to note also for DOW trading if using IG, change the buy/sell qty from 1 to 2
mostafa samady How can I optimize it for DAX 30? Thanks!
born2trading hello Nicolas, sorry for off-topic question, but can you tell me what kind of indicator you ...
Nicolas Not an indicator but an option in PRT v11.
Screw27 Salut nicolas j'aimerais savoir tes résulats grace a cettte methode
Nicolas Yes why not?
MajorBasse I´m wondering which parameter decides the color of the average? Is the color decided by the ...
MajorBasse And also, the boolean "ulinreg" messes up the backtest, how do I define it?
Nicolas Il faut l'appliquer sur le prix, en allant dans les paramètres du prix.
tonycom95 Bonjour Nicolas est ce que cet outil est utilisable sur les actions ? Désolé si ma question ...
Nicolas Bien sûr, pourquoi pas ?
Nicolas No, all codes on our website are to be used with ProRealTime: https://www.prorealtime.com/en/
dg007 BUON GIORNO E' POSSIBILE AVERE UN CHIARIMENTO?GRAZIE MILLE
Nicolas Poni qui la tua domanda se è correlata a questo indicatore, altrimenti apri un nuovo argomen...
bob789 Once you download it, how do you upload it into PRT? thanks
Nicolas How to import file page: in the help section of the website explains howto
kenssa import through the indicator page/window in the Proreal time
Jan Hi Adante79 I hope you have already found your answers for autotrade, the variables has to...
Jan Also the variables on top ( var1 0-69 and var2 0-69), those variables are needed to determin...
Jan It might be a good idea to reduce the average to 15 instead of 30 to reduce market noise eff...
Stockastiss Can this code be simply transferred into Backtestingcode so one doesnt need to use call ? (i...
Vonasi Sorry for the late reply. Add the code to your strategy and remove line 5 and line 39. Chang...
leofi https://www.prorealcode.com/topic/simple-average-with-visual-color/
leofi Go visit www.prorealcode.com/topic/simple-average-with-visual-color/ and watch 2em post
Dritan Hi,I am new on Prorealtime and coding.I downloaded the indi but I have it on a separate wind...
Nicolas Use the color variables R and G to test if the trend is bullish (R=0) or bearish (R>0).
s00071609 Where can i find the syntax to test the colour of the line, I am calling the indicator value...
Nicolas You should open a new topic to discuss about the strategy and its coding.
Byggtrader Hi Nicolas! How do I get the indicator in the price chart? It only stays under i new chart.
Nicolas Just add it on the price chart by using the wrench on the left upper side of the chart (pric...
scarphace38 Bonsoir, je découvre PRT et je n'arrive pas a afficher le meme résultat pour l'indicateur de...
Dom Hello, hello....je commence le trading et découvre par la même occasion le codage....et ce n...
Nicolas Merci, ça fait plaisir !
Nicolas
11 months ago
Jan Wind "There are two methods of using Kagi: We buy when there is a turnaround and sell when there...
Nicolas Thanks, let us know how it is going?
Jan Wind Hallo Nicolas, I have tested the pre-mentioned concept, and had to change the concept : ...
Alai-n @Vonasi Thanks
jiddan78 how to convert to afl amibroker ?
Nicolas We do not supply free coding assistance for AFL Amibroker on the website. You can ask for pa...
manchokcity can we have it in mql4 platform? or how or which platform do we use it?
camporan I don't use MetaTrader so I won't be able to do the translation myself. Sorry!
Alexander9 This can for amibroker ? . Thanks
riz001 thnk u
geroniman bonjour Nicolas, j ai un indicateur le Tiger . J aiemrai placer des fleches buy et sell dire...
Nicolas Merci de formuler les demandes sur le forum. ça n'est pas le bon endroit et hors sujet ici ! ;)

Top