Power levels trading

[ForexMike]

Maybe you should also make it clear you don't trade and your advice may be as bad as that of the seminar presenter. Stop giving bad advice or make it clear you don't trade and that you are just a programmer in each of those confusing posts.

 

udc, please excuse grandpost1's rant and thanks for your contributions to this thread. With your 500+ thanks you received compared to the 1 that grandpost1 has received, I think your credibility is in tact. Please continue with your postings.

Edited November 4, 2012 by ForexMike

[udc]

You a verry good coder big respect for what you doing.

If you could make that mini chart with the open intrest put call ratio open intrest would be awesome think something like that has never been done.

Anyway wanna give you my respect for you work and share it.

jj

 

Thank you, I appreciate it. Yes, I will make the statistics and it will be cool.

 

udc, please excuse grandpost1's rant and thanks for your contributions to this thread. With your 500+ thanks you received compared to the 1 that grandpost1 has received, I think your credibility is in tact. Please continue with your postings.

 

Thank you for the encouragement. I don't really mind grandpost1, not only because he is on my ignore list so I don't see his posts anyway, but he is just a desperate kid trying to get attention. He wanted me to make an automated system for him, to do it for free, to give him the software for free and even to give him the source code for free, with a "promise" that if he sells it he will share with me. I told him to forget it. No harm done, he just wasted my time. Funny guy, actually, he is a muslim from Egypt, thinks there is neither a copyright (law) nor the police there, drives around with a machine gun, owns a hotel, makes good money, and bla bla bla, yet he wanted to use the automated system on an account with "small money". All that are his quotes I just copied from Skype chat history. Seriously, how could I mind someone like that?

 

It's like over there in the OFA thread. There was a similar kid, Trader34, who claimed there is no correlation between futures 6E and spot EURUSD despite (besides the obvious visual identity) I proved that based on CME's own explanation the 6E quote is actually derived from EURUSD quote and equals to cash rate +- forward points. It wasn't surprising that he didn't admit his mistake, that's how kids and immature adults behave, but he went on and claimed that the cash rate is actually an interest rate. Now, how in his mind could interest rate +- forward points results into 6E quote, that's beyond my wildest imagination.

In that thread I cracked the OFA software for people there and even though it's not a very sophisticated crack I would say people actually found it useful. Not Trader34, though. Probably in some last desperate attempt to get attention, he accused me that I am in fact the programmer of that software and that I am a shill who is trying to actually slip them an intentionally broken software, even though a while back I actually identified the name of the real programmer who compiled the software for OFA people. Now, sure comparing some indian guy with 4 years programming experience with me who is programming for almost 30 years is a bit letdown, but other than that I can't be really mad at him.

 

If you think about that, of 7 billions people on this planet there are almost 2.5 billions of Internet users, of that almost 40 thousands on this forum, of that I have had the honor to meet only 2 morons, both funny ones at that. That's rather excellent statistics for this forum, wouldn't you agree?

[ForexMike]

He wanted me to make an automated system for him, to do it for free, to give him the software for free and even to give him the source code for free, with a "promise" that if he sells it he will share with me. I told him to forget it.

 

Was it his 20% a month EA that he says is 100% guaranteed? He asked me to program same and had a real cocky attitude. I asked why he was always posting in a negative manner and he use the excuse that he was from Egypt. Not sure what being Egyptian has to do with his always negative attitude but I wrote it off to his dire need to be on medication. My guess is that he isn't invited to a lot of parties. In the US, we call people like him...Debbie Downer. As far as his one thanks he received, I have a feeling it was the result of someone accidentally clicking on the button.

Edited November 4, 2012 by ForexMike

[udc]

Yes, it was his revolutionary 20% a month EA and yes you actually summed him up very precisely: a person with attitude issues. I can only guess how many other programmers he asked before and will ask in the future. He mentioned that while discussing the EA with some other programmer the programmer asked him to sign contracts and he didn't like it. I asked him the same, of course, and he said that for them, the muslims, the word means everything, not some papers. Well, that wouldn't be that bad as long as his own words weren't full of nonsense and gibberish. Now, probably every living species learns from experience, including humans since they are born. So if he repeatedly experienced a similar unwelcome feedback to his bad behavior then it would be logical to change the behavior that's causing such feedback, wouldn't it? Remember what Einstein said: doing the same thing over and over again and expecting different results is the definition of insanity.

