There is Highest Bar and lowest bar in MQL4 but how would you program highest ATR value.
If you had used this, you would have found this: how can i find a bar which have lowest or highest indicator index? - Indices - MQL4 and MetaTrader 4 - MQL4 programming forum
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Hi Adj,
is this what you mean?
int BarIndexHigh() { int BarsToCheck=; double IndicatorValues[]; for(int i=0;i<BarsToCheck;i++){ IndicatorValues[i]=iATR(NULL,0,7,i); Print(StringConcatenate("BarIndex_",i," ATR: ",IndicatorValues[i])); } int BarIndexHigh=ArrayMaximum(IndicatorValues); return BarIndexHigh; }Hi Adj,
A question similarly along those lines; During a day session of trading if I had a Price doing that of the image below, how would I calculate B to C after calculating A to B.
Hi Adj,
A question similarly along those lines; During a day session of trading if I had a Price doing that of the image below, how would I calculate B to C after calculating A to B.
The distance from b to c would need to be shorter than calculated a to b for ab and bc to be comfirmed further.
Hi Adj,
is this what you mean?
I believe william attatched a code on here which seemed to be ok, but I think your code isnt right again as you dont return a function into a function
The distance from b to c would need to be shorter than calculated a to b for ab and bc to be comfirmed further.
I believe william attatched a code on here which seemed to be ok, but I think your code isnt right again as you dont return a function into a function
Thanks Adj, William's programming worked thankfully. With the B to C component; would I then take the highest and lowest price within that distance? So, for instance;
HC= Highest Candle LC= Lowest Candle Dist1= ??? Dist2= ??? double BtoC = (HC+(HC-LC)) if(dist2 < dist1 && BtoC*(ATR Value)) { OrderSend() }The Quote Overview page gives you a snapshot view for a specific Forex symbol. During market hours, delayed exchange price information displays (Forex: 10 minute delay, CT) and new delayed trade updates are updated on the page (as indicated by a "flash").
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Unlike others, the chart widget can be greatly useful for not only full-time traders but also beginners.
Choose more than “60 indicators” available, and use the intuitive charting options with the “Candle,” “Line,” or “Bar” charts. Be able to see the current market “News” on the spot, choose the “Tick” settings, and elevate your analysis in minutes. Real-time quotes and continuously updated data are available! Get started!
To successfully analyze and read Forex charts, you will need to go through the types of charts available and understand what each one can do for you. Let’s summarize the main types of charts, and their functions and uncover the main steps of reading Forex charts.
The line chart is chosen by many traders because of its simplicity. The line chart is used to see the closing price for a particular time frame.
Charting prices down the horizontal axis, which symbolizes time, is done from left to right. The price is displayed on a vertical axis, with the most current price being furthest to the right.
Keep in mind that line charts are mainly used to see the closing price and understand the picture of an overall trend reducing market noise.
The bar chart contains more detailed information on price charting compared to the line chart. It consists of a vertical line that represents the price range of a specific timeframe. The time periods can be hourly, daily, or others.
The highest point of the bar represents the “High Price” of an asset, thus the lowest point shows the “Low Price”. The distance between these points is called the “Price Range”. The line also has ticks from each side showing the “Opening Price” and “Closing Price”.
The consecutive bars together can give specific information on market trends and price ranges.
As the name suggests, this price charting uses a shape similar to a “candle stick” as a visual representation. This chart is perhaps one of the most known methods traders use. One candlestick shows the “High” “Open” “Low” and “Close” prices at the chosen timeframe. The distance between the “High” and “Low” is called “The Shadow or Wick”
The body of the candle indicates the distance between the “Open” and “Close” price. When the Close is higher than the Open price then the body of the candlestick is filled with green. This reflects a positive sentiment in the market, thus when the body is red and the market sentiment is negative.
There are many different shapes and sizes to the candlesticks and the patterns they form, each one representing a specific measure and market trend.
