Good Indicator for range bound, overbought and over sold condition

[Nehal_s143]

This indicator is working nicely on Nifty 5 min chart

4 to -4 range bound do not trade
above 8 be alert with your longs
below -8 bel alert with your shorts

Please see attached image for details

only problem is, its in mq4 format, seniors may please help to code it in afl, so that max user on this great forum get benefited

 

[hitesh]

This indicator is working nicely on Nifty 5 min chart

4 to -4 range bound do not trade
above 8 be alert with your longs
below -8 bel alert with your shorts

Please see attached image for details

only problem is, its in mq4 format, seniors may please help to code it in afl, so that max user on this great forum get benefited

Nehal,

Indicator available at wisestocktrader, reproduced below:-

// COG timing indicator
// AFL translation by E.M.Pottasch, 2011
// from: http://chartstudio.whselfinvest.com/files/COGTiming.ctl

bi=BarIndex();
eb=LastValue(bi);
period=Param("Period",5,1,10,1);
bars=Param("Lookback Period",100,50,500,1);
sv=ParamToggle("Use Selected Value","Off|On",1);
level1=4;
level2=8;
ul1=ul2=ll1=ll2=Null;
oo=hh=ll=cc=Null;

if (sv)
{
eb=SelectedValue(bi);
bb=Max(0,eb-bars);
}
else
{
bb=Max(0,eb-bars);
}
for(i=bb+period-1;i<=eb;i++)
{
ul1=level1;
ul2=level2;
ll1=-level1;
ll2=-level2;
am=0;
ar=0;
for(j=i-period+1;j<=i;j++)
{
am=am+(High[j]+Low[j])/2;
ar=ar+(High[j]-Low[j])/5;
}
am=am/period;
ar=ar/period;
if(ar!=0)
{
oo=(Open-am)/ar;
hh=(High-am)/ar;
ll=(Low-am)/ar;
cc=(Close-am)/ar;
}
else
{
oo=0;
hh=0;
ll=0;
cc=0;
}
}
C=cc;O=oo;H=hh;L=ll;
Plot(C,"",colorWhite,styleCandle);
//PlotOHLC(O,H,L,C,"",colorWhite,styleCandle);
//Plot(cc,"Close",colorWhite,styleThick);
//Plot(oo,"\nOpen",colorLightGrey,styleLine);
//Plot(hh,"\nHigh",colorRed,styleLine);
//Plot(ll,"\nLow",colorRed,styleLine);
Plot(ul1,"\nUpper Level 1",colorViolet,styleLine);
Plot(ul2,"\nUpper Level 2",colorViolet,styleLine);
Plot(ll1,"\nLower Level 1",colorViolet,styleLine);
Plot(ll2,"\nLower Level 2",colorViolet,styleLine);

Hope this helps.

 

[Nehal_s143]

Thanks hitesh sir for quick reply and afl

Nehal,

Indicator available at wisestocktrader, reproduced below:-



Hope this helps.

 

[rakhi_menon]

Thanks hitesh but this error coming after i paste in ami :"error 10
subscripts out of range"

 

[ayush2020]

which software is this?? where we can find this indicator?? looking very nice in range bound market....

and what is the name of this indicator???

 

[XRAY27]

Great indicator thank you very much hitesh...........

 

[new-to-markets]

Great indicator thank you very much hitesh...........

whats this error?

oo=0;
hh=0;
ll=0;
cc
----^

Error 10.
Subscript out of range.
You must not access array elements outside 0..(BarCount-1) range.

 

[rrrajguru]

whats this error?

oo=0;
hh=0;
ll=0;
cc
----^

Error 10.
Subscript out of range.
You must not access array elements outside 0..(BarCount-1) range.

Mine also comming same error.

I am using Ami 5.2 .

 

[worldastro]

error !!!!!!!

 

[hitesh]

error !!!!!!!

Will attach text file 2morrow.