Price Overlay

[Apprentice]

Allows you to pick One overlaying currency pair.
Supports, Price Scaling, Japanese Candlesticks, Inverse currency pairs.

I wrote it during the weekend, so It is not tested on Live Market

Price Overlay.lua

(10.33 KiB) Downloaded 1883 times

MT4/MQ4 version
viewtopic.php?f=38&t=68378

[webcom]

Thank you very much!I`ll test it on live market tomorrow!

Webcom

[webcom]

Hi Apprentice,

I tested the Indicator and it works well,the mirror function is there and it makes a difference...
What I think that can be inproved, to fully play its role is to have the same scale on the indicator as on the chart.Only in this way one can compare and confidently visualise Price Action in the two graphs.Otherwise we can make a" pretty good idea" of the PA but not sufficient.In the attached charts 12 "cm" on the initial chart are 1500 pips while on indicator 1100 pips.

Is it possible to modify the indicator so : 1"cm"[Indicator-scale]=1"cm"[Marketscope-scale]=X[Pips]?
Thank you for your understanding!

[Apprentice]

This is intentional.
Axes are the same, for same not inverse currency pairs.

I can add an option to turn off this feature.

The problem occurs if on the chart you added, two currency pairs that are significantly different,
EUR / USD and 1.396 for example USD / JPY 82.52

For this reason, I normalized charts, relatively.
But if i think I will surely find a way of absolute normalization.

[webcom]

Thank you for your prompt answer!
Unfortunatelly the indicator`s scale is different from the chart`s scale even when the graph is not inversed....(see attachment chart).I must agree that eyeballing the chart,it seems to be a credible and very Ok representation of the negative correlation between EURUSD and USDCHF.But this is not our purpose.What the chart is showing is that both pairs have the same quantity of Price Action/virtual "cm" (see the two equal segments that we suppose for simplicity to be parts of the two graphs).In reality the 2 PA are 100 respectivelly 140 pips.Thus the two graphs cannot be compared properly.Sure, one can do the math and find out the ratio but the point is to have an accurate visual representation of the correlation be it positive or negative.Our purpose simply put is:

1)chart A overlayied on chart B.
2)Same amount of pips per virtual "cm" on both charts.

Sorry for my conference- like replay but if we(you:))manage to create such an indicator och in perspective to have it in the "Overlay chart..." option of Marketscope it would be of great importance for all traders that use PA combined with Correlation trading.Think that with an accurate mirror function there would not be such a thing as "negative correlation" on the charts!
It`s not an easy task to create an indicator to fullfil the grade of accuracy and perfect match with the chart, but I think that its worth the effort and the reward in well monitored pips!And it`s no hurry for such a mission, only if you can put a time perspective it would be great!

Last but not least I want to congratulate you and your colleagues for your efforts and the understanding of traders needs!

Friendly
Webcom

[webcom]

Hi

Is this indicator, with the improvements described above, possible to develope? If so, can anyone develope it in the near future?

Thank you!
webcom

[lisa_baby_xx]

Hi Apprentice,

This is an excellent indicator.

Can I request Multiple Currency/Commodity parameters, so that if I wanted to monitor the following: GBP/USD, EUR/USD, EUR/GBP etc.. than I can do from the main chart.
Line type/style/colour would also be nice.

Many thanks and much love. XX.
lisa_baby_xx

[Apprentice]

Style Option Added.

[lisa_baby_xx]

Hi Apprentice,

Thanks sweetie! X-X

I have just realised that I can use multiple instances of this indicator and select which currency I would like to overlay! I was previously using the in-built price overlay that comes with MS.

Thanks again sweetie.
lisa_baby_xx

[lisa_baby_xx]

Hello Everyone!

I think this indicator is excellent.
Can "Shift Horizontal" and "Shift Vertical" parameters be added to this indicator?
I am looking for a displacement effect.

Much love to one and all and Happy Pipping!
lisa_baby_xx