Hi, I’m working on prototyping a new indicator but I don’t know how to code it. I have tried multiple times but only attempt that got close wasn’t good enough.
My indicator involves the following;
Measuring the % distance between a candles high to low(low to high) within a 5 minute timeframe, with a 2 hour time limit. A position should then be opened if stock price reaches 50% of the previous % difference
Bull Example;
- (9:00am) stock price at high of 5 minute candle is 10
- (9:30am) stock price at low of 5 minture candle is 9.9
- % difference between 10 and 9.9 is -1%, which is past the minimum of 1%
- % difference between 10 and 9.9 is -1%, therefore buy point is at 9.95 (+0.5%, since 10 – 0.5% = 9.95)
- (10:00am) stock price meets buy point at 9.95, long position is opened.
Bear Example;
- (9:00am) stock price at low of 5 minute candle is 10
- (9:30am) stock price at high of 5 minture candle is 10.2
- % difference between 10 and 10.1 is +1.9%, which is past the minimum of 1%
- % difference between 10 and 10.1 is +1.9%, therefore buy point is at 10.1 (-0.5%) since: 10.2 – (1.9%/2) = 10.1)
- (10:00am) stock price meets buy point at 10.1, short position is opened since process took under 2 hours (start at 9:00am ends at 10:00am)
Hope this is clear.
Any help will be greatly appreciated. I have tried to code this myself many times using some knowledge I found on this forum but can’t get it to work properly. I used ‘summation’ repeated 14 times on 5 mintue timeframe which doesn’t seem like a good way of doing this. I wouldn’t be asking for help on this forum if I hadn’t already tried this myself already.
Thanks in advance
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