FXCodeBase.COM: Forex Chart Indicators and Development

Hi Apprentice,
YOU CAN ADD AN ALERT TO THIS INDICATOR WHEN THE BAR EXCEEDS A PREDEFINED LEVEL?

(alert not change the colour of bar but if one bar exceeds for example the 0,10)

BWMFI with Alert.lua added.

Dear Apprentice,
Please find suggested modification to make the indicator a little more user friendly. As summarised in previous posts, the "squat" is a directional indicator and is based on the range of a given price bar and the volume that occurs while that range is being created.

The "squat" is based on the idea that high volume and little price movement, indicates substantial support or resistance. Once the required conditions for a "squat" are satisfied, it would be great to have a "flag/marker" above the price bar to highlight the "squat". An overlay of a small flag (say a coloured triangle or an arrow) would make it really easy to identify the "squat" and still keep the display uncluttered.

User parameters:
1) %volume - the percentage increase in tick volume compared to the previous bar, which will generate the "squat"
2) Colour option for the "squat" marker

--> Squat calculation

Squat is represented with a marker above the price bar when both of the following conditions are satisfied:
1) At least a 30% increase in (TIC) volume and
2) A smaller "MFI" than the previous price bar

MFI = [(range of bar)/volume]

Note:
1) "range of bar" is the price range of the bar in tics, pips or points -> range=(high-low)
2) "volume" is the (TIC) volume.

Not sure if code for "real.volume" based on the FXCM "Real Volume Transactions" indicator is now available but otherwise whatever feed for volume volume data is available in the price chart could be used. I normally only run the FXCM "real.volume" indicator for some specific charts and particular timeframes such as 1-min or 5-min. Volume data gets averaged on larger time frame charts and the "squat" is not so useful then.

Your request is added to the development list under Id Number 4438

Try this version.

Dear Apprentice,
Thank you for getting this through. The "squat" signal is regarded as the most powerful of the four signals. I ran a few tests using forex pairs and unfortunately the "tick.volume" is not generating reliable signals. Using "Real Volume" indicator data to calculate the "squat" signals is generating much more reliable signals!

The squat bar is typically a low-range, high-volume bar. Currently, the indicator is picking up many high range low volume bars (as measured based on the real volume data) in Marketscope. This could be an issue of using retail trade data, where there may be higher transactions, but which may not amount to large overall volume due to the relatively smaller size of these numerous transactions.

Could you please confirm:
1) The thinking behind the "range" input in the parameter section?
2) Is it possible to only have the "squat" arrows on the price chart, rather than the 4-colour bar panel?
3) Is it possible to use "real volume" data in the "squat" indicator calculation? Tick volume is not getting reliable results as noted above.

Thanks,
Fortcentral

Hello dear friend Apprentice.

Can you please code this indicator for MT4? But the indicator being plotted as a line, not color coded bars.

So you just grab the result of this formula:

MFI = (High - Low) / Volume


And display as a line on bottom of the screen.

Thanks

Your request is added to the development list under Id Number 4836

Try this version.
viewtopic.php?f=38&t=68771