Does anyone know how to determine the speed of a move in multicharts?
Say something is moving very quickly? Could you write a rule that says "if the price has moved more than .25% in under 30 seconds or 1 minute then..." (assuming your working with a higher timeframe - say hourly).
Any thoughts? Would you have to incorporate a lower timeframe somehow? Does anyone have an example of how that would be done if that's the solution? Thanks!
Can you pull data from DOM somehow in multicharts? Or are you suggesting more of a discretionary approach?
I need something that can be coded - hard rule around speed of the move.
Re: the range and volume indicator - I think that's the route I need to be heading, however, I'm trading FX and don't have volume data.
Has anyone come across an indicator of that sort for multicharts? I could take a stab at creating one I suppose...
I'm having a bit of trouble wrapping my head around how I would use an indicator that is not time based in code that runs bar by bar... or every X seconds.
Any further input would be greatly appreciated. Thanks!
If your "day" trading forget doing it in cash FX as the mkt place isn't transparent unless your using something like hotspot fxi, even then their is liquidity elsewhere and your a very small fish swimming with sharks.
The "fixed" rule idea is what screws people. They think they need an edge that they must quantify ( yet again your eduction, is screwing you). The mkt is social and adaptive, its people buying and selling stuff, therefore the game is that of theory of mind, not linear rules.
There is a reason charts are the last thing you find on a traders computer that makes money, yet here on big mike there is all kinds of fancy pictures people create.
All this aside just look at a bar chart say 2 mins and ask yourself the question is it moving fast or slow..