6. The simplest, single dimension form of “channel”, is the ZigZag indicator. Above that is the ATR channel, and there are more… To be continued… G.
Thanks for your ideas
About the ATR channel, is it like this ? https://www.mql5.com/en/code/9287
If you do it on H1 chart (or any other higher than M1 – my prefered and used method): You should extend the already closed lower TF bars/channels to the right of the H1 (as if “prediction” bars, but they are actually real ones). For those extended bars the TIME is meaningless, and they should be scaled to the H1 scale. More complicated to program, but more revealing… G.
Just to make sure: At 5 minutes before candle H1 close,
We take candle (1) for TF M5-M30, and candle (5) for TF M1 (because at 5 minutes before H1 close), but for TF H1, we take candle 0 (zero) ?
Do we take candle M30 @08:00 , M15 @08:30, M5 @08:50 and M1 @08:54 and we draw the channel ?
Edit: assuming the image is right. Do we look at the H1 candle @07:00 (previous closed H1 candle), and split it into 3 parts ? Or we take current H1 candle @08:00 and split it into 3 parts ? How can we know the direction of current H1 candle (@08:00) , which still has 5 minutes to close ?
- This reply was modified 5 years, 2 months ago by smallcat.