I had an idea last night about momentum and I was going to write an indicator that plotted up ticks vs down ticks in a histogram. I was curious as to whether this might be a different way to view momentum and wanted to explore it and do some analysis.
The thought then occurred though, in MT4 you only have (tick) volume per candle, so historically the finest definition would be to the minute. The indicator will need to look at every single tick and see whether it was an up or down tick (compared to the previous tick), so it is only going to work after being added to the chart.
So, I either need to write a tick collector to keep every tick, so that the indicator can work historically, or, just put up with the fact that it will only work after being added to the chart, going forward.
I am pretty sure I know the answer to this already, but just though I would throw it out there. Does anyone know if there is away to get around this?
Thanks for that. Interesting, initially it looks like it is trying to average out the ticks accross the price movement. Not sure it is quite what I was thinking of, but I’ll take a closer look…
The indicator has two modes. Mode 1 is simply a tick count. Mode 2 is the value of the price change. The point is, if there was a big change in the price from one tick to another, then this would be seen in “Mode 2”, whereas Mode 1 would simply show 1 tick…
The indicator will need to be left on a chart for quite some time since it processes every single tick. Ticks are not available historically, so that is why it can’t show any history.
Hello guys,
I have found an indicator called Effort index but it’s coded for Amibroker. I think it’ll be helpful to have it for MT4, because i couldn’t find a similar version. It could be helpful in combination with other indicators such as Better volume.
This indicator is based on the theory of effort and result. Both the result and the effort have a very much different scales the challenge is to normalize them to a scale of 0-100%.
Unfortunately I don’t use Amibroker, therefore, I don’t really know the logic behind this AFL code.
Attached you can have a look at the afl file.
The man who code is Karthik Marar (you can find him on karthikmarar blogspot) and information and logic for this indicator it’s on his blogspot and on youtube.
Jedster thanks for posting that although I see it was quite some time ago _ I am running yours and its very cool - one question, would like to get a SUM value (of both the up and down ticks) not just the separated counts - can u make a sum/total line on the histogram as well? Thanks!
