That is up to you. Perhaps double ATR.
thank you but still it doesn't make sense, shouldn't there be a metric that is consistent through time?
so how does meta trader shows it the same then? I mean a tall candle that is now 200 pips but in the future or in the past with the same look is 300 pips
thank you but still it doesn't make sense, shouldn't there be a metric that is consistent through time?
so how does meta trader shows it the same then? I mean a tall candle that is now 200 pips but in the future or in the past with the same look is 300 pips
Because the range keeps on changing and we view candles comparative to others. ATR is the closest you get to having a consistent volatility metric if by tall you mean the whole candle not just the body.
Thank you.
so you are saying that ATR is something that I can use for candles but how about an ichimoku cloud
I want to for example consider a red cloud that looks tall and is 300 pips right now but in the future or in the past that 300 pips is not the same. It could be a really short or too tall cloud by its look
Thank you.
so you are saying that ATR is something that I can use for candles but how about an ichimoku cloud
I want to for example consider a red cloud that looks tall and is 300 pips right now but in the future or in the past that 300 pips is not the same. It could be a really short or too tall cloud by its look
- 2021.08.14
- www.mql5.com
Same thing as proposed to you here
sorry, but I don't understand what formula are you suggesting here for taking the average of the cloud values and then realizing whether it is tall or not
for example, take a look at the attached photo which is a tall red cloud
how do you suggest I can find this kind of clouds exactly which are tall enough by their looks
Thank you
I thought about your answer, and it makes sense and solves my problem, but I still have a problem with how to remove off chart values.
For example, in the attached photo, I have selected a red cloud in the previous 450 candles (that is my desired zoom of the chart) which is not even half the height of the chart but if I move the chart only a little further ahead that the prices below the drawn green line are not visible, then the cloud is going to be more than half of the height of the chart and can be considered tall.
I think my solution is to remove those couple of candles that are below the drawn green line and above the drawn blue line because they are simply messing up the scales.
So how can I figure out the height of the chart not just by subtracting the lowest low from the highest high but also consider off chart values and remove them as well, so the height is between my drawn blue and green line.
Thank you
I thought about your answer, and it makes sense and solves my problem, but I still have a problem with how to remove off chart values.
For example, in the attached photo, I have selected a red cloud in the previous 450 candles (that is my desired zoom of the chart) which is not even half the height of the chart but if I move the chart only a little further ahead that the prices below the drawn green line are not visible, then the cloud is going to be more than half of the height of the chart and can be considered tall.
I think my solution is to remove those couple of candles that are below the drawn green line and above the drawn blue line because they are simply messing up the scales.
So how can I figure out the height of the chart not just by subtracting the lowest low from the highest high but also consider off chart values and remove them as well, so the height is between my drawn blue and green line.
I found the solution and it's normalizing.
I am going to calculate the difference between the value of current moving average (period 450 simple close) and the highest point and lowest point and then divide it to my desired normalization value like 4
then put the new normalized highest and lowest point as the values that determine the height of my chart.
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Hi everyone
I want to define an abnormal candle (very tall ones) in an EA, and to do so, I look at my chart and based on what I'm seeing I consider for example a 200 pips tall candle is an abnormal candle
But in the future or in the past when I look at 200 pips candles they are not very tall, in fact they are normal.
So what metric or scale instead of pips should I use to achieve this? Because I can definitely see it with my eyes whenever I want and recognize tall candles