Wide Ranging Bars are strong momentum indicators that help traders understand the market direction and identify ideal entry and exit points. They can also help interpret a currency pair’s volatility in the Forex market and enable traders to make optimum trade decisions. Let's take a deep dive into Wide Ranging Bars (WRB) to learn how you can make the most of it when Forex trading:
A Wide Ranging Bar occurs every time a currency pair trades outside its previous price range. Wide ranging or long bars are at least twice the normal bar’s size (in length), which makes them easily identifiable in a Forex chart. These bars usually appear after major economic news or announcements and provide traders with strong market trends.
As Wide Ranging Bars are based on only the market prices, different numbers of bars that emerge during a particular trading day. This means, when the market is more volatile, there are more bars present on the charts, and when markets are less volatile, fewer bars appear. Understanding how the number of Wide Ranging Bars change due to a particular currency pair’s price volatility in the market can help traders predict future market movements. More volatile currency pairs generally lead to a downtrend in the market, whereas less volatile currency pairs generally lead to an uptrend in the market.
A Bullish Wide Ranging Bar indicates a currency pair opening near its low price and closing near its high price. There is a sudden shoot up in prices, and it is easily identifiable in the chart as an extremely long candlestick with a longer upper wick and shorter lower wick.
A Bearish Wide Ranging Bar indicates a currency pair opening near its high price point and closing near its low price point. It is a sudden dip in prices and easily identifiable in the chart through an extremely long candlestick with a longer lower wick and shorter upper wick.
Expansion Wide Ranging Bars are long candlesticks with small wicks that close at more than 50% of their candle’s range, implying that the market prices are expanding. They indicate strong moves and are generally seen during intraday trading as the short-term ranges expand and contract regularly with market players fighting for directional control. Each Expansion Wide Ranging Bar closes near to either the intraday high price or low price and depicts information about the currency pair's demand and supply that can be used to make successful buy and sell decisions. These bars help in confirming market price developments and sharp decrease or increase in the price momentum. Each expansion bar emerges from a price movement that results in a trend reversal or trend continuation breaking the moving average price.
All candlesticks, including the Wide Ranging Bar candlesticks, indicate market highs, lows, open price and close price.
Considering a bullish Wide Ranging Bar, this candlestick always closes at a higher position than the last candlestick because the buying forces are stronger than the selling forces. The highest point or topmost part of the wick in this candle indicates the price point where the sellers are willing to sell the currency pair in the future. On the other hand, a bearish Wide Ranging Bar is a candlestick that always closes at a lower position than the last candlestick due to the selling forces being stronger than the buying forces. The lowest point or the lowermost part of the wick in this candle indicates the price point where the future buyers are willing to buy the currency pair. Two other important things that Wide Ranging Bar candlesticks indicate are:
This volatility analysis takes place by identifying the supply and demand in the market and how it changes before any other trade signal. The changes between the supply and demand or buyers and sellers provide traders with a price range/area to take immediate price actions leading to successful trades.
The Wide Ranging Bar candlesticks also indicate and identify hidden gaps in the market's price behaviour. This means, if the Wide Ranging Bar candlesticks do not exist in a price chart, the gap between the price action before the wide range and after the wide range will be unexplained. As the Wide Ranging Bar candlesticks exist in the chart, they determine the price action between the highs and lows in the market.
The Wide Ranging Bar strategy is applied differently to different currency pairs due to the distinct volatility of each pair. So, if you are a trader who wants to trade a major and exotic currency pair, the Wide Ranging Bar chart for both currency pairs will indicate completely different price views in the same timeline due to their differing volatilities. For example, a major currency pair EUR/USD has a narrower range than an exotic currency pair like EUR/TRY. This is because major currency pairs are less volatile than exotic currency pairs, so their price ranges also differ accordingly. The charts below depict the one-day trading price range of the major currency pair EUR/USD and the exotic currency pair EUR/TRY. The EUR/TRY chart has many more bars due to the high volatility in the market compared to the EUR/USD forex chart. Both charts are a perfect example of Wide Ranging Bars as well since there are a few wide ranging bars in both charts, identified by candles that are longer than the usual ones.
