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Shaved Bar Indicator for Tradestation?
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Created: by lselalum Attachments:1

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Shaved Bar Indicator for Tradestation?

  #1 (permalink)
Trading Apprentice
Houston, Texas/USA
 
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Shaved Bar Indicator for Tradestation?

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!

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  #3 (permalink)
Market Wizard
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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

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  #4 (permalink)
Trading Apprentice
Houston, Texas/USA
 
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Posts: 5 since Jul 2013
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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 View Post
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


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  #5 (permalink)
Market Wizard
Hamburg Germany
 
Futures Experience: Advanced
Platform: Multicharts, Tradestation, Multicharts.NET, NinjaTrader, MetaTrader
Broker/Data: DTN IQ
Favorite Futures: ES
 
Posts: 1,533 since Apr 2013
Thanks: 231 given, 855 received
Forum Reputation: Legendary

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

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  #6 (permalink)
Trading Apprentice
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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

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  #7 (permalink)
Market Wizard
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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

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  #8 (permalink)
Trading Apprentice
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ABCTG,

Shaved Bars shown with blue dots.



Video:
Shaved Bars | Ninjacators.com


Last edited by lselalum; July 7th, 2014 at 12:26 PM.
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  #9 (permalink)
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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?

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  #10 (permalink)
Trading Apprentice
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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.

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