Some "price action" indicators for Multicharts - MultiCharts | futures io social day trading
futures io futures trading

Some "price action" indicators for Multicharts
Updated: Views / Replies:2,802 / 2
Created: by BenosBanderos Attachments:2

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 100,000 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 – 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 don’t 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

Thread Tools Search this Thread

Some "price action" indicators for Multicharts

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

Some "price action" indicators for Multicharts

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.

Please register on to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Any comments/suggesions welcome.

Attached Files
Register to download File Type: pla BC Price Action Pack.pla (53.1 KB, 139 views)
Reply With Quote
The following 9 users say Thank You to BenosBanderos for this post:
  #2 (permalink)
Trading Experience: None
Platform: NinjaTrader
Favorite Futures: 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.

Reply With Quote
The following user says Thank You to andy0310 for this post:
  #3 (permalink)
Trading Experience: Beginner
Platform: MultiCharts
Favorite Futures: 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.


Reply With Quote


futures io > > > > Some "price action" indicators for Multicharts

Thread Tools Search this Thread
Search this Thread:

Advanced Search

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

futures io is celebrating 10-years w/ over $18,000 in prizes!

Right now

$250 Amazon Gift Cards with our "Thanks Contest" challenge!

Right now

Show us your trading desks and win over $5,000 in prizes w/Jigsaw Trading


The Spirituality of Trading w/Dr Brett Steenbarger

Elite only

Similar Threads
Thread Thread Starter Forum Replies Last Post
Fukushima: "China Syndrome Is Inevitable" ... "Huge Steam Explosions", or "Nuclear Bo Quick Summary News and Current Events 0 November 22nd, 2011 01:50 AM
How to change "Stop Loss" and "Take Profit" in "shElderImpulse" Strategy javed759 NinjaTrader 1 November 1st, 2011 10:44 PM
"mid", "buy", "sell" volumes lokgotkent Traders Hideout 6 September 30th, 2011 01:24 PM
Indicators "Calculate on bar close" Question whatnext NinjaTrader 4 June 29th, 2011 05:48 PM
Multicharts "Bar Magnifier + Trailing stop" Bulby EasyLanguage Programming 2 June 10th, 2010 06:11 AM

All times are GMT -4. The time now is 11:45 AM. (this page content is cached, log in for real-time version)

Copyright © 2019 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432,
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