I coded this little indicator to check what has been the historical maximum rise or fall from the open in x candles after the open. The idea being that you might for example be willing to give a trade x number of weeks or x number of days to play out and it would be helpful to know what sort of risk this could leave you open to. We all know that the past does not repeat in the future but at least we can have some rough idea how bad it might be from what has already happened.
In the attached image we can see that the DJI has had a maximum rise from open in two weeks of 1792.2 and a maximum fall from open of 3498.2. That maximum fall would have been a horrible two weeks if you’d opened a long trade and given it two weeks breathing room to get going!
I post the indicator here in case it is of use to anyone.
x = 4 //set to however many candles you want to test
once ll = high
if barindex > x then
hh = highest[x](high)
maxrise = max(maxrise, hh-open[x-1])
ll = lowest[x](low)
maxfall = max(maxfall, open[x-1]-ll)
endif
return maxrise as "maximum rise", maxfall as "maximum fall"
Hi Vonasi,
I am new in this forum and I have programmed some basic personal indicators. So please if this question has passed this forum allready, my apologizes. I think my question is related to your indicator in a way. The difference is that yours is related to a fixed time of 4days or weeks or minutes. Mine is related to a certain price after the open.
I have an indicator which marks the entering point of a possible trade. I am looking for a way to display in the chart at the entering candle if it has reached my target “price+100″ earlier then my stop loss”price-25”. So If it has reached my target befor the stop loss.
indicator1: SMA[10]
indicator2: close[1]
c1 = indicator2 > indicator1
And now the part I am struggling with…
After c1 there can be 2 scenario’s, Scenario 1 is that the price will reach close[1] + 10 or Scenario2 is that the price will reach close[1] – 2. The scneario which shows up first is the one I want to see and display at the close[1] candle. The dispalying is n ot an issue for me.
Can you help me out with this, taht would be amazing. Thanks, Marc
So actually I want to use it as part of the indicator to backtest.
Thank you, Marc
Please do not double post. Double posting just wastes the time of those who are trying to help you. I have deleted your other topic with an identical question.
It is impossible in an indicator to tell whether a candle reached a high price before a low price or a low price before a high price as what an indicator outputs is finalised at the close of a candle except for the presently forming candle which is on the fly prior to it closing. If MTF was available for indicators then it would be possible but at present MTF is only available in ProOrder for strategies. If your indicator is just giving you entry and exit conditions then just code it as a strategy and use GRAPH or GRAPHONPRICE in an MTF strategy to highlight candles that meet your entry and exit conditions. Using MTF in a strategy will however massively reduce the data available for the back test.
