Spike Bar Indicator
More clarification require
hi...
more detail require to code, such as bar index, and more visual examples
Spike Bar....
Hi Arshad,
Thanks for your reply. I am new to MT4 so please excuse me for my knowledge about this platform. I am not sure what does Bar Index mean. I currently do not have this indicator and therefore I have to manually search such Spike Bars on the chart where the Range has been extremely high on single bar as I have shown on the previously attached image with marked numbers. I am looking for a very simple indicator where if the Range (High - Low) of the bar crosses above user defined input (Minimum Range), the bar must be colored once closed accordingly - Blue if Close > Open and Red if Close < Open. If bar has closed at open price and still the Range of that bar is greater than user defined limit for the Minimum Range then the color of the bar maybe set to White by default. So this indicator will look for only 2 things.
1: Range of the current bar and compare it with Minimum Range defined. If Range of current bar is smaller than Minimun Range then this indicator will not do anything.
2: If the Range of current bar is greater than Minimum Range then it will wait for the bar to close to check if Close > Open (Simply paint the bar Blue), or Close < Open (Simply paint the bar Red) or Close = Open (Simply paint the bar White).
I hope to have explained the logic of this indicator as required. Of course it is not going to repaint as the Range of a bar once closed will never change but it will identify such high range bars with Blue and Red colors from other normal bars that may be of any other color (Green in my chart in the previous post). Once these Spike Bars are identified, areas of potential S/R can be identified as these bars represents Breakouts. I just hope that you get the logic. Since I do not have this indicator, I cannot give you more visuals. I can only explain on a bar chart as what a Spike Bar indicator would do, exactly the same thing I tried in my previous post. Once this indicator is loaded on any chart, it must give a visual display of Spike Bars or High Range Bars as per user defined input. I have something similar called as BreakOut bar. I am attaching the screenshot of it. But it simply paints the bar after a breakout had happened. for example if I set the period as 20 and if High formed on the current bar is greater than the high's of previous 20 bars, it paints the bar as per user defined colors. It may not be interesting but just to give you an idea because breakout does not necessarily mean that the range on the Breakout bar is higher, it may be just a 15 range bar not meeing the criteria of Spike Bar but still a Breakout Bar. Hence I am not convinced with this indicator, but just to give you an idea what Spike Bar would do on the chart. Kindly ignore the horizontal lines on the chart. I have put these on the chart to identify reasonable S/R areas that I can trade once market opens on Monday. Did you see those Magenta and Lime colored bars, these are Breakout Bars, not exactly Spike Bars but giving you an idea of how Spike Bars would look like once loaded.
Thanks for your time Arshad and I hope you get the concept.
Best regards,
Let me know if in doubt.
HI,
I just code this indicator, try this indicator and let me know hopefully it will according to your requirement it will show you bar's range as well.
your system "spike bars" seems intrusting please share...
and also let me know how its working, today is off so i cant check it on live quotesIndicator doesn't look like your pic?
screen short
Indicator doesn't look like your pic?
it will not paint the bars it show only color blue for BULL candle and RED for bear candle
Please post its screen short if possible
Check this and let me know
HI,
I just code this indicator, try this indicator and let me know hopefully it will according to your requirement it will show you bar's range as well.
your system "spike bars" seems intrusting please share...
and also let me know how its working, today is off so i cant check it on live quotes
it will not paint the bars it show only color blue for BULL candle and RED for bear candle Please post its screen short if possible
No bars just the numbers, it looked better like your pic with painted bars ? needs either the bars or better still arrows like in the fy260498 post below
Strategy...
Hello Arshad...
Many thanks for your time and expertise. Yeah, I think I can do with this indicator. Atleast it saves my time in checking for the true Spike Bar. I am attaching the screenshot of an example. But before anything, I must tell you that this strategy does not belong to me. It belongs to Mr. Steve who I must say has taught me how to trade and I am still in the process of learning. You may be aware of the fact that Best things in life are meant to be FREE. So after having spent hell of a money in knowing how to trade and giving preferences to shorter time frame, I have atleast learnt something from Steve, AT NO COST - God Bless Him and give him all prosperity and success in life. I am not trying to advertise for any product here as advertisements are done for something that cost money. Steve provides all informations at absolutely no cost. They also have a Live Chat session - Cost - FREE. Mind you, they do not give any trade signals but once there, the way of your thinking and trading will change considerably. I am still Demo Trading after having blown 2 of my accounts while trading S&P Future Contract for almost 2 years and then I came across Steve. I started with Forex trading demo account with $1000, made it $3345 once in 9 trading days, reset the account back to $1000 and currently I am at $1976 after 12 trading days. You see I want to see failures and face maximum psychological setbacks so that I refine myself more and more to trade and think like they do. When I tripled my account for the first time, I thought it was by luck and I don't want to leave everything on luck, I say everything. So I decided that until I am able to triple my demo account for atleast 3 times consecutively, I am not going to trade Live. So here I am, happy because for the first time in my life, I see extra money in my account believe me. I am not a good trader but can judge what is good and my strong belief is a person who understand PA in the market and market sentiments well, knows where and at which levels the market is going to react and discloses these ideas to public, then you have probably found the so called Holy Grail in him/her. I am proud to say Steve is one of them. Give it a try, you have got nothing to loose. By the way you can find on his website a record of all his past trades and the startegy of his trading methodology in details. Go through each and every section of it thoroughly and spend some time on such valuable training. Steve also post his high probaility trades in advance, much much advance to look for and we wait until market finally gets there. Can you believe, all these stuffs for FREE. See it to believe it because I feel if I am benefitted then everyone else must who believe in helping others.
