Chande Chart Checker - for MetaTrader v4?

Purple Brain

Experienced member
1,613 179
I used MetaStock many years ago and remember using an indicator called the Chande Chart Checker. It provided upper and lower bounds for any given stock which were particularly useful in setting targets. I don’t know if the efficacy of that process can carry over from stocks on a daily basis to Forex on a shorter timeframe, but does anyone know if such an indicator exists for the MetaTrader (V4) charting package?
 

Purple Brain

Experienced member
1,613 179
It was a while back. I no longer have MetaStock installed so am unable to find out. My notes refer to the Chande Chart Checker, but that's not necessarily a clincher. It was a commentary rather than just a line indicator. It used to give upper and lower bounds which I’d monitor and for an uptrend the first day when I got an upper bound level lower than the previous day, I’d use that as my target. Seem to remember it working well. It’s not the Aroon or CMO (or RAVI or VYDIA either) I’ve looked at them all and these all fall into the ‘show me no more than the price’ category unfortunately.
 

Lightning McQueen

Moderator
4,935 786
i failed to found anything mt4 related to the chande metastock expert as described or named.

i have a very old metastock version kicking around somewhere, was trying to find it to at least maybe look at it and try compare what is available in the mt4 world. i have a feeling a blank will be drawn.
 
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Purple Brain

Experienced member
1,613 179
You are correct. It was the Chande Chart Checkup.
 

Lightning McQueen

Moderator
4,935 786
after going through old boxes in the shed i found metastock, installed and loaded up with gbpusd daily data, ran the expert, but no upper and lower bounds are drawn, are these drawn? or just mentioned in the commentary only?

uploaded a pic of what i have.
 

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Purple Brain

Experienced member
1,613 179
That’s it! Fond memories. Yes, the commentary was all you had so it was a knife & fork job rather than a nice easy indicator that you could utilise automatically. There obviously has to be a formula for those bounds, but even going through Chande’s written works, I’ve never found it. It would be great to test it out on Forex. Even knowing what I know of how Chande viewed things and reviewing the code of his primary indicators I’ve been unable to come close to coming up with anything vaguely similar.

Thanks for going to all that trouble, I really do appreciate it.
 

CapeTownPeter

Newbie
4 0
Here's the original formula:

RAVI = Absolute value (100 x (7-SMA-65-SMA)/65-SMA)

And here's the formula implemented to MetaStock:

RAVI: Abs(100*(Mov(C,7,S)-Mov(C,65,S))/Mov(C,65,S));
 

Purple Brain

Experienced member
1,613 179
Thanks Peter, but it has to be more than that. The RAVI formula just gives a single value whereas the Chande Chart Checker commentary provides a number of values, the two most significant ones are the upper bound and lower bound.
 

CapeTownPeter

Newbie
4 0
Damn! Well I'm lookng at it in MetaStock - it was first in V7. But it is all protected.
Actually I think these indicators on price only are rather out dated and we should be concetrating on shorter term and volume lots

Would you know of any indicators that fit this bill?

Peter
-newbie-ish
 

Purple Brain

Experienced member
1,613 179
Damn! Well I'm lookng at it in MetaStock - it was first in V7. But it is all protected.
Actually I think these indicators on price only are rather out dated and we should be concetrating on shorter term and volume lots

Would you know of any indicators that fit this bill?

Peter
-newbie-ish
Possibly no application to forex at all as it was originally developed for stocks, but I can't help thinking it would be a worthwhile endeavour to test it out. Seemingly impossible if the basis for calculating those levels can't be determined.

While volume undoubtedly plays a key role in all asset classes, it is impossible as far as I can tell to derive accurate volumes for the forex markets.

As for shorter term, I'm not sure I've found any indicators that can't be applied over any timeframe of choice. Whether they were developed for that timeframe or if they are useful is another matter of course.
 
 
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