by TheLight » Tue Sep 17, 2013 6:09 pm
Hi Apprentice,
The DNC legend upgrade has been very useful in displaying the Channel width in pips. It would also be helpful to have the Channel width pips displayed automatically as a percent % as well.
Of course we need a specific market value to compare the Channel width to. My thought is that we could use the median price of the channel for a formula as follows; (Channel width pips / (Channel high - Channel low = Channel median)) We also need to account for different decimal pricing in different forex pairs as well as CFD's. You might find some insight for this by looking at the lua script for the ZigZag_Counter_V7.lua indicator as this issue was recently addressed in its latest enhancements.
Recent Example: On D1 (daily1) DNC (EUR/USD,20)(Channel width 304.9 Pips) - DU: 1.31046 DN: 1.34095
(DU: 1.31046 + DN: 1.34095 = 2.65141) / 2 = 1.3257 DM
Channel width 304.9 Pips / 13,257 = 0.0230 or 2.3%
Displayed in "Legend" as:
DNC(EUR/USD,20)(Channel width 304.9 Pips, 2.3%) - DU: 1.31046 DN: 1.34095 DM: 1.32570
or simplified could be
DNC(EUR/USD,20, 304.9 Pips, 2.3%) - DU 1.31046 DN 1.34095 DM 1.32570
Thanks again,
TheLight