As Wide Ranging Bars are longer than the usual bars/candlesticks in the chart pattern, they indicate strong market momentum for a specific currency pair. For example, a Bullish Wide Ranging Bar indicates a strong market momentum in the upward direction. In comparison, a Bearish Wide Ranging Bar indicates a strong market momentum in the downward direction.
Wide Ranging Bars' primary motive is to understand traders' buying and selling interests in the market. They indicate the demand and supply of the currency pairs in bearish and bullish markets. A Bullish Wide Ranging Bar results in an excess supply of the currency pair as more buyers convert into sellers. A Bearish Wide Ranging Bar results in excess demand for the currency pair as more sellers convert into buyers of the currency pair.
Wide Ranging Bars indicate support and resistance levels in the market that are possible market reversals zones. These zones signal traders to make entry and exit decisions in the market. For example, when the market is bearish, and the currency pair price touches the support point, it signals traders to enter the market as prices will reverse and not fall further. However, when the market is bullish, and the currency pair price touches the resistance point, it signals traders to exit the market as prices will reverse and not increase further.
When a trader enters the Forex market to trade with Wide Ranging Bars, they can view the currency pair prices in a consolidated format, which means that the price moves within a narrow range made up from the support and resistance levels of the market.
The noise in the market, also known as the unnecessary price fluctuations that can lead to market misinterpretations, is reduced to one or two wide bars. More bars are not printed on the chart until the currency pair price range has been fulfilled and a new range is formed. This provides traders with accurate information around where the market is headed. Support and resistance areas are identified through Wide Ranging Bars during continued uptrends and downtrends.
The breakout point is where a currency pair price goes beyond the resistance level or below the support level. The currency pairs start trending in the breakout direction and signal traders to move with the market rather than against it. For example, if the breakout occurs during a Bullish Wide Ranging Bar, it indicates traders to continue staying in the market as prices are expected to increase further. However, if the breakout occurs during a Bearish Wide Ranging Bar, it indicates traders to exit the market as soon as possible as prices are expected to fall further.
Climax points occur due to the supply and demand of the currency pair. Just as it happens, the traders rush to enter a rising market or exit a falling market. Climaxes signal the end of a strong market trend. This means, in a Bearish Wide Ranging Bar, as there are more buyers than sellers in the current market, there is a selling climax that signals traders to exit the trade to mitigate losses from the falling prices. On the contrary, in a Bullish Wide Ranging Bar, as there are more sellers in the market than buyers, a buying climax signals traders to enter the trade to benefit from the increasing prices thereon.
The change of character point in the Wide Ranging Bar trading is used to identify market swings and place stop-loss orders at the right level. A trader must look for a reverse bar that closes above or below the previous Wide Ranging Bar to find out this point. Once identified, the stop loss point should be placed at or below the low price of the last Wide Range Bar during a bullish trend and at or above the high price of the last Wide Ranging Bar during a bearish trend.
Wide Ranging Bars are the perfect indicator of strong market trends and momentum that help traders make entry and exit decisions accordingly. With our platform, you can trade with the Wide Ranging Bars strategy along with several other strategies that assist traders in making successful market trends. Ready to give it a try? Sign up for a live trading account or try a risk-free demo account on Blueberry Markets.
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Inside Bar Forex trading strategy — a popular system with a nice win/loss ratio but a rather rare occurrence of the proper entry conditions. It doesn't require any indicators and can be applied on the bare candlestick or bar chart.
A bullish inside bar after a downtrend is shown on the example chart. The inside bar is easy to identify and the stop-loss level is rather conservative here. The target was set to the resistance level formed by the previous downtrend. As you can see, the currency pair rate reached the take-profit level without any problems.
Use this strategy at your own risk. eunic-brussels.eu can't be responsible for any losses associated with using any strategy presented on the site. It's not recommended to use this strategy on the real account without testing it on demo first.
Do you have any suggestions or questions regarding this strategy? You can always discuss Inside Bar Strategy with the fellow Forex traders on the Trading Systems and Strategies forum.
