Shaved Bar Indicator for Tradestation?

lselalum · (login for full post details)

Hi all,

I have tried to code a Show Me alert that shows up when the close of the candle is within 5% of the high or low of the same candle. I thought I could modify the existing Doji "Show Me" but somehow I messed it up. The alert should ignore doji candles (open=close), and should not consider the other wick (ie. bull candle only checks the upper wick, bear candle only checks the lower wick. This indicator seems to exist in mq4 but I can't find it for Easy Language and cant seem to get it right.

If any of you have thoughts on how I could code this or have the code yourself I would really appreciate it.

Thanks from a Newbie!

ABCTG · (login for full post details)

lselalum,

this should do what you have in mind or at least could be tweaked towards doing it:

Code

Inputs: 
	double Percent	( 5 );

Variables:
	double Percentage	( 0 );

once Percentage = Percent / 100 ;
	
//up bar
if Close > Open and Close >= ( High - ( High * Percentage ) ) then
	Plot1( Low );
//down bar
if Close < Open and Close <= ( Low + ( Low * Percentage ) ) then
	Plot2( High );

Regards,
ABCTG

lselalum · (login for full post details)

ABCTG,

Thank you so much. I put the code in as is and it showed an alert (dot) on every single candle on the daily chart. Not sure what went wrong.

Any thoughts?

ABCTG

lselalum,

this should do what you have in mind or at least could be tweaked towards doing it:

Code

Inputs: 
	double Percent	( 5 );

Variables:
	double Percentage	( 0 );

once Percentage = Percent / 100 ;
	
//up bar
if Close > Open and Close >= ( High - ( High * Percentage ) ) then
	Plot1( Low );
//down bar
if Close < Open and Close <= ( Low + ( Low * Percentage ) ) then
	Plot2( High );

Regards,
ABCTG

ABCTG · (login for full post details)

lselalum,

what symbol did you test? A bar closing within 5% from the high or 5% from the low is very common by the way. In fact I'd expect almost all bars to trigger this condition, expect the dojis that are ruled out in the code. Think about a bar that makes a high of 1000, as long as the close is within 50 points of the high your condition is valid.

Maybe you could clarify the condition you are looking for and give an example.

Regards,
ABCTG

lselalum · (login for full post details)

Excellent point

I think the filter here that makes them more rare is the close has to be in the direction of the bar. For instance, using your example of a high of 1000. The close would need to be between 95 to 100 points. It has to be in the direction of the bar for it to filter.

I tested USD/JPY on a daily chart, btw.

I hope my explanation helped to clarify things a bit.

Thanks again for the hel

ABCTG · (login for full post details)

lselalum,

can you show a picture of a bar you'd like to see labeled? The code checks for up bars or down bars, which is in the direction of the bar in my opinion.

Regards,
ABCTG

lselalum · (login for full post details)

ABCTG,

Shaved Bars shown with blue dots.

Video:
Shaved Bars | Ninjacators.com

kronie · (login for full post details)

take a snapshot and post a picture of what these bars look like to you.

perhaps we can identify them or associate them with other types already in evidence...

there are volume bars, and
there are skinny bars, and

there are fat bars, and

there are inside bars, and
there are outside bars, and
there are volume bars, oh, did I say that already?

lselalum · (login for full post details)

Thanks everyone,

Got it to work with some additional assistance.

In case anyone wants it here is the code:

__
Inputs: HighPct( .95 ), LowPct( .05 );
var: CloseNearHigh( false ), CloseNearLow( False );

CloseNearLow = Close <> Open and Close <= Range * LowPct + Low;
CloseNearHigh = Close <> Open and Close >= range * HighPct + low;

If CloseNearHigh then plot1( High,"",Green );
If CloseNearLow then plot1( Low,"",Red );

if CloseNearHigh then
Alert( "CloseNearHigh" )
else if CloseNearLow then
Alert( "CloseNearLow" ) ;
___

I would suggest changing the plot color as it currently shows up as the same color as the bar.

ABCTG · (login for full post details)

You are welcome. Great job.

Regards,
ABCTG

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