Looking for Marney Volume and Range Indicator - MetaQuotes MetaTrader MQL Programming | futures io social day trading
futures io futures trading


Looking for Marney Volume and Range Indicator
Updated: Views / Replies:6,866 / 12
Created: by janson Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Looking for Marney Volume and Range Indicator

  #1 (permalink)
Trading Apprentice
Munich
 
Futures Experience: None
Platform: MetaTrader
 
Posts: 10 since Jun 2010
Thanks: 5 given, 3 received

Looking for Marney Volume and Range Indicator

Hi there!

I'd like to ask if someone is interested in the Marney indicators which were introduced in the current FX Trader Magazine edition who is able to program them into MT or NT.

It's just an ordinary ATR and tick volume indicator. But they are time adjusted so they show the average volume and range of each hour candle.

Here is a bit more info:
Marney Indicators?

To me it makes a lot of sense and they may provide usefull informations.

Thank you!
Janson

Reply With Quote
The following user says Thank You to janson for this post:
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Elite Member
Berlin, Europe
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,651 since Mar 2010
Thanks: 4,226 given, 25,601 received
Forum Reputation: Legendary


I had a look at their website. It is an application of the concept of seasonality to intraday chart periods, certainly a serious approach. Do you have more details? I do not understand the trade station code that I found on the website without further explanations. Also it is not obvious how to use the indicator.

Reply With Quote
 
  #4 (permalink)
Trading Apprentice
Munich
 
Futures Experience: None
Platform: MetaTrader
 
Posts: 10 since Jun 2010
Thanks: 5 given, 3 received

He writes more about his indicators in the FX Trader Magazine. Forex Trading Magazine | Learning Forex Trading | Forex Currency Market | Online Currency Trading

You can download the magazine also from his homepage. There are endless ways how to use volume and he introduced some ideas how to use volume in fx in his series. The latest edition is about his indicators.

The MRI (Marney Range Indicator) averages every trading hour of the last fifty days. That's what the horizontal line shows. For example it shows that the average ATR form 00:00 - 01:00 is 25 pips and from 01:00 - 02:00 30 pips and so forth.

The same applies for the Volume indicator.

The vertical bars show the current range or volume so you have an indication if the markets trades below or above its average. In general if the market is making a new high and both the range and volume is higher than expected for that time of day, then the move may be considered to be more significant and conversely if a move occured on paritcularly low volume and range, then it might be considered less significant.

Anyways, it's not a system. Just some ideas I think are interesting enough to play with them.

Reply With Quote
 
  #5 (permalink)
Elite Member
Berlin, Europe
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,651 since Mar 2010
Thanks: 4,226 given, 25,601 received
Forum Reputation: Legendary

I find it very difficult to use the volume information. Let us say that the bar from 10:00 AM to 11:00 AM shows higher volume than the average volume of the 10:00 AM to 11:00 AM bars for the last 50 days, what are you going to do with this information? It does not tell you, whether the market will be trending or whether it will stay in a narrow range. I have gone through the daily $EURUSD chart and have found high volume, wide ranging days as well as high volume, narrow range days.

However, it can be revealing, during which hours of the day volatility picks up.

(1) If volatility is usually low, you do not want to trade.
(2) If volatility usually picks up, you want to trade breakouts.
(3) If volatiliy usually dries up, you may consider countertrades (non-trending days only).

So you could use this information to divide the day into different volatility zones. This may give you a clue, how to adapt your trading style. The volatiliy zones could be colour-coded, to show low, average and high volatility expectation.

To do this, you could collect the hourly ranges, write them to to an array sized [24] x [50], then return the hourly average range and smooth it a bit. You then would know

- expected hourly volatility
- actual volatility compared to expected volatility

I think, this would make sense.

Reply With Quote
 
  #6 (permalink)
Trading Apprentice
Munich
 
Futures Experience: None
Platform: MetaTrader
 
Posts: 10 since Jun 2010
Thanks: 5 given, 3 received

What Marney said in his article is that when the range AND volume are above average that the move is considered to be more significant.

I absolutely agree with you it is important for your trading to know the 'pulse' of a specific pair. To know at what time volatility and volume usually picks up and dries out again. Each pair is a bit different and these indicators illustrate that 'pulse' quite well.