What is a trade-weighted currency index? |
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A trade-weighted currency index is a weighted average of a basket of currencies that reflects the importance of a country's trade (imports and exports) with these countries. Sometimes a trade-weighted currency index is taken as a crude measure of a country's international "competitiveness". At any rate, a trade-weighted currency index is a useful measure to aggregate diverging trends among currencies of a country's trading partners. For example, Canada is trading mostly with the United States. Thus the USD/CAD exchange rate has a weight of about 80% in Canada's trade-weighted CAD index. |
How are the indices in the chart above computed? |
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The index itself is the weighted sum of the exchange rate logarithms. The chart shows the equivalent percentage changes in this index relative to the last trading day. A positive sign indicates that the currency has strengthened against its partner currencies, and a negative sign indicates that the currency has weakened against its partner currencies. The number of partner currencies are limited to the countries that account for at least 1% of a country's total trade. Trade is defined as the sum of imports and exports. The weights and currencies that are currently used are shown in the table on the right. |
What are those blue & yellow blobs in the table? |
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The charts (magnified in the table below), are my own invention: they summarize the relative position of an exchange rate relative to its performance over the last year. The charts have a yellow background that indicates the square dimension of the chart. The white dot indicates today's position relative to the high (top of chart) and low (bottom of chart) of the FX index during the last days. So if the white dot is close to the top, the currency is close to its highest valuation. If the white dot is close to the bottom, the currency is near its lowest valuation. The blue bars indicate the distribution of valuations over the course of one year. The span between high and low valuation is divided into ten ranges (ie, deciles). Then the number of days during which the currency's valuation has been in each of these deciles is counted. The number of days is proportional to the width of each of the ten blue bars. Thus the position of the white dot relative to the width of the blue bars indicates if the current valuation is a relatively common event or a relatively rare event. For example, if the bulk of valuations has been in the lower deciles, and the white dot is near the top where the bars are narrow, the currency has recently moved up sharply. These charts ("FX conifers") are a simple method of visually summarizing the performance of a currency over the time period of one year. One useful feature of this chart is that it automatically adjusts for the different volatility of currencies, as the span between one-year high and one-year low is a reflection of a currency's volatility. |
Where else can I find information about trade-weighted exchange rates? |
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Trade-weighted exchange rates are computed by a number of statistical agencies, governments, and supranational organizations such as the International Monetary Fund. Many of them differ slightly in the way they calculate the trade-weighted indices: which currencies they include in the "basket", which weights they assign, and how these weights are updated over time. A good place to start for the USD is with the time series offered by the St. Louis Federal Reserve Bank in the U.S. |
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Last edited by Terranin on Mon Jan 26, pm, edited 6 times in total.
Hasta la vista
Mike
Trading in the direction of a strong trend reduces risk and increases profit potential. The average directional index (ADX) is used to determine when the price is trending strongly. In many cases, it is the ultimate trend indicator. After all, the trend may be your friend, but it sure helps to know who your friends are. In this article, we'll examine the value of ADX as a trend strength indicator.
ADX is used to quantify trend strength. ADX calculations are based on a moving average of price range expansion over a given period of time. The default setting is 14 bars, although other time periods can be used. ADX can be used on any trading vehicle such as stocks, mutual funds, exchange-traded funds and futures.
ADX is plotted as a single line with values ranging from a low of zero to a high of ADX is non-directional; it registers trend strength whether price is trending up or down. The indicator is usually plotted in the same window as the two directional movement indicator (DMI) lines, from which ADX is derived (shown below).
For the remainder of this article, ADX will be shown separately on the charts for educational purposes.
When the +DMI is above the -DMI, prices are moving up, and ADX measures the strength of the uptrend. When the -DMI is above the +DMI, prices are moving down, and ADX measures the strength of the downtrend. The chart above is an example of an uptrend reversing to a downtrend. Notice how ADX rose during the uptrend, when +DMI was above -DMI. When price reversed, the -DMI crossed above the +DMI, and ADX rose again to measure the strength of the downtrend.
ADX values help traders identify the strongest and most profitable trends to trade. The values are also important for distinguishing between trending and non-trending conditions. Many traders will use ADX readings above 25 to suggest that the trend is strong enough for trend-trading strategies. Conversely, when ADX is below 25, many will avoid trend-trading strategies.
