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EasyLanguage Price Action PaintBar Study


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EasyLanguage Price Action PaintBar Study

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  #1 (permalink)
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Manta, Ecuador
 
Experience: Advanced
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Trading: Emini Futures
 
Big Mike's Avatar
 
Posts: 49,037 since Jun 2009
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I thought I would start working on a basic Price Action indicator for MultiCharts.

Here is a quick version I have so far. It colors HH + HL, LH + LL, and Bearish/Bullish Engulfing.

Please make enhancements...

 
Code
                            
// Big Mike Trading https://futures.io

// 17 April 2010

vars:
    
color(GetPlotColor(5));
    
color GetPlotColor(5);

if 
H[1] and L[1then color GetPlotColor(6);
if 
H[1] and L[1then color GetPlotColor(7);
if 
<= H[1] and >= L[1then color GetPlotColor(8);

if 
H[1] and L[1] and C[1then color GetPlotColor(9);
if 
H[1] and L[1] and C[1then color GetPlotColor(10);

PlotPaintBar(HLOC"PriceAction"color);



Plot5(C"Neutral");
Plot6(C"HH+HL");
Plot7(C"LH+LL");
Plot8(C"IB");
Plot9(C"BullEng");
Plot10(C"BearEng");

NoPlot(5);
NoPlot(6);
NoPlot(7);
NoPlot(8);
NoPlot(9);
NoPlot(10); 


Mike

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  #3 (permalink)
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One little tweak: put the plots in a block that does not execute, then you don't need the noplots, and none of the statements ever execute, but you still get the plots in the configuration. Using CurrentBar = 0 is sneaky, but works.

 
Code
if CurrentBar = 0 then begin
    // only here to set colors in the config
    Plot5(C, "Neutral"); 
    Plot6(C, "HH+HL"); 
    Plot7(C, "LH+LL"); 
    Plot8(C, "IB"); 
    Plot9(C, "BullEng"); 
    Plot10(C, "BearEng"); 
end;

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aslan View Post
One little tweak: put the plots in a block that does not execute, then you don't need the noplots, and none of the statements ever execute, but you still get the plots in the configuration. Using CurrentBar = 0 is sneaky, but works.

 
Code
if CurrentBar = 0 then begin
    // only here to set colors in the config
    Plot5(C, "Neutral"); 
    Plot6(C, "HH+HL"); 
    Plot7(C, "LH+LL"); 
    Plot8(C, "IB"); 
    Plot9(C, "BullEng"); 
    Plot10(C, "BearEng"); 
end;

Good idea. Can also prefix it with once I believe.

Thx,
Mike

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  #5 (permalink)
Madison, WI
 
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Yes, once would work, except then you need the noplots since the plots will execute once.

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  #6 (permalink)
3rd Rock
 
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Bacon's Avatar
 
Posts: 204 since Mar 2010
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@Mike,

Good idea for an indicator.

Not sure what level of detail you're aiming for, but here are a few ideas....

 
Code
if O = C then color = GetPlotColor(11);
if H[3] < H[2] and L[3] < L[2] and H[1] < H[2] and L[1] < L[2] and C < C[1] then color = GetPlotColor(12);
if H[3] > H[2] and L[3] > L[2] and H[1] > H[2] and L[1] > L[2] and C > C[1] then color = GetPlotColor(13);
if H[1] <= H[2] and L[1] >= L[2] and C > H[2] then color = GetPlotColor(14);
if H[1] <= H[2] and L[1] >= L[2] and C < L[2] then color = GetPlotColor(15);
 
Plot11(C, "Doji");
Plot12(C, "RevShort");
Plot13(C, "RevLong");
Plot14(C, "IB-BreakLong");
Plot15(C, "IB-BreakShort");
Plots 12 thru 15 assume trade-plans that require the signal bar to close before becoming a valid trigger (painted).

These do not allow for trade-plans that only require the trigger be broken at anytime during the formation of the current bar. Will the code allow the painting of the current bar, based on breaking a trigger point, prior to the bar closing?

Something similar could be done for the break of the low of a Bearish Engulfing or of the high of a Bullish Engulfing.

If you aren't interested in painting trigger bars, then for the reversal pattern you could just paint the third bar of the three bar pattern....

 
Code
if H[2] < H[1] and L[2] < L[1] and H < H[1] and L < L[1] then color = GetPlotColor(12);
if H[2] > H[1] and L[2] > L[1] and H > H[1] and L > L[1] then color = GetPlotColor(13);
Just random thoughts...

Bacon

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April 18, 2010


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