Indicator for Range Proyections for target placement
Hi everyone. I'm new to the site and have been told to post here ideas for indicators I have not found anywhere else, so someone may pick it up and develop it. If so, thanks so much in advance. Here is the idea.
I trade futures on multiple lots, so I can have 2 / 3 targets on each position. In order to maximize my profit for the last contract, I want to let it run to the proyected max range for the day. So if ES moves 20pt avg a day, calculated by an ATR (7), I take the low of day at certain point of time (including overnight session), add 20pts to estimate a HOD and this would be 100% of range for the day, same for the high of globex to proyect a LOD. Of course as we have new highs/low for the day this targets adjust to the new reference points. Attached is a pic (Daily_Range) of a daily chart I use nowadays to have a quick understanding on where I am at the beginning of the day.
What I´ve been looking without success is an indicator that automatically plots these levels for me and automatically adjust them as new highs/lows are made for the day. I think the concept is pretty similar to the Market Range from Cory that dinamically plots Fib levels, but in my case this should be calculated for each session independently and based on ATR. This should be as simple as dinamically adding a fixed # (ATR) to the LOD Globex and inverse for the HOD Globex.
These are the variables I am envisioning it should have:
Daily ATR= input # days u want to use
% proy= it should plot 100% of ATR or different %
Evolving Line Height= to show as an AREA instead of a line (idea from dValueArea indicator)
Transparency level= (idea from dValueArea indicator)
I would imagine as a plot something very similar of the VA High / VA Low of the dValueArea indicator, as they are horizontal lines/areas that adjust during the day according to volume, although this should be according to Range and LOD/HOD.
First of all huge thanks for your quick response. This is great. I want to share some comments on the calculations, as well as couple of questions for small details:
Reg the calculations, could u pls check the following. Pls also see attached pics.
Current code proyects as follows: HOD= Current High + (ATR tick value*ATR Ratio)...right? If so, it should be
HOD= Current LOW + (ATR tick value*ATR Ratio)...pls see pics for clear visualization and reverse situation.
a) It seems when I change color of UPPER Range that it change the BOTTOM range....could u pls check this?
b) is it possible to set to calculate Daily ATR automatically? or to have the alternative of ticks and period for DAILY ATR?
c) now it is painting the whole area between the high and top range (or low and lower range)....is it possible instead to paint a smaller AREA based on the Top/Bottom range number only +/- xxx ticks....in my example, if the correct Upper Range is 1.3736, it could plot an area with +/- 5 ticks (which could also be a variable)....file areas.jpg attached.
This last two point is just to beautify the code.....I am pretty thankful for your help already.
Last edited by gtichauer; February 16th, 2010 at 08:16 AM.