Channel Indicator

   I would like some help in coding an indicator that finds the highest, lowest and midpoint value in the previous calendar year and draws horizontal lines across the following calendar year price chart. This is just the beginning of a set of different timeframe indicators that I can use on any chart of a lower time frame than the indicator.

Does anyone have any ideas to get me started?

[Hi Maximo, PM'd you]

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peter1 Members Profile Send Private Message Find Members Posts Add to Buddy List Regular Joined: 27 Aug 2008 Location: Sydney Posts: 56	Post Options Post Reply Quote peter1 Report Post Quote Reply Topic: Channel Indicator Posted: 06 Feb 2009 at 12:37pm
	I would like some help in coding an indicator that finds the highest, lowest and midpoint value in the previous calendar year and draws horizontal lines across the following calendar year price chart. This is just the beginning of a set of different timeframe indicators that I can use on any chart of a lower time frame than the indicator. Does anyone have any ideas to get me started? [Hi Maximo, PM'd you]

peter1 Members Profile Send Private Message Find Members Posts Add to Buddy List Regular Joined: 27 Aug 2008 Location: Sydney Posts: 56	Post Options Post Reply Quote peter1 Report Post Quote Reply Posted: 08 Feb 2009 at 1:21pm
	Thanks for replying Max. I have found some Metastock code of Jose Silva's that has been a good starting point. Pivots - Monthly { Message allows color selection b4 plotting } message:=Input("Plot on daily charts",0,0,0); { Month' start } m:=Month()<>Ref(Month(),-1); { Month's OHLC } Om:=ValueWhen(2,m,O); Hm:=ValueWhen(1,m,HighestSince(2,m,H)); Hm:=ValueWhen(1,Hm>0,Hm); Lm:=ValueWhen(1,m,LowestSince(2,m,L)); Lm:=ValueWhen(1,Lm>0,Lm); Cm:=ValueWhen(1,m,Ref(C,-1)); { Pivot levels } p1:=(Hm+Lm+Cm)/3+Hm-Lm; p2:=(Hm+Lm+Cm)/32-Lm; p3:=(Hm+Lm+Cm)/32-Hm; p4:=(Hm+Lm+Cm)/3-Hm+Lm; { Plot on daily chart } p1;p2;p3;p4

maximo Members Profile Send Private Message Find Members Posts Add to Buddy List BullCharts Guru Joined: 02 Sep 2006 Location: Australia Posts: 232	Post Options Post Reply Quote maximo Report Post Quote Reply Posted: 11 Feb 2009 at 2:53pm
	That's great Peter! Good to see some active members on this site discussing some ideas and code. I used a bit of that code myself in the Trend Pivot indicator. I created the visual backtest to see how effective entries and exits were. Might as well post it here so people can see if that strategy might suit them. They can freely cut and paste my visual backtest code and adapt it to their own indicators etc. to see how effective they are. { Trend Pivot } [Description="Averaged Weekly 50% Pivot"] method := inputma("Method",E); tp:=Input("Period",6,2); sigs:=input("Signals 1=on 0=off",1,0,1); wp:=input("Weekly Pivot 1=on 0=off",0,0,1); [target=price] m:=Month()<>Ref(Month(),-1); p:=ValueWhen(1,DayOfWeek()=1 or m,ref(HHV(H,5)+LLV(L,5),-1)/2); [linestyle=solid; color=orchid] if(wp,p,undefined); {weekly pivot point 50%} [linestyle=solid; color=medium slate blue] pa:=ma(ref(HHV(H,tp)+LLV(L,tp),-1)/2,tp,method); {pivot averaged} pa; SignalLong := if(sigs AND C>=pa AND hist(C,1)>hist(pa,1) AND hist(C,2)<hist(pa,2),1,0); SignalShort := if(sigs AND C<pa AND hist(C,1)<hist(pa,1) AND hist(C,2)>=hist(pa,2),1,0); SigLong := if(SignalLong,1,if(SignalShort,0,prev)); SigShort := if(SignalShort,1,if(SignalLong,0,prev)); [linestyle=marker; marker=long; name=""] If(SigLong and SigLong <> hist(SigLong,1),1,0); [linestyle=marker; marker=short; name=""] If(SigShort and SigShort <> hist(SigShort,1),1,0); [linestyle=pricecolor] [color=rgb(98,217,98)] {lime green} If(C>=pa,1,0); [color=rgb(226,118,118)] {red} If(C<pa,1,0); LE:=If(SigLong and SigLong <> hist(SigLong,1), C, prev); { LE price save } SE:=If(SigShort and SigShort <> hist(SigShort,1), C, prev); { SE price save } LEp:=If(SigLong and SigLong <> hist(SigLong,1), round(((SE-LE)/SE)100,2), undefined); SEp:=If(SigShort and SigShort <> hist(SigShort,1), round(((SE-LE)/LE)100,2), undefined); [color=Forest Green] [linestyle=Text; textalign=Above,Center] If(LEp>=0, "+" + LEp + "%", undefined); High; [color=Forest Green] [linestyle=Text; textalign=Below,Center] If(SEp>0, "+" + SEp + "%", undefined); Low; [color=Crimson] [linestyle=Text; textalign=Below,Center] If(SEp<0, " " + SEp + "%", undefined); Low; [color=Crimson] [linestyle=Text; textalign=Above,Center] If(LEp<0, " " + LEp + "%", undefined); High; Edited by maximo - 12 Feb 2009 at 4:53pm