I don't know if apart from these informations the indicators may be helpful for any further trading decision. But it's hard to find out when I don't have them on my charts. That's the reason I am asking here if someone is interested in programming them as I don't have great programming skills at all.

What I do know is that price in general is more commited to key levels of support and resistance in times of low volume than during times of high volume (I think you meant the same whatr you said about volatility at point 3).

I don't think you can trade just on volume alone but volume could certainly provide an edge. The author proved this with a simple eod backtest when he went long if price made a new high or went short if price made a new low during London afternoon which is considered the time with the most volume.

For me the indicator doesn't need to be color coded. I am happy if its just providing the the average ATR & volume vs. the current. Acutally I find the marney layout perfect (without the bars color coded).


Last edited by janson; July 17th, 2010 at 12:38 PM.
Reply With Quote
 
  #7 (permalink)
Elite Member
Berlin, Europe
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,651 since Mar 2010
Thanks: 4,226 given, 25,601 received
Forum Reputation: Legendary

I will think about integrating this into my better volume indicator. For smaller timeframes and daily chart better volume makes sense, but for the intermediate timeframes (between 30 min and 1 day) I could replace that approach with the Marney indicator.

I also have an idea, how to integrate the wide ranging bars into the concept.

But this may take some time.

Reply With Quote
 
  #8 (permalink)
Elite Member
Berlin, Europe
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,651 since Mar 2010
Thanks: 4,226 given, 25,601 received
Forum Reputation: Legendary

Hourly range analysis

There is also a short article in the May issue of the TASC magazine: Looking at Other Markets by Gail Mercer.

For the Euro future contract (which should be equivalent to $EURUSD), it is shown that between October 2008 and October 2009, 6E had its largest two-hourly movements between 10:00 AM and 12:00 ET.

If volatiliy is a criterion, these are the times, where you should trade 6E:

4:00 AM to 6:00 AM (European session)
10:00 AM to 12:00 AM (Overlap European - American session, London close)
12:00 AM to 2:00 PM (American session)

Avoid the time between 6:00 PM and 8:00 PM as nothing will happen.

Once the indicator is built, we can see this on the chart in real time.


Last edited by Fat Tails; July 17th, 2010 at 04:29 PM.
Reply With Quote
The following user says Thank You to Fat Tails for this post:
 
  #9 (permalink)
Trading Apprentice
Munich
 
Futures Experience: None
Platform: MetaTrader
 
Posts: 10 since Jun 2010
Thanks: 5 given, 3 received

Thank you. I am really looking forward to it. I guess you are talking about NT as platform?

If you are planning to code the exact Marney indicators you may want to contact Caspar Marney before. Two weeks ago I wrote him an e-mail as I wanted to know if his indicators have been already coded to NT. He said not yet but if I know anybody who can translate the code into NT he would be very happy to have a chat with him.

Reply With Quote
 
  #10 (permalink)
Elite Member
Berlin, Europe
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,651 since Mar 2010
Thanks: 4,226 given, 25,601 received
Forum Reputation: Legendary


Hi janson,

won't have the time to do anything this week. But the indicators do not look difficult to code, I am sure somebody will do that, shortly.


janson View Post
Thank you. I am really looking forward to it. I guess you are talking about NT as platform?

If you are planning to code the exact Marney indicators you may want to contact Caspar Marney before. Two weeks ago I wrote him an e-mail as I wanted to know if his indicators have been already coded to NT. He said not yet but if I know anybody who can translate the code into NT he would be very happy to have a chat with him.


Reply With Quote

Reply



futures io > > > > > Looking for Marney Volume and Range Indicator

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Average range of each BAR indicator - exist already ? For ex Eric j NinjaTrader Programming 3 April 5th, 2013 04:34 PM
Range breakout indicator Jeff Castille NinjaTrader 16 April 23rd, 2012 03:11 PM
Dynamic Range Indicator arjfca The Elite Circle 3 February 28th, 2011 06:18 AM
Range indicator pchofard The Elite Circle 6 July 20th, 2010 07:38 PM
Opening Range Indicator msocks The Elite Circle 0 September 16th, 2009 12:58 AM


All times are GMT -4. The time now is 12:30 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-12 in 0.14 seconds with 19 queries on phoenix via your IP 54.145.16.43