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I am looking for a simple price based indicator that will place a marker such as an arrow over a price candle if price has moved "x" amount in "X" bars. I am using this in conjunction with the PARA SAR tool because I require price to retrace before entering after the PARA SAR flips. For example, on a 2 minute chart I require price to retrace 3 points in 3 bars to trigger an entry. This would not need to be connected to the PARA SAR study in any way, but it would need to be flexible enough to allow changes to the price and number of bars. Thanks in advance and please notify me if I have posted this request in the wrong location.
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BlueMoon
Check to see if the attached draws dots when the low is 3 points less than the high of the most recent three bars.
If you think it is correct, I will add the ability to control the number of points of retrace as a variable. -
Thanks very much for posting this so quickly. I applied it to a 2 minute chart and it does print the dots but I see 1 problem. It appears to only be marking price moves down and not price moves up. In other words you might have a price movement down to trigger the PARA to flip short, and then price retraces up the 3 points in 3 bars to trigger the actual short entry. This is not printing a dot below the bar that marks the move up.Comment
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Perhaps I am still not getting the concept correctly, but here is the additional step of drawing a dot if the price retraces 3 pts from the low of the last 3 bars as well.
Let's take it one step at a time and we'll get there.Comment
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BlueMoon
I just noticed a logic error, so here is a corrected versionComment
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David: I have been monitoring this and so far it seems to work quite well. I think I have only found one or two spots where it failed to pick up the required price move. If it is not too terribly complicated I would appreciate it if you could add the parameters that will allow for changes in the required price move and the time span. Thanks very much for all of your help.Comment
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