Pain meter

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Hello all,

I decided once more to release one of my private indicators, just for fun of it

Below is a screenshot of the indicator. It basically tries to calculate the amount of pain on the market.

My hypothesis is that when the amount of pain of the sellers or buyers will become too high, the market will stabilize or turn (and sometimes pretty fast because it will cause

dumping).

Green line is the pain of buyers (bulls). Red line is the pain of sellers (bears). Gray line is the pain difference. Bars on the middle tell the current change.

White line is the MA of difference. Arrows appear when the average peaks (makes lowest low or highest high of specified period)

IMHO This has been a really good indicator, if someone wants to code an ea for it, feel free to do so. I haven't had time yet

edit: the buy line is not an indication of where you should buy, I'm just playing with the demo..

Files:
painmeter.gif  24 kb
mikko_painmeter2.mq4  5 kb
painmeter2.gif  23 kb
 

WOW !

Seems to be a killer

 

Here are two of my other private indicators I posted in case someone is interested in them too

https://www.mql5.com/en/forum/178376

https://www.mql5.com/en/forum/177227/page35

 

nice!

btw. MikKo, can you twist SR a bit to be not Pain'S waitin' ind

b.btw. thank you 4 sharing - good idea

 

I try your indicator.. look terrific but on my chart its not same like yours..

Can you tell me why ?

Thanks for posting !

Maby its becuse I get an error when I compil your indi ??

Files:
nikko.gif  38 kb
mikko_error.gif  5 kb
 

Thanks mikkom

 
PipeTrader:
I try your indicator.. look terrific but on my chart its not same like yours..

Can you tell me why ?

Thanks for posting !

Maby its becuse I get an error when I compil your indi ??

I probably had some non default values, arrows appear based on last highest high or lowest low of period, try to lower the arrowPeak value.

ps. Arrows are just an indication of peaks.

 

It's too sad we don't have access to our brokers data, this is what real pain looks like (see the short EURUSD graph)

FXOpenPositionsHistory

 

edited : have to find right settings 4 diff pairs and tfs

very sensitive

my be add atr?

 

V3 of indicator

Here is a new (simplified version, some shots below - indicator attached)

there are no "correct" settings, all the indicator does is it measures collaborative pain on the market of those participants that have purchased the security less than X bars ago.

I got rid of all the arrows and such to make it even simpler.

Files:
painmeter.gif  24 kb
painmeter2.gif  24 kb
mikko_painmeter3.mq4  5 kb
 

If price going UP shouldn't the buyers be feeling less pain rather than more pain?

Perhaps, I am misreading your indicator.

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