ADX Value | Trend Strength |
Absent or Weak Trend | |
Strong Trend | |
Very Strong Trend | |
Extremely Strong Trend |
Low ADX is usually a sign of accumulation or distribution. When ADX is below 25 for more than 30 bars, price enters range conditions, and price patterns are often easier to identify. Price then moves up and down between resistance and support to find selling and buying interest, respectively. From low ADX conditions, price will eventually break out into a trend. Below, the price moves from a low ADX price channel to an uptrend with strong ADX.
The direction of the ADX line is important for reading trend strength. When the ADX line is rising, trend strength is increasing, and the price moves in the direction of the trend. When the line is falling, trend strength is decreasing, and the price enters a period of retracement or consolidation.
A common misperception is that a falling ADX line means the trend is reversing. A falling ADX line only means that the trend strength is weakening, but it usually does not mean the trend is reversing, unless there has been a price climax. As long as ADX is above 25, it is best to think of a falling ADX line as simply less strong (shown below).
The series of ADX peaks are also a visual representation of overall trend momentum. ADX clearly indicates when the trend is gaining or losing momentum. Momentum is the velocity of price. A series of higher ADX peaks means trend momentum is increasing. A series of lower ADX peaks means trend momentum is decreasing. Any ADX peak above 25 is considered strong, even if it is a lower peak. In an uptrend, price can still rise on decreasing ADX momentum because overhead supply is eaten up as the trend progresses (shown below).
Knowing when trend momentum is increasing gives the trader confidence to let profits run instead of exiting before the trend has ended. However, a series of lower ADX peaks is a warning to watch price and manage risk. The best trading decisions are made on objective signals, not emotion.
ADX can also show momentum divergence. When price makes a higher high and ADX makes a lower high, there is negative divergence, or non-confirmation. In general, divergence is not a signal for a reversal, but rather a warning that trend momentum is changing. It may be appropriate to tighten the stop-loss or take partial profits.
Any time the trend changes character, it is time to assess and/or manage risk. Divergence can lead to trend continuation, consolidation, correction or reversal (below).
Price is the single most important signal on a chart. Read price first, and then read ADX in the context of what price is doing. When any indicator is used, it should add something that price alone cannot easily tell us. For example, the best trends rise out of periods of price range consolidation. Breakouts from a range occur when there is a disagreement between the buyers and sellers on price, which tips the balance of supply and demand. Whether it is more supply than demand, or more demand than supply, it is the difference that creates price momentum.
Breakouts are not hard to spot, but they often fail to progress or end up being a trap. However, ADX tells you when breakouts are valid by showing when ADX is strong enough for price to trend after the breakout. When ADX rises from below 25 to above 25, price is strong enough to continue in the direction of the breakout.
Conversely, it is often hard to see when price moves from trend to range conditions. ADX shows when the trend has weakened and is entering a period of range consolidation. Range conditions exist when ADX drops from above 25 to below In a range, the trend is sideways, and there is general price agreement between the buyers and sellers. ADX will meander sideways under 25 until the balance of supply and demand changes again.
ADX gives great strategy signals when combined with price. First, use ADX to determine whether prices are trending or non-trending, and then choose the appropriate trading strategy for the condition. In trending conditions, entries are made on pullbacks and taken in the direction of the trend. In range conditions, trend-trading strategies are not appropriate. However, trades can be made on reversals at support (long) and resistance (short).
The best profits come from trading the strongest trends and avoiding range conditions. ADX not only identifies trending conditions, it helps the trader find the strongest trends to trade. The ability to quantify trend strength is a major edge for traders. ADX also identifies range conditions, so a trader won't get stuck trying to trend trade in sideways price action. In addition, it shows when price has broken out of a range with sufficient strength to use trend-trading strategies. ADX also alerts the trader to changes in trend momentum, so risk management can be addressed. If you want the trend to be your friend, you'd better not let ADX become a stranger.
Those interested in learning more about ADX and other financial topics may want to consider enrolling in one of the best technical analysis courses currently available.
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