How to make a mid-line on a candle stick Indicator
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Hi Traders. I have a scalping strategy that I want to test live. Every thing looks great on replay mode and on printed paper sort of speak but I have a couple of things I need to consider that will effect live trading.
There is one rule that I cant detect quick enough with the naked eye considering this is traded on the 1 minute time frame. Also it will be impossible to adjust after the signal bar closes.
This rule is simple;
If I had a way to draw a line on the middle of the body on a candle on MT4 it would help so much because I have noticed that if there is more than 2 candles in the line from the mid point of my trigger candle the set up almost always fails to be profitable.
Can anyone help. I seen a forum similar to this but it was for mt5. I need help with mt4.
I would appreciate any help.
Thank You
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Are you asking for a line to be drawn at the midpoint of candle 1?
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Do you need the line to trade manually? Because if not, the line is unnecessary and a variable would do the job with far less code involved.
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Yes that is right. Through the middle of the body, extending to the left of the chart. Yes, this is for manual scalping. It's only to help me make quick decisions in times of consolidation
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@JayPhillbrooks Candle 0. Current candle.
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Candle 0 doesn't have a fixed midpoint as it's still forming, redraw a horizontal line on 0 midpoint should have it constantly redrawing as the candle forms
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I'm not sure if you are looking back at the candles after they've already been formed or live. The midpoint will change as the candle is forming but if you mean that you want the midpoint at the time of it lining up with more than the two previous candles, you'll have to anchor a trendline on median price(high+low/2) set the trendline to ray left. But make sure that it's set to No for create 1 object per bar so that it doesn't keep redrawing as the candle is updating. If you want to see it baked in afterwards, you will need to create the condition candle 0 median price(high+low/2) = candle low of candle 3. Create another condition for the high. When the condition is met draw a trendline from the median price of 0 and shift time 2 back 3 minutes do this for each condition's high and low and set it to Yes on create 1 object per bar.
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@Cpt_Cook Thats a good point.
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@JayPhillbrooks Yeah I get you. Its pretty much to see if there is room to the left. I've noticed price doesn't move very far when you put a horizontal line in the middle of the body of the signal candle, (After Close) with a ray to the left and it touches more than two previous candles. I understand you could just eyeball this or manually draw a line but there is already so much to consider when scalping. It would be so nice to have this automatically painted after the close of a candle. Is it possible?
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@Cpt_Cook I'll share my version of the project with you from what I believe you are asking of. I was curious to see if it would work and it only took a few minutes so you can use this a base and extrapolate from it. I can't attest to the usefulness or profitability of it.
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@JayPhillbrooks Hi Jay thank you and sorry for the late reply, I will copy this for mt4 and let you know. I tested my strategy today live and entered two trades in error because I couldn't think fast enough