 

I don't know who thanked him and for what, but just from looking at the overview of his posts, what questions he asks and what he mentioned to me, it seems like he just discovered trading a half year ago and is having a hard time to understand even the basics. He doesn't understand that being 50 lots long and 100 lots short on the same instrument is identical to being just 50 lots short, he doesn't understand that despite all those fancy features of some trading platforms there are only 2 possible operations in reality: buying and selling. He doesn't understand that if you analyze trades of thousands people on the same instrument, all you get (and all you actually need) is the overall sentiment (constantly changing with every new buy or sell) and at any given point in time this sentiment can be expressed by just a single aggregated operation, either buy or sell. Oh well.

 

P.S.: have you noticed that his Skype account says "female"? Who knows what's going on in his head.

[udc]

Back to the subject. The intestines of both engine and indicator are reworked, I am now properly getting and locally storing the data for all 5 recent trading days:

http://img823.imageshack.us/img823/7727/obel5days.png

 

By the way, on the next to the last picture, with OBELs from Thursday 11/01/2012, notice the particularly strong OBEL at 1.2852 how long it resisted on Friday during post-NFP shakeout. I was watching it live and it was really interesting. The USDJPY analogy OBEL was at 80.667 and that one resisted successfully.

 

Now all what I need is just to put the lines into the correct time segments where they belong, considering your broker charts timeshift. And since I will be handling the timezones I will also make the engine to grab the website data only between, say, 14:00 and 18:30 CT, that should do. Then the statistics indi will become the topic of the day.

[Panzer]

First of all, thanks for your effort UDC. The thing you code is not for all people on forex,the guys who look at charts and expect holly grail.The small minority understands what have you presented here. This is a awesome tool to have. Thanks again and dont mind the Forex teenagers,if they are lucky they will understand concept in next few years.

 

 

And once more again THANK YOU for this.

Edited November 5, 2012 by Panzer

[udc]

Now this is what I was talking about:

 

http://img407.imageshack.us/img407/3097/obel5daysdoneright.png

 

We start 5 finished trading days ago (that is Monday on the picture) at 7:20 CT (broker charts timezone taking into account) and from there we draw OBELs to 14:00 CT because from that time segment are OBELs calculated. From 14:00 CT to 7:20 CT next day (Tuesday) we draw protracted lines with decreased color intensity (adjustable, of course; I was unable to properly draw dotted lines so I had to settle with lowered intensity). Then again the same process until the most recent finished trading day (Friday) where we not only draw protracted lines to the 7:20 CT next day (today, Monday - the ongoing trading session; the weekend is detected) but we also draw from 7:20 CT to 14:00 CT (in the future) the dotted lines. As soon as 14:00 CT happens and CME publishes todays data and we get them then all dotted lines disappear and will be replaced with regular OBELs calculated from today's session which will again be protracted with lines of lowered color intensity up to 7:20 CT tomorrow and from there to 14:00 CT there will again be the dotted lines. Hope it makes sense.

 

In case you don't see the whole picture, here is the url: http://img407.imageshack.us/img407/3097/obel5daysdoneright.png

Edited November 5, 2012 by udc

[TheBeast]

That is looking great! Thanks for all the coding you do.

[udc]

OBEL engine v1.05 & OBEL v1.05

 

Changes:

 

OBEL-engine

 

The engine now properly gets the data for all 5 available trading days, for both expiry months, for all 6 trading instruments. In the CSV files, the data is stored in reversed chronological order (the most recent trading day first) so the format of CSV files is compatible with previous versions.

 

The engine can now detect what timezone your computer is in and from there it calculates the offset from your local time to UTC time (a.k.a. GMT time). If the autodetection doesn't work properly you can turn it off (parameter AutodetectLocaltimeToUTCoffset) and set the offset manually (parameter LocaltimeToUTCoffsetInMinutes). For example, if you are in GMT+1 timezone then your offset to UTC is "-60", if you are in New York then your offset is "300". But the autodetection should work so you don't need to set anything.

The current value (either manually set, or autodetected) of LocaltimeToUTCoffsetInMinutes is printed out to the experts log when the engine is attached to a chart so you can check it.

 

Since the engine now knows what time it is, it will dig into CME website only during the settlement publishing times. The mechanism is like this: when the engine is attached to the chart it gets the data from CME website immediately, no matter what time it is. If no error happens during the process (if it does happen the process is repeated in 2 minutes) the engine checks whether we are in the settlement time range (14:00 - 18:00 CT, that is 20:00 - 24:00 UTC). If so, the next run will be in 5 minutes (parameter RefreshEveryXminutes). If we are not in the settlement time range it then check whether all the data we have is "final", that is "last updated 6:00 PM". If not, the next run will be in 5 minutes. If we do have the final data the next run will be scheduled at the nearest 14:18 CT (20:18 UTC) in the future (the data is published at 14:17, 14:30, 15:00, 15:20 and 18:00 CT).

