Archive for November, 2006
nPipLines
November 16, 2006 5:10 amSomeone on the MT E and I Yahoo group requested an indicator that drew horizontal lines on the screen every 25 pips. I figured I could bang that out in no time and started to make this indicator. I called it nPipLines because the number of pips between lines is configurable.
Anyway, this was a lot more complicated than I originally figured. There’s a lot of math to slice and dice the current price to make sure that the lines are actually straddled around your current position.
The indicator has several configurable options, including number of lines to draw, the pip gap between the lines, the line size, style and color, as well as if you’d like the lines to continuously update as price goes up and down. This continuous option seems a bit silly to me, as it does a lot of work each tick for really no reason, but some folks may want it to work that way. By default, this is set to false.
Here’s a snapshot:
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Elder’s Safe Zone
November 1, 2006 3:30 amI found a reference to Elder’s Safe Zone, which is a trailing stop methodology attributed to Alex Elder, the author of The Legendary Approach to Trading for a Living. Since I’ve read his book, I was intrigued.
The reference that I found had the code for an indicator from MT3, so I recoded it for MT4. I don’t know how useful it is yet, but I thought I would post and update it if necessary.
Here’s a snapshot:
Get this indicator:
