Description
Where is the herd of Bulls and Bears within the candle? A candle does not show where most of the activity has been during the candle's timeframe. TFV does.
TFV shows with 2 dots where the Ask Herd has crowded the candle, and where the Bid Herd flocked. As the Bid price is the heart of the candle, this is the most important one. TFV shows the core of each candle: the Fair Price.
Parameters are:
- Exponential – if set to 1, every tick weighs equal, if set to 2 (or higher), the most recent tick weighs double (or more), to emphasize the most recent price positions.
- Candle Heart – the center of Bid price activity.
- Candle Spread – the center of Ask price activity.
Useability
- It can be used by robots that act OnTick, to avoid unwanted actions on a single and non-signifcant spike.
- Indicator for Temporary Fair Value.
- Straight or near straight TFV-lines reveal support and resistance lines.
- More reliable indicator for a swing high or swing low.
Version 1.0.3 Notes:
- Corrected and added the calculus for past bars. TFV-values of past bars are based on smallest timeframe (minute), as past ticks are not available yet.
Version 1.0.2 Notes:
- Changed the name from JeexHerd to TemporaryFairValue
- Special thanks to: http://www.pinebaycm.com/
- Added ResultMovement[bar] = double.NaN; to the method oldCows();
- Changed the parameter _exponential to double
Version 1.0.1 Notes:
- Changed the calculus of the start of a new candle
- Removed Dutch language
- Cleaned up the code
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jeex
Joined on 18.10.2013
- Distribution: Free
- Language: C#
- Trading platform: cTrader Automate
- File name: Temporary Fair Value.algo
- Rating: 5
- Installs: 4620
- Modified: 13/10/2021 09:54
Comments
The MT4 version is ready, for whoever might be interested.
Updated with fixed calculation of past TFV-values.
It can only show dots in runtime and not in the past, as the past tick data are not available in cAlgo and cTrader.
I will update the indicator soon, so that in larger time frames it will make a better estimate of the past Temp Fail Value based upon the smallest available time frame.
It is not working for higher timeframe except 1M. Am i missing something ? I tried to run it for 1H , 15M etc but it shows dots only for the current candle and not historical ones.
very cool thanks!
Is it this?
http://codebase.mql4.com/9211