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Yet a nother indicator?
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Created: by Gibban Attachments:0

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Yet a nother indicator?

  #1 (permalink)
Elite Member
Stockholm
 
Futures Experience: Beginner
Platform: NinjaTrader, MultiCharts
Favorite Futures: Forex
 
Posts: 19 since Feb 2014
Thanks: 25 given, 4 received

Yet a nother indicator?

Hello fellow traders!

I am trying to find a indicator that can point out the size of the wig.

Like, if the wig is X % of the range then paint bar.
X should be a input.

Anyone who know how to find?

Best regards
Gibban

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  #2 (permalink)
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  #3 (permalink)
 Vendor: www.abctradinggroup.com 
Hamburg Germany
 
Futures Experience: Advanced
Platform: Multicharts, Tradestation
Broker/Data: DTN IQ
Favorite Futures: ES
 
Posts: 1,777 since Apr 2013
Thanks: 283 given, 1,061 received


Gibban,

if you mean "wick" this should be fairly easy to code (I am guessing that wig is a typo, as I can't place it on anything trading related). Are you looking at the distance from High to Low and compare it to the body of a candle or only the wick part outside of the candle body? Or do you mean something completely different?

Regards,
ABCTG

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  #4 (permalink)
Elite Member
Stockholm
 
Futures Experience: Beginner
Platform: NinjaTrader, MultiCharts
Favorite Futures: Forex
 
Posts: 19 since Feb 2014
Thanks: 25 given, 4 received

ABCTG,

Yes you are right, its a typo! I mean wick

What I mean is the size of the wick in % of the range of the candle.

Like show me indicator, paint bar if the wick is => than 20% of the total range of the bar.

Regards,
Gibban

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  #5 (permalink)
 Vendor: www.abctradinggroup.com 
Hamburg Germany
 
Futures Experience: Advanced
Platform: Multicharts, Tradestation
Broker/Data: DTN IQ
Favorite Futures: ES
 
Posts: 1,777 since Apr 2013
Thanks: 283 given, 1,061 received

Gibban,

I lift my wig then .
This should get you going.

 
Code
Inputs:
	BarColor 				( yellow ),
	WickPercentage			( 20 );
	
Variables:
	BodyRangeRelation			( 0 ),
	WickPercent				( 0 );
	
once 
begin
	WickPercent = IFF( WickPercentage >= 0 and WickPercentage <= 100, WickPercentage / 100, 1 ) ;
	WickPercent = 1 - WickPercent ; //we simply turn the check around, check if the body is smaller than 100 - WickPercentage 	
end ;

//compute body percantage of the candle 
if ( High - Low ) <> 0 then
	BodyRangeRelation = AbsValue( Open - Close ) / ( High - Low ) 
else
	BodyRangeRelation = 1 ;

//plot paint bar
if BodyRangeRelation < WickPercent then
	PlotPaintBar( High, Low, Open, Close, "PB", BarColor ) ;
Regards,

ABCTG

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  #6 (permalink)
Elite Member
Stockholm
 
Futures Experience: Beginner
Platform: NinjaTrader, MultiCharts
Favorite Futures: Forex
 
Posts: 19 since Feb 2014
Thanks: 25 given, 4 received

Thanks ABCTG!

Definitely something to get me going.

If I find the Holey Grale, I send you a line

Best regards

Gibban

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