Develop indicator that shows long and short arrow on mt4 forex charts when various combinations of conditions are met.
Please see attached jpg files,starting with the "Signal 1" file.
CHANGES for repost:
The TMA repaints making it impossible (I think) to check past signals using this.
However, I am finding that:
(1) a Moving Average of period 20 and MA Method 3 (Linear Weighted Moving Average) seems to closely track the centerline of the TMA 1 true, and
(2) a Moving Average of period 100 and also MA Method 3 seems to closely track the centerline of the TMA 5 true.
As a result the project is changed:
A. create channels based on these MA's that roughly duplicate (without the bumpy nature of the lines which make it difficult to determine the slope of the line at any given moment) the TmaTrue channels with user selectable width of channels, with the feature of the this MA channel such that
1. when the 20 MA channel is above the Ichimoku cloud, the 100 MA channel centerline G will be a blue color, and
2. when the 20 MA channel is below the Ichimoku cloud, the 100 MA channel centerline G will be a red color, and
3. when the 20 MA channel is neither above nor below the Ichimoku cloud, the 100 MA centerline G will be a grey color (colors and thickness of line selectable by user),
B. include a True/False selectable Condition7 such that within the last PeakNEAR (variable, default 35) bars, the Highest High was the highest of the previous PeakFAR (variable, default 100) bars, with opposite condition for short signals (for example, in the JPG file "Signal 1," the high above the blue circle at about 8:26 on May 1 was the highest high of the previous 100 bars)
C. The other project conditions 1-7 would be based on the MA channel developed above, rather than the TMA channel originally proposed;
see 1 ma chan cross template
D. To clarify, for Condition 4 regarding the "TMA5_Dif" I am not looking for an absolute value of this distance away from the Centerline G, but a +ve or -ve distance, so that for a long trade, if the user selected a value of -2 for "TMA5_Dif" the indicator would be looking for a close 2 pips above the G centerline (or lower) when the other conditions were met.
(for example, in the "Signal 1 B" jpg file, with "TMA5_Dif" the indicator is looking for a close of about 128.22 or lower at 8:54 on May 1 for Condition 4).