Pips + spread candle indicator

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Pips + spread candle indicator

Postby hashinko » Wed Apr 11, 2018 7:58 am

Hello !
I have a request to make an indicator (if it didn't exist yet..) that can help in money management
About the indicator it must show (either beside the candle or up right/left corner of the screen) the value of the spread for the asset, the size of the candle in pip (for exemple the candle is a bullish one that retrace 2 pips down and finish 5 pips higher that make a total of 7 pips) and it must add the value to give for exemple the spread of the asset is 0.5 and the candle is 8 pips range so 8.5 in total

But for the best part if possible, add another value, that calculate the range of the candle + the spread (9 pips for exemple in total so 8.5 range candle and 0.5 spread) we place our stop +0.3 pips higher/lower so 9.3 and this value must be 1% of our capital so we must calculate how many lots can we put in this trade in order to make the stop 1% of our actual capital

For exemple with the 9 pips candle and an account at 1000$
Our stop is at 9.3 and 1% of 1000$ is 10$, stop must be 10$ max so around 0.10 lots (1$ per pips) that make our stop here at 9.3$

In resume the indicator have to show the spread + range pips of current candle and the lots that we can trade compared with the previous value in order to lost max 1% of our capital

Hope i'm clear in my words and that this is possible to make an indicator of this idea :)

In mt4 by preference :)

Thanks !
hashinko
 
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Re: Pips + spread candle indicator

Postby Apprentice » Thu Apr 12, 2018 4:51 am

If the candle is a bullish
Retrace 2 pips down

This is the distance from open to low
Finish 5 pips higher

This is the distance from low to close

Your approach does not consider high candle value.
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Re: Pips + spread candle indicator

Postby hashinko » Thu Apr 12, 2018 6:22 am

In fact (for the strategy) candle need to have an average 4/9 pips range cause it’s on 1min TF, so yes in this situation big candle value is not so relevant but if it’s on 1hour it can be possible too, the basics are the same
If on 4 hour chart we have a bearish candle with 56 pips range (highest point of candle to close of candle) (+0,5 spread so 56,5 exactly) we will place our stop +0,3 pips higher (because of bearish movement) so 56,8 has to be 1% but in this case you must have a decent account to take position (will be 0.01 lots with minimum a 570€ account for exemple in here)

Hope it’s clear :)
hashinko
 
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Re: Pips + spread candle indicator

Postby Apprentice » Fri Apr 13, 2018 6:53 am

First I have tried to write the corresponding oscillator.
viewtopic.php?f=17&t=65937

It is calculated as
Up Candle
(Close - Low ) + Spread
Down Candle
(High - Close ) + Spread

If you confirm, everything is ok, will write the rest.
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Re: Pips + spread candle indicator

Postby hashinko » Fri Apr 13, 2018 12:53 pm

Hi ! Thanks for the work ! but i don't use fxcm plateform just MT4 so won't be able to tell you if it suits or not but as far as i can see on the mini pictures, if the numbers can appear directly on the chart and not on a separate window it will be great, if not put the numbers above each bars (according to candle) on the bars chart oscillator
hashinko
 
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Re: Pips + spread candle indicator

Postby Apprentice » Mon Apr 16, 2018 4:50 am

We can write it for MT4 and on Chart
Can you confirm the formula?
Up Candle
(Close - Low ) + Spread
Down Candle
(High - Close ) + Spread
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Re: Pips + spread candle indicator

Postby hashinko » Mon Apr 16, 2018 6:43 am

Yes thanks this is the right formula :)
hashinko
 
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Re: Pips + spread candle indicator

Postby Apprentice » Tue Apr 17, 2018 5:34 am

Your request is added to the development list under Id Number 4112
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Re: Pips + spread candle indicator

Postby hashinko » Wed Apr 18, 2018 9:24 am

Amazing, thanks you rock :) !
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