 

The whole engine now runs in an infinite loop so it doesn't need a new tick to be triggered. That's important if you want it to get the final data on Friday because the data is published when the market is already closed for the weekend and thus the engine wouldn't work had it relied on a tick triggering.

 

The log messages "Possibly new CME data" are turned off by default and can be turned on by a new parameter Verbose.

 

OBEL

 

The indicator now reads and displays the OBELs for all 5 available trading days with distinction between the regular CME market hours (7:20 - 14:00 CT) of which the OBELs are calculated and the rest of the day where the lines are drawn with lowered color intensity controlled by ProtractedLinesIntensityRatio parameter (0.7 by default, that is 70%).

 

Indicator by default checks for changes in the CSV file every 2 minutes (parameter RefreshEveryXminutes) and repeats the process in 1 minutes if no file is found.

 

To draw the lines at the correct time the broker charts timezone must be detected. This can be done only when market is open and thus the broker is announcing its time. The detected offset from UTC to broker's time is then stored into a global variable (named "OBEL_UTCtoBroker_12345678" where the last part is the account number) so that the indicator would work also during the weekend. If the indicator is attached to a chart on the weekend and the global variable is not found (and the autodetection is turned on) the alert message is shown.

If the autodetection doesn't work properly you can turn it off (parameter AutodetectUTCtoBrokerOffset) and set the offset manually (parameter UTCtoBrokerOffsetInMinutes). For example, if your chart is in GMT+1 timezone then the offset from UTC to your chart is "60", if you are in New York then your offset is "-300". But the autodetection should work so you don't need to set anything.

The current value (either manually set, or autodetected) of UTCtoBrokerOffsetInMinutes is printed out to the experts log when the indicator is attached to a chart so you can check it.

 

 

Download link:

http://www.directmirror.com/files/LRXWLFM4

http://mir.cr/X308JBJM

[growex]

strange...Udc, it doesnt show levels after this last update.....

[crodzilla]

UDC, from one programmer to another... that is a beautiful piece of work!

The usefulness of this indicator cannot be over-stated.

 

Carl

[growex]

Oh..it works grrrreat now......thank you so much....one more very powerful indie is in our hands now.....

[ddam3]

strange...Udc, it doesnt show levels after this last update.....

 

I dont get the levels either, any clue what I did wrong?

[surya]

please reupload forex power level 4shared.com

[jjames]

Thank you, I appreciate it. Yes, I will make the statistics and it will be cool.

 

 

 

Thank you for the encouragement. I don't really mind grandpost1, not only because he is on my ignore list so I don't see his posts anyway, but he is just a desperate kid trying to get attention. He wanted me to make an automated system for him, to do it for free, to give him the software for free and even to give him the source code for free, with a "promise" that if he sells it he will share with me. I told him to forget it. No harm done, he just wasted my time. Funny guy, actually, he is a muslim from Egypt, thinks there is neither a copyright (law) nor the police there, drives around with a machine gun, owns a hotel, makes good money, and bla bla bla, yet he wanted to use the automated system on an account with "small money". All that are his quotes I just copied from Skype chat history. Seriously, how could I mind someone like that?

 

It's like over there in the OFA thread. There was a similar kid, Trader34, who claimed there is no correlation between futures 6E and spot EURUSD despite (besides the obvious visual identity) I proved that based on CME's own explanation the 6E quote is actually derived from EURUSD quote and equals to cash rate +- forward points. It wasn't surprising that he didn't admit his mistake, that's how kids and immature adults behave, but he went on and claimed that the cash rate is actually an interest rate. Now, how in his mind could interest rate +- forward points results into 6E quote, that's beyond my wildest imagination.

In that thread I cracked the OFA software for people there and even though it's not a very sophisticated crack I would say people actually found it useful. Not Trader34, though. Probably in some last desperate attempt to get attention, he accused me that I am in fact the programmer of that software and that I am a shill who is trying to actually slip them an intentionally broken software, even though a while back I actually identified the name of the real programmer who compiled the software for OFA people. Now, sure comparing some indian guy with 4 years programming experience with me who is programming for almost 30 years is a bit letdown, but other than that I can't be really mad at him.