I am attaching screenshot of one such strategy. I have loaded your indicator on it so that I don't have to search through such spike bars. My setting for this indicator on 1 Hour chart would be 80 (I am still testing it for 80 or 100). Now do you see one such Spike Bar of range 104 marked blue. Just see what happens in the next hour. The market fell back to 1.3950 and then from there onwards it continued its uptrend. So the market has agreed to remain in the uptrend at retracement until 1.3950. I have drawn a horizontal Lime colored line at this level and I will watch for Price Action History at this level to make sure if this level has acted as Support, Resistance or Both in the past. Better if the level under consideration had acted as both support and resistances in the past. If it did, then you are done. Just wait at 1.3950 with a limit BUY order as the market retraces back to this level in the future. Make sure that it does not slice through the level, or you can wait for the confirmation of reversal in a smaller time frame (5 or 1 minute as you may prefer). Apply your own money management strategy to lock your profit. How much does one need. If on EURUSD, I am able to make 20 Pips daily and consistently, I am more than happy, whereas these trades are designed to give anyone between 40 to 250 pips as far as my understanding goes and if I am not trying to hype this strategy (Why would I?). You have seen what happened at BUY order at 1.3950 in the attached chart. If your set up allows and candle closes above 1.3950 showing reversal, you may re-enter if you want. You may accept the fact that market always rebounces from important levels but the extent of rebounce is not that big. It then continue its way back to test that same level once again infact a bit more deeper to test and check how far it can hold, mainly testing the stop orders and level strength and if it is held firm then it rebounce again as you can see from the attached chart. The second rebounce is much more stronger than the first one but it has equal chances of failures. I am still in the process of developing my abilities to trade these levels and hence I cannot say anything more than what Steve is preaching freely through his website. Have a go and let me know how you like it. If you have any difficulties, let me know. If you want I can post you my charts in advance to show you what levels I am looking at to trade. This way we can share some more ideas. You already have my chart for EURUSD posted in my 2nd post. Magenta lines are the lines where I will look for SHORT and Lime are the ones for LONG. That's it. I hope you enjoyed my explanation and you will enjoy more at NoBrainer as this is trading without indicators. Arshad, thanks once again for your time.
Can I ask you for one more favour Arshad. The indicator that you have designed is good but I believe, I was unable to explain the idea to you properly. Spike Bars are shown with Ranges on bars is very nice. Can we make it Optional like RangeDisplay set to True or False defined by user? Also did you see my chart attached to this post? All my bars are Grey in color. I do not have any indicators on this chart except SessionZones. So after loading Spike Bars on the chart, can we have the Color Rules applied to Spike Bars Only. I can see there are no color rules in this indicator or maybe you have applied it to those numbers representing the ranges on these Spike Bars. Well can we apply the same rule to the actual bars as well. This is what I was looking for and make these range numbers on top and bottom of the Spike Bars optional. If you can do it then very good, if not then also I must thank you friend for your time.
God Bless You,
Yusuf SHAIKH
Petor
HI,
I just code this indicator, try this indicator and let me know hopefully it will according to your requirement it will show you bar's range as well.
your system "spike bars" seems intrusting please share...
and also let me know how its working, today is off so i cant check it on live quotesSpikeBars is very practic Indicator! Thank You for that! 
Many Thanks...
Arshad,
Many thanks for your work. This indicator is exactly what I was after. Good work. Its just so simple and precise yet very effective. Arshad I would suggest and strongly recommend you to have a go through NoBrainer Trades website as I am only a small trader trying to emerge using whatever I have learnt from them. I am posting 3 charts for todays trading scenes. 4H to show you all levels in my opinion may give some pips, 1H chart and then 5 minutes chart to show you where could be possible enteries on these levels. this is just an idea and I am not trading it on Live until I develop confidence trading it. Having said that, this is the only system I am manually trading at the moment. My target is 2 trades per day with an yield of anything more than 10 pips serves me well. That comes to approximately $ 200 enough for me to build my account first. So make sure that money management rules are followed and don't go for too much of profit as I believe in conservatism and try to control my greed by setting up my daily targets. You know Arshad, too many pips a day is also not good. I prefer small profits with CONSISTENCY. Give it a try. See the attached charts and evaluate it, open to all fellow traders as all ideas will be more than welcomed. Arshad thanks once again for your time and effort.
Take care,
Best regards,
Yusuf SHAIKH
Thanks Arshad
Arshad,
Many thanks for this modified version. Its exactly what I was after. I tried posting few more charts but the system says waiting for moderator approval or something like that. I will wait and see if it ever get posted. These charts have my daily level lines so that everyone can see that and analyze how the market reacts on these levels. I will wait till tomorrow and if my post is not shown here then I will try to upload some more charts, this time one by one.
Thanks once again for your kind work,
Best regards,
Yusuf SHAIKH
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Hello Everyone...
I trade EUR/USD on 1 hour time frame with Naked Chart and only S/R lines together with Fib Levels and Trend Line if needed. I am not a good programmer and just wonder if some generous person can do it for me. I am looking for an indicator that may be called as Spike Bar. The user inputs would be
1: Minimum Range
2: Up Bar Color
3: Down Bar Color
Concept:
All it has to do is to pick up bars from the given chart or data where (High - Low) is equal to or greater than the user defined minimum range and then apply colors to these bars depending on whether the bar closed above open or below open.
Lets see the attached image and assume that user defined Minimum Range is set to 50, Up Color (Color 1) is set to Blue and Down Color (Color 2) is set to Red. In the given chart this indicator may pick a lot of such spike bars, two of which could be 1 (Blue Bar) and 2 (Red Bar) as marked on the chart.
I just wish is someone could design it for me and upload it in this forum.
Thanks in advance for your time and expertise.
Good day...