After a few years of trading forex, and programming different indicators and EAs for MT4, I’ve noticed that 99% of the indicators and eas are working with open/close data of the candles.
IMHO, a candle is not more than the movement of the price in some period (timeframe). My problem with the timeframes is, that the beginning time of the candles is pre-specified and cannot be changed by the user (I’m talking here only about MT4). We would see much different candle formations, if eg. the M15 candle would start at 9,24,39,54 not at 0,15,30,45.
This, and similar thoughts lead me to the idea to get away from the standard timeframes and measure the speed of the market based simply on the price movement in ticks, independent from any timeframe. After a few days of thinking I’ve created this indicator:
For further information, please visit:
Looking forward to hear your comments!