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Some "price action" indicators for Multicharts

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Updated by BenosBanderos
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Some "price action" indicators for Multicharts

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  #1 (permalink)
Experience: Beginner
Platform: MultiCharts
Trading: AUD/USD
Posts: 31 since Mar 2012
Thanks: 23 given, 22 received

Here are a few indicators I've been developing in the style of Al Brooks.

Fairly simple stuff, but written for MC 8.0 beta 2 so they don't care about your MaxBarsBack settings and work off the entire chart series (this could slow your chart down if you are working with huge amounts of historical data but probably not on a decent machine). Some are just reworked versions of the inbuilt indicators with a consistent style and a few additional options I'll discuss below.
  • Floor Pivots
  • Prev Week HLOC
  • Prev Day HLOC
  • Current Week HLO
  • 60min EMA on 5min Chart
  • 15min EMA on 5min Chart
  • Bar Numbers

The first four have an interesting feature. You can calculate and display the plots based on session times you specify, rather than the indicators always using the session setting on the chart. This can be useful in a number of ways. Say you typically trade of S/R on the day session but sometimes flick over to the overnight so you can look at the price action. You can now do this without changing the S/R you are trading off. Or you could simultaneously display two instances of the same indicator, one using the regular session and the other using the overnight.
Another idea is when using Floor Pivots. Apparently many forex traders base their pivots off midnight GMT even when using a different time to mark the end of day. This is now possible since the indicators are effectively decoupled from the chart session, if you choose. And in fact you can flick between the two modes.

For the 2 EMA's, I adapted Al Brooks tradestation code from his website. I've disabled the very approximate smoothing algorithm so it appears stepped, but more closely matches the EMA values as they would be on an hourly version of the same chart. If you don't like the stepped appearance you can uncomment in the code to re-enable.

All the indicators have a few inputs to customise the appearance such as labelling the S/R lines and where these appear on the plot.

Any comments/suggesions welcome.

Attached Files
Register to download File Type: pla BC Price Action Pack.pla (53.1 KB, 143 views)
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  #2 (permalink)
Experience: None
Platform: NinjaTrader
Trading: Forex
Posts: 1 since Nov 2011
Thanks: 3 given, 1 received

Thanks for sharing the package.
I am having problem with the "Floor Pivots (BC)".

Should the S2 S3 calculation be the following?

S2 = PP - pDH + pDL;
S3 = S2 - pDH + pDL;

The indicator has:

S2 = PP - pDH - pDL;
S3 = S2 - pDH - pDL;

Again, thanks for posting the indicators.

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The following user says Thank You to andy0310 for this post:
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  #3 (permalink)
Experience: Beginner
Platform: MultiCharts
Trading: AUD/USD
Posts: 31 since Mar 2012
Thanks: 23 given, 22 received

Hi Andy,

Yes, well spotted. Could be

S2 = PP - pDH + pDL;
S3 = S2 - pDH + pDL;

or another way is thinking of pDH - pDL as the range, so

S2 = PP - (pDH - pDL);
S3 = S2 - (pDH - pDL);

I'll won't update the file just yet in case in any more issues arise.


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April 24, 2012

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