 

If you think about that, of 7 billions people on this planet there are almost 2.5 billions of Internet users, of that almost 40 thousands on this forum, of that I have had the honor to meet only 2 morons, both funny ones at that. That's rather excellent statistics for this forum, wouldn't you agree?

 

Yeah pikers they full with it in this world ussually verry negative dont come far in live imo.

Also are the 1s who like the kinda arrow thingies to lazy to do anything analyze propper or whatever. Also like lots of colours on there chart gives the same effect as fruitmachine like gamblers.

 

ok enough if the 1s who read this feel that i talked to them pls leave fx who probally only harm you more then good.

Or become more positive minded

[udc]

about statistics

 

Glad you like it. Now on with the statistics thingie.

 

Would you like to see something like this:

http://img191.imageshack.us/img191/892/statistics1.png

 

or rather something like this:

http://img502.imageshack.us/img502/184/statistics2n.png

 

?

[udc]

OBEL v1.06

 

If you are in a lower timeframe you may find it a bit difficult to distinguish those darker protracted lines from the regular q-month lines (if you kept the default colors) so I added an option to add a greyness to them. So now you can make the protracted lines not only darker but also faded.

 

This is ProtractedLinesIntensityRatio=0.7 and ProtractedLinesAddGreyness=0:

http://img23.imageshack.us/img23/8606/obelnogreyness.png

 

This is ProtractedLinesIntensityRatio=0.2 and ProtractedLinesAddGreyness=50:

http://img641.imageshack.us/img641/4831/obelgreyness.png

 

 

 

Download link: (contains both OBEL and OBEL-engine)

http://www.directmirror.com/files/0ETSE0KB

http://mir.cr/0BNDVJVB

[Panzer]

Glad you like it. Now on with the statistics thingie.

 

Would you like to see something like this:

http://img191.imageshack.us/img191/892/statistics1.png

 

or rather something like this:

http://img502.imageshack.us/img502/184/statistics2n.png

 

?

 

Statistic with bars look nice , but then again more infos is on the table with data...is it possible to have both options and that trader choose bestween them. Also if a trader hoover over the bars is it possible to get all info's in a description?

[spazzy252]

Udc,

 

Thank you for all your hard work and providing such an invaluable tool to the trading community. I would like to see the data like that in the table. Is there a way for you to add a couple calculations within your table for an example the Put/Call ratio for both volume and OI? This would help for quantifying & measuring market sentiment.

 

Thank You,

Spazzy252

Edited November 6, 2012 by spazzy252

[Panzer]

good point spazzy

[udc]

Yeah, the thing is that within the space this table takes, and that's just for a single instrument, I could place those mini-charts for all 6 instruments. The table for all 6 instruments will take half of a screen. Well, I will start with the charts and we will see.

As for the additional calculations that's not a problem (but by the way those calls/puts ratios that's exactly what you would get at first sight from mini-charts). I was also thinking about calculating the weighted mean of all calls and all puts for given expiry where the weight would be the PrOI. And then the overall weighted mean of calls and puts combined.

[timo77]

udc, thank you for such a useful indicator, is it possible to include oil and gold also? Those are the only two that I scalp, and power levels for those instruments would be just fantastic!

[udc]

sure, as soon as these pages will show the values:

http://www.cmegroup.com/trading/metals/precious/gold_quotes_settlements_options.html

http://www.cmegroup.com/trading/metals/precious/silver_quotes_settlements_options.html

[iho]

Hi udc, is it possible and feasible to add emini SP500 and Dow too ?

 

http://www.cmegroup.com/trading/equity-index/us-index/e-mini-dow_quotes_settlements_futures.html

 

http://www.cmegroup.com/trading/equity-index/us-index/e-mini-sandp500.html

 

thanks in advance, no obligations

 

 

sure, as soon as these pages will show the values:

http://www.cmegroup.com/trading/metals/precious/gold_quotes_settlements_options.html

http://www.cmegroup.com/trading/metals/precious/silver_quotes_settlements_options.html

[udc]

You need to click on Options settlements, not Futures ones, here are the correct links:

 

http://www.cmegroup.com/trading/equity-index/us-index/e-mini-dow_quotes_settlements_options.html

http://www.cmegroup.com/trading/equity-index/us-index/e-mini-sandp500_quotes_settlements_options.html

 

Plus e-mini NASDAQ-100:

http://www.cmegroup.com/trading/equity-index/us-index/e-mini-nasdaq-100_quotes_settlements_options.html

 

 

Now you only need to tell me what Metatrader broker supports these indexes so I can pair CME and MT4 symbol names.