Overlapping Bars: MT4 indicator

trendie

Legendary member
6,795 1,364
hi,
I suspect I asked this question before a while ago...

Is there an indicator where the chart draws a box where "X" number of bars overlap each other?
Can't find anything on the MT4 codebase, or maybe I am describing it incorrectly.
I know there are Engulfing Bars, etc, but I want to control bar numbers.

I will upload a pic of an example, soon.
I am looking to have MT4 draw for me regions where consecutive bars High/Low overlap.
As I think it might help to alert congestion.

Ta, chuck.
 

trendie

Legendary member
6,795 1,364
Pic: the shaded boxes show where price seems to have overlapped.
Does the idea ring any bells for anyone?
Failing that, I am going to have to write my own!
overlapbars.png
 

tomorton

Legendary member
8,378 1,335
Really good question.

I've never heard of such indicator. However, as a possible alternative, would ATR be useful? I'm supposing that as bars start to over-lay, you'd increasingly see their ranges shorten and/or coincide, with an impact either way on ATR.

I have in the past manually tallied overlapping weekly bars as a way to sense-check the apparent strength of trends on daily charts. Its surprising how sometimes the D1 chart features say there's a great trend in place, and when you look back at the weeklies, the previous 12 weekly bars all overlap with the current bar...........
 

trendie

Legendary member
6,795 1,364
Haven't tried ATR.
I don't think an ATR number would be as visual as a box on a chart.
Then, I could visually see S/R (possibly), or possible points of interest where price faltered or reversed in the past.
Also, if I have to code it myself, it could lend itself to being used an an automated alert.
 
  • Like
Reactions: tomorton
G

Guest504442

0 0
Not a direct answer to your Q (sorry!) But the patterns of candles you're interested in will themselves paint a certain type of candle on a higher T/F which might be easier to identify.
 

trendie

Legendary member
6,795 1,364
Not a direct answer to your Q (sorry!) But the patterns of candles you're interested in will themselves paint a certain type of candle on a higher T/F which might be easier to identify.
This is true. I can see how, for example, 2 engulfing bars could be seen, at a higher TF as a pin-bar.
Just to add a bit of flesh to this idea, the image I have uploaded is an attempt to visualise what I think may have merit.
The first 2 bars, are sort of engulfing bars, in that the move from bar-01 is being "undone" by bar-02.
The next one, the pin-bar is an amalgam of the first two. Something we are all familiar with.

But if we looked at a smaller TF, and
concentrated where the price spent most of its time, we would possibly get the orange-shaped bar.
Don't know, but would this give more info to the chartist?
If my memory serves from last time, someone mentioned "heatmaps".
baroverlap02.PNG
 

NVP

Legendary member
37,750 2,095
Hey T

I remember looking at this phenomenon a few years back with a few guys who were also big on using market profile charting systems ....

We were especially interested in cluster price levels where 7 or more consecutive bars were all registering the same price jn their ranges ....then trading the beaches....

Kind of similar to most consolidation /breakout strategies but interesting none the less....

Will see what I have

N
 
Last edited:

trendie

Legendary member
6,795 1,364
thanks N for the update.
good to know others had the same idea.
will be good to see if you have anything, but don't feel obliged.

hope you had a good week.
 
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock