⭐ c0py Posted June 20, 2011 Report Share Posted June 20, 2011 (edited) please share Ok, I am going to call these new lines "Correlative Power Levels" Essentially they are power levels copied from a correlating pair relative to the current price. Look @ price on charts above for EU, at around 8AM price reaches around 1.4200 level. Yes it's a BRN but there is another reason the price consolidated here for a while... Switch to GU chart and look at the same time. Price had hit a power level on the GU and caused EU to stop too :) How I calculated these levels Level = difference between open price and each power level on correlating chart Example GU -> EU Correlation -------------------- GU Open (20/06) = 1.61634 EU Open (20/06) = 1.42762 GU Power Levels: 1.62125 - Distance from GU open = +49pips 1.61840 - Distance from GU open = +20pips 1.61170 - Distance from GU open = -46pips 1.60890 - Distance from GU open = -74pips Add these 4 GU lines to EU chart using the following calculation: EU Open price +/- distance to open on each line from GU Example: 1.42762 +49pips = 1.43252 1.42762 +20pips = 1.42962 1.42762 -46pips = 1.42302 1.42762 -76pips = 1.42002 Enjoy! :) Edited June 20, 2011 by c0py paws, San4x, bd vest and 5 others 8 Quote Link to comment Share on other sites More sharing options...
priceless_knowledge Posted June 21, 2011 Report Share Posted June 21, 2011 Thanks to izogrey I have managed to make some progress with the indicator! :) I have got the indicator to successfully download the data from my website and place it in to a CSV file. The only problem is it wont draw the lines. The CSV file is in the exact same format as the sample file posted but the lines never get drawn :( Here is the work in progress version, please somebody fix this for us... Note: The indicator is currently hard coded to only use EUR/USD power levels. Once we get it working I can modify it to use the pair attached on the chart. Any coders can please help c0py with this? Quote Link to comment Share on other sites More sharing options...
retireme Posted June 21, 2011 Report Share Posted June 21, 2011 Ok, I am going to call these new lines "Correlative Power Levels" Essentially they are power levels copied from a correlating pair relative to the current price. Look @ price on charts above for EU, at around 8AM price reaches around 1.4200 level. Yes it's a BRN but there is another reason the price consolidated here for a while... Switch to GU chart and look at the same time. Price had hit a power level on the GU and caused EU to stop too :) How I calculated these levels Level = difference between open price and each power level on correlating chart Example GU -> EU Correlation -------------------- GU Open (20/06) = 1.61634 EU Open (20/06) = 1.42762 GU Power Levels: 1.62125 - Distance from GU open = +49pips 1.61840 - Distance from GU open = +20pips 1.61170 - Distance from GU open = -46pips 1.60890 - Distance from GU open = -74pips Add these 4 GU lines to EU chart using the following calculation: EU Open price +/- distance to open on each line from GU Example: 1.42762 +49pips = 1.43252 1.42762 +20pips = 1.42962 1.42762 -46pips = 1.42302 1.42762 -76pips = 1.42002 Enjoy! :) c0py, I have PM'd you! Rgds RM Quote Link to comment Share on other sites More sharing options...
Mao74 Posted June 21, 2011 Report Share Posted June 21, 2011 Great work c0py!!! Thank you very much!!! Quote Link to comment Share on other sites More sharing options...
TheBeast Posted June 21, 2011 Report Share Posted June 21, 2011 ... Example GU -> EU Correlation -------------------- GU Open (20/06) = 1.61634 EU Open (20/06) = 1.42762 GU Power Levels: 1.62125 - Distance from GU open = +49pips 1.61840 - Distance from GU open = +20pips 1.61170 - Distance from GU open = -46pips 1.60890 - Distance from GU open = -74pips Add these 4 GU lines to EU chart using the following calculation: EU Open price +/- distance to open on each line from GU Example: 1.42762 +49pips = 1.43252 1.42762 +20pips = 1.42962 1.42762 -46pips = 1.42302 1.42762 -76pips = 1.42002 Enjoy! :) Thanks for sharing your train of thoughts. One thing I would like to run by you. I can see where you are coming from but I think if you want to copy those levels across you should take into account the difference in the value of 1 pip for each pair. Have a look at the open prices: GU Open (20/06) = 1.61634 EU Open (20/06) = 1.42762 If you divide the two you will see there is a difference of ~13%. To be completely accurate I'd say you should take this percentage into account when copying your pip differences across the currencies... Quote Link to comment Share on other sites More sharing options...
⭐ c0py Posted June 21, 2011 Report Share Posted June 21, 2011 The distance between each open price is not relevant. All we need to do is calculate the distance from open to each power level on PAIR1. Then draw lines on the correlating pair (PAIR2) with the same pip distance and direction. Hopefully that explains it a bit better, I may be completely wrong but I am just thinking out loudly :) Thanks for sharing your train of thoughts. One thing I would like to run by you. I can see where you are coming from but I think if you want to copy those levels across you should take into account the difference in the value of 1 pip for each pair. Have a look at the open prices: GU Open (20/06) = 1.61634 EU Open (20/06) = 1.42762 If you divide the two you will see there is a difference of ~13%. To be completely accurate I'd say you should take this percentage into account when copying your pip differences across the currencies... guedesjunior25 and KING_BUNDA 2 Quote Link to comment Share on other sites More sharing options...
TheBeast Posted June 21, 2011 Report Share Posted June 21, 2011 The distance between each open price is not relevant. All we need to do is calculate the distance from open to each power level on PAIR1. Then draw lines on the correlating pair (PAIR2) with the same pip distance and direction. Hopefully that explains it a bit better, I may be completely wrong but I am just thinking out loudly :) What I'm getting at is that you can't just copy the pip distance found at pair 1, across to pair 2 as 1 pip on pair 1 is not the same as pair 2 due to the difference in value. That is why you can't for instance make a perfect hedge by going long 1 lot EURUSD, short 1 lot GBPUSD and short 1 lot EURGBP as this would NOT not balanced. Same goes for copying levels across different currency pairs... KING_BUNDA and guedesjunior25 2 Quote Link to comment Share on other sites More sharing options...
⭐ c0py Posted June 21, 2011 Report Share Posted June 21, 2011 What I'm getting at is that you can't just copy the pip distance found at pair 1, across to pair 2 as 1 pip on pair 1 is not the same as pair 2 due to the difference in value. That is why you can't for instance make a perfect hedge by going long 1 lot EURUSD, short 1 lot GBPUSD and short 1 lot EURGBP as this would NOT not balanced. Same goes for copying levels across different currency pairs... Oh I see... I didn't realize it worked like that :) Ok so with your sugestion and example we would need to calc % diff between two open prices then add/subtract % to each line? I will try this out and see if a) the whole idea works and b) if its any more accurate without % difference... ⭐ traderdxb and KING_BUNDA 2 Quote Link to comment Share on other sites More sharing options...
⭐ c0py Posted June 24, 2011 Report Share Posted June 24, 2011 Guys, Here is what you have been waiting for... An automated way of adding the lines to your MT4 charts... http://www.forexpowerlevels.com/data/ForexPowerLevels_v003.mq4 Download from above url and place in /experts/scripts folder. Then in MT4 goto scripts and attach to either EUR/USD or GBP/USD chart. User/Pass input required. User: indo Pass: investor This is just to keep the script for members of this forum, password may change in future but I will always post new details here first. Minimum open interest setting allows to only show lines with higher level of interest, if set to default all lines will be shown Lines drawn are thicker the higher the level of interest: Open interest of 0 to 500 -> Lines are thin Open interest of 500 to 1000 -> Lines are medium Open interest of 1000+ -> Lines are thick You can also set specific colors for put/call lines Known issues & notes: - Lines do not delete themselves, i.e need to be manually deleted each day - Lines do not auto update each day and therefore script needs to be attached each day to update with new lines Enjoy and post your feedback for improvements. altoronto, TheBeast, KING_BUNDA and 12 others 15 Quote Link to comment Share on other sites More sharing options...
⭐ deadsoul Posted June 24, 2011 Report Share Posted June 24, 2011 Guys, - Lines do not delete themselves, i.e need to be manually deleted each day - Lines do not auto update each day and therefore script needs to be attached each day to update with new lines Enjoy and post your feedback for improvements. thank you c0py for the script..what if we have a system that auto update every day with the same levels that would be a holy grail ... Quote Link to comment Share on other sites More sharing options...
retireme Posted June 24, 2011 Report Share Posted June 24, 2011 deadsoul, salaam alaikum wouldn't that mean it will have to be converted to an Indicator? RM Quote Link to comment Share on other sites More sharing options...
⭐ deadsoul Posted June 24, 2011 Report Share Posted June 24, 2011 @retireme waleekom alslam yes..stand alone indicator which will calculate the levels and plot them every day ....how nice it would be.... Quote Link to comment Share on other sites More sharing options...
TheBeast Posted June 24, 2011 Report Share Posted June 24, 2011 Confirmation of levels c0py, thanks for making that script. I have a question for you please. I notice that with the spreadsheet I use I do get the same levels on the Call side, put the Put levels are very different. Could you please tell me/us which formula(s) you use please. Link to a screenshot of the levels I get...: http://i51.tinypic.com/73ceq0.gif Quote Link to comment Share on other sites More sharing options...
guedesjunior25 Posted June 24, 2011 Report Share Posted June 24, 2011 Guys, Here is what you have been waiting for... An automated way of adding the lines to your MT4 charts... Download from above url and place in /experts/scripts folder. Then in MT4 goto scripts and attach to either EUR/USD or GBP/USD chart. User/Pass input required. User: indo Pass: investor This is just to keep the script for members of this forum, password may change in future but I will always post new details here first. Minimum open interest setting allows to only show lines with higher level of interest, if set to default all lines will be shown Lines drawn are thicker the higher the level of interest: Open interest of 0 to 500 -> Lines are thin Open interest of 500 to 1000 -> Lines are medium Open interest of 1000+ -> Lines are thick You can also set specific colors for put/call lines Known issues & notes: - Lines do not delete themselves, i.e need to be manually deleted each day - Lines do not auto update each day and therefore script needs to be attached each day to update with new lines Enjoy and post your feedback for improvements. Hi c0py, i was waiting for this a long time. Thank you very much my friend. The entire community should thank you for that. I will try and give ideas for possible improvements. Thanks again. Quote Link to comment Share on other sites More sharing options...
⭐ c0py Posted June 24, 2011 Report Share Posted June 24, 2011 c0py, thanks for making that script. I have a question for you please. I notice that with the spreadsheet I use I do get the same levels on the Call side, put the Put levels are very different. Could you please tell me/us which formula(s) you use please. Link to a screenshot of the levels I get...: Hi, what version of the spreadsheet are you using? I am using Опционы EUR-USD v.1.1.xls and the levels are the same as the script/website. The formula is exactly the same as the spreadsheet. Hopefully the spreadsheet I have used is the latest Here is a screenshot of the levels I see: http://i52.tinypic.com/2pza5mu.png Hakim314 1 Quote Link to comment Share on other sites More sharing options...
TheBeast Posted June 24, 2011 Report Share Posted June 24, 2011 Hi c0py, i was waiting for this a long time. Thank you very much my friend. The entire community should thank you for that. I will try and give ideas for possible improvements. Thanks again. I agree, we should be very thankful for c0py's efforts! @ c0py: that is strange... I also use the EUR-USD_v1.1 spreadsheet I get different Put levels... Perhaps either of us has a corrupted version :( @ guedesjunior25: as you are the expert on the subject, could you have a look at the levels that are published please? Quote Link to comment Share on other sites More sharing options...
guedesjunior25 Posted June 24, 2011 Report Share Posted June 24, 2011 I agree, we should be very thankful for c0py's efforts! @ c0py: that is strange... I also use the EUR-USD_v1.1 spreadsheet I get different Put levels... Perhaps either of us has a corrupted version :( @ guedesjunior25: as you are the expert on the subject, could you have a look at the levels that are published please? Hi. The script are right. Strange you get diferent numbers because both are using the correct spreadsheet. Quote Link to comment Share on other sites More sharing options...
guedesjunior25 Posted June 24, 2011 Report Share Posted June 24, 2011 Hi c0py. The script is not working in crude, you can take a look please. And you can add another currency to the script, the usdjpy. Here is the link to the spreadsheet. http://www.multiupload.com/RPXIO1B8IU Thanks again. ⭐ c0py 1 Quote Link to comment Share on other sites More sharing options...
⭐ c0py Posted June 24, 2011 Report Share Posted June 24, 2011 USDJPY now added to site & working in MT4 script. Gued, what's your brokers crude symbol? guedesjunior25 and KING_BUNDA 2 Quote Link to comment Share on other sites More sharing options...
guedesjunior25 Posted June 24, 2011 Report Share Posted June 24, 2011 Thanks c0py. My brokers symbol is CLQ1. The script is giving wrong password for me, and only on crude. Quote Link to comment Share on other sites More sharing options...
⭐ c0py Posted June 24, 2011 Report Share Posted June 24, 2011 Thanks c0py. My brokers symbol is CLQ1. The script is giving wrong password for me, and only on crude. Ok, try again it should be ok now. I think the error reporting is a little broke as it should say "invalid pair" not wrong password :) guedesjunior25 1 Quote Link to comment Share on other sites More sharing options...
Hakim314 Posted June 25, 2011 Report Share Posted June 25, 2011 Thank You for You all for these efforts about this thread. I apologize I'm not so active, but I'm still away with limited access to the net :/ I had a dream, that NFP datas released were manipulated by market orders :) according to the fact that everything is in US... it would be possible. The so called 'elites' are working together. They are couples. Thus, can somebody post a screen with NFP release and our powers on it ? I'm very interested how it's going. "deadsould' - yes it would be a real holy grail :) for me it's a breakthrough millenium in my trading, what is mainly intraday. With these powers even money management seems to be piece of cake. The only question is, but probably Guedejunior got answer already, which levels are MOST magnetic, means... if the price starts going up, how I know that it will not retrace down to the "1st" level and bounce up through the 2nd and up. Of course the solution can be: only taking small positions and double it from the retracement. By the way, there was a search for weekly powers. I think that it can be compared with trading evolution levels cause they offer weekly levels as well. Thank You ALL of You for this thread. It gives me hope and motivation in my oncological journey. God bless You, however we call Him. Quote Link to comment Share on other sites More sharing options...
TheBeast Posted June 25, 2011 Report Share Posted June 25, 2011 (edited) Hi. The script are right. Strange you get diferent numbers because both are using the correct spreadsheet. Thanks for checking. Glad to hear the website is OK. Sorry to be a pain could please confirm you guys are using the one that was posted here: http://indo-investasi.com/showthread.php/9491-Power-levels-trading?p=150774&viewfull=1#post150774 Thanks Added later: right... I figured out why I get different figures. I think it has something to do OpenOffice imports data. Tried it with Excel and gives the same figures as you guys get... Very weird. Edited June 25, 2011 by TheBeast Quote Link to comment Share on other sites More sharing options...
guedesjunior25 Posted June 25, 2011 Report Share Posted June 25, 2011 Ok, try again it should be ok now. I think the error reporting is a little broke as it should say "invalid pair" not wrong password :) Hi copy. I do not know why but still gives the wrong password in crude. (and not "invalid pair") And thanks for the usdjpy, works very well. Quote Link to comment Share on other sites More sharing options...
Hakim314 Posted June 28, 2011 Report Share Posted June 28, 2011 http://img402.imageshack.us/img402/9793/powerrocks.th.png Quote Link to comment Share on other sites More sharing options...
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