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Indicator ScalperHighLow
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Created: by Bvend Attachments:2

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Indicator ScalperHighLow

  #1 (permalink)
Elite Member
Greece
 
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Indicator ScalperHighLow

After demoing Multicharts for a month a found an indicator that helped me fast placing my stop orders to price ladder and ported it to my favorite chart software Amibroker. The original work belongs to Tam or Tums from Multicharts forum.
It is set to default for Forex 1 pip/tick move but I have set a parameter to change it according to the instrument you trade. In addition if you don't have the specific sound file I use in your /windows/media folder change the code to an appropriate one.

Attached Thumbnails
Indicator ScalperHighLow-example.gif  
Attached Files
Register to download File Type: afl ScalperHighLow.afl (1.0 KB, 35 views)
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  #2 (permalink)
Trading Apprentice
Manila
 
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Bvend View Post
After demoing Multicharts for a month a found an indicator that helped me fast placing my stop orders to price ladder and ported it to my favorite chart software Amibroker. The original work belongs to Tam or Tums from Multicharts forum.
It is set to default for Forex 1 pip/tick move but I have set a parameter to change it according to the instrument you trade. In addition if you don't have the specific sound file I use in your /windows/media folder change the code to an appropriate one.

Go to Tools
then on
code Check
And you will see
that you are only wasting your time with the formula.

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  #3 (permalink)
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Balut View Post
Go to Tools
then on
code Check
And you will see
that you are only wasting your time with the formula.

You are mixing things up here. Just because it says that the code references future quotes doesn't mean it is a waste. You have to understand the code and its purpose before blindly jumping on a some "waste of time" wagon. The part that is causing the message is Lastvalue(). Last Value() always reports with referencing future quotes. Now if you would use LastValue in some backtest like Buy = C > Lastvalue(C) then your test would look into the future because the entire Close array would take the lastvalue as reference for signal generation.

Here the attached code is used for real-time where it always refers to the most recent price of previous bar's high. In addition it is used to draw a horizontal line on most recent bar with extension to the right.

So once again, first understand the code before prematurely jumping to conclusions. Your conclusions are wrong.

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  #4 (permalink)
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In addition the message actually is:

"It seems that the formula references FUTURE quotes.
If you backtest this system you may receive outstanding results
that CAN NOT be reproduced in real trading.""

So it is a warning to take a closer look.
But here in the attached code of Bvend the use of LastValue is fine.

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  #5 (permalink)
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All three loops of the attached code of post #1 are not required. Waste of space.

 
Code
//ScalperHighLow Bracket By JRA Jan 2015
offset = 2;
HX = Ref( H, -offset+1 );
LX = Ref( L, -offset+1 );
TicksOffset = Param( "TicksOffset", 0.0001, 0.0001, 0.50, 0.0001 );//NofTicksAboveorBelow
y0 = LastValue( HX ) + TicksOffset;
y1 = LastValue( LX ) - TicksOffset;

Plot( C, "Price", colorDefault, styleCandle );

bars = BarCount - 2*offset;
Plot( LineArray( bars, y0, BarCount-1, y0, 1 ), "", colorDarkRed, styleLine | styleLine | stylenolabel, Null, Null, xshift = 2 );
Plot( LineArray( bars, y1, BarCount-1, y1, 1 ), "", colorDarkRed, styleLine | styleLine | stylenolabel, Null, Null, xshift );

if ( LastValue( C ) > y0 ) color = colorblue;
else color = colorDefault;    
PlotText( "" + Y0, BarCount + 1, Y0, Null, color );
AlertIF( LastValue( C ) > y0, "SOUND C:\\Windows\\Media\\ringout.wav", "Audio alert", 1 );

if ( LastValue( C ) < y1 ) color = colorred;
else color = colorDefault;
PlotText( "" + Y1, BarCount + 1, Y1, Null, color );
AlertIF( LastValue( C ) < y1, "SOUND C:\\Windows\\Media\\ringout.wav", "Audio alert", 1 );

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