4 equal high lo bar indicator

V

vortextrader

RANGE.jpg

Where can I find indicator that automatically detect at least 3 to 4 consecutive H4 bars with relatively equal hi and lo ? i have marked 6 bars in the picture above (inside yellow lines)

This is very useful for range break out trades

Thx!
 
There are several problems with this:
  1. "Equal" won't cut it because it could be off by 1,2 ticks, but really is equal. Hence the SMA solution.
  2. The bars start and end are arbitrary. Who is to say that this starting point is the "correct one" for showing the range. If you just play with the timeframe you can always get some bars to fit.
  3. Different data sources might yield different results.
  4. then you will try some MACD type solution because the SMA did not work out. E.g. when two SMAs become convergent or have a constant delta. But this is just derivative and will have the same negative issues.
  5. Then try to set a level that represent boundary and measure that the bars are within range of the boundary, both high and low. The offset method, or don't cross this line, it is just the line is not the H or L.

Is this useful? Probably not because you want a break out. The markets are full of false breakouts. Enough failed breakouts, that the R:R will not work out by itself. Instead of working on the indicator, jump ahead and assume it works, then look at how you will enter and exit. The forest is full of lions, tigers and bears.

Best of luck and hope that helps.
 
it works. What I am looking is relatively equal according to for example specified ATR H4 range, not 100 percent equal . There is always a bit subjectivity because it is the nature of trading.

Can anyone suggest me MT4 indicator to help me with the system?

Is 100 percent objective trading system works? it can but most if not all,win rate and probability is mediocre.. that is why robots dont perform well.

I am not looking for a 100 percent objective system, in fact, I avoid it

Bad_Badness said:
There are several problems with this:
  1. "Equal" won't cut it because it could be off by 1,2 ticks, but really is equal. Hence the SMA solution.
  2. The bars start and end are arbitrary. Who is to say that this starting point is the "correct one" for showing the range. If you just play with the timeframe you can always get some bars to fit.
  3. Different data sources might yield different results.
  4. then you will try some MACD type solution because the SMA did not work out. E.g. when two SMAs become convergent or have a constant delta. But this is just derivative and will have the same negative issues.
  5. Then try to set a level that represent boundary and measure that the bars are within range of the boundary, both high and low. The offset method, or don't cross this line, it is just the line is not the H or L.

Is this useful? Probably not because you want a break out. The markets are full of false breakouts. Enough failed breakouts, that the R:R will not work out by itself. Instead of working on the indicator, jump ahead and assume it works, then look at how you will enter and exit. The forest is full of lions, tigers and bears.

Best of luck and hope that helps.
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