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Lateral Formation

 

 

Lateral Formation is a price pattern where

bar 2 and bar 3 are within the HL of the 1st bar.

 

The Lateral will continue until 2 consecutive closes outside of the

1st bar HL in the same direction.

 

for background discussions, please visit:

http://www.traderslaboratory.com/forums/f34/price-volume-relationship-6320.html

 

 

attachment.php?attachmentid=12961&stc=1&d=1250475713

 

 

note:

This EasyLanguage indicator was written in MultiCharts.

I have not tested it in TradeStation or other compatible programs.

Please refer to your users manual for importation instructions.

Lateral_Formation.thumb.jpg.cbe301861b5a15f4e9b1623c922eebf5.jpg

Lateral_Formation.txt

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Tams,

Here is some feedback:

 

Thanks!!!

2 possible improvements:

1. Should start drawing at close of 3rd bar.

2. Should be recursive since some laterals form inside laterals.

 

Also, any possibility that you have written a "2 pair" indicator? The TS range chart isn't very good. Let me know if you want info on "2 pairs" (JHM version of a tick chart). BTW it is in the threads.

 

THanks again

 

Let me know if I can help.

 

MK

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Tams,

Here is some feedback:

 

Thanks!!!

2 possible improvements:

1. Should start drawing at close of 3rd bar.

2. Should be recursive since some laterals form inside laterals.

 

 

Thanks for the feedback...

 

This indicator is still in beta.

Anyone up for a coding experience?

 

 

Also, any possibility that you have written a "2 pair" indicator? The TS range chart isn't very good. Let me know if you want info on "2 pairs" (JHM version of a tick chart). BTW it is in the threads.

 

THanks again

 

Let me know if I can help.

 

MK

 

 

You can start a new thread... we can make it a community project.

Edited by Tams

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thx for this indicator. ... :)

Put it on the charts the other day & looks good, as it sees the sideways channels & then can see where the breakup or breakdowns are,,,,so is good for day-trading the emini's, as I do. The only issue with itis, in the code, it prints back in time with all the lines, so when back testing I have to trun this indicator off.....is there a way to have it "print in the moment" & not back in time with longgggg lines? Since I am not a coder/geek type, do not have the mental resources to do it. Other than that, great indicator.....THX...... :)

 

ajax358

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thx for this indicator. ... :)

Put it on the charts the other day & looks good, as it sees the sideways channels & then can see where the breakup or breakdowns are,,,,so is good for day-trading the emini's, as I do. The only issue with itis, in the code, it prints back in time with all the lines, so when back testing I have to trun this indicator off.....is there a way to have it "print in the moment" & not back in time with longgggg lines? Since I am not a coder/geek type, do not have the mental resources to do it. Other than that, great indicator.....THX...... :)

 

ajax358

 

 

can you post your screen shot?

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Tams,

thx again....is a great indicator. I cannot post a chart pic, as my trading puter is the other puter, & keep them isolated for security reasons. I do not know how to post to another off site, as am limited geeky, but a wannabe..... :)

 

The issue I have with the charts, is that if I re-load the charts, or, say change a time frame & they re-load....then the lines for the 'lateral formations' go laterally 'backward' in time....back across the chart, so there then is a whole bunch of parallel lines as I scroll back on the chart....gets very eye messy is all.

 

Other than that, it works great & I use it for day trading ; use it for breakouts of the lateral range & have found that the 'SAR indicator' is generally poised at the end of one of the lines, & equals my entry point....so I stock the entry & hoover over it, then click & go.

 

Again, the only issue is that it prints the lines back in time & fills up the chart(s). Suspect that is a code issue, but have no skills here to address it. Thx again for a great indicator & if ya post an updated version beyond beta, I will load it immediately..... :)

 

ciao....ajax

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Thks, Tams but this indicator plots on tradestation 8.7 BUT, the lateral lines continue all the way across the screen, without stopping? Anyway to fix that??

 

 

Please give this a try.

I do not have TradeStation anymore, so I have not tested it.

 

89.75

Lateral_Formation_vb3.txt

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Thks, Tams but this indicator plots on tradestation 8.7 BUT, the lateral lines continue all the way across the screen, without stopping? Anyway to fix that??

 

 

I just looked at your chart again...

sorry, this indicator is for minute charts only.

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Tams.....just copied the #3 version to TS & made an indicator......loaded it on charts....at first, the tabs blinked out whe tried to click on them...then re-loaded the indicator, & it worked just fine!! The lines to the left, are now NOT across the charts now! So, thx there chum, for the update, as it works great now.

 

I use it on all my charts, then use my Stoch/MACD primary indicators as the lead in turns, then watch for the breakout of these "lateral formation" lines, & is a killer combo in tick charts day trading.

 

Thx again for the update..... :)

ajax358

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Tams.....just copied the #3 version to TS & made an indicator......loaded it on charts....at first, the tabs blinked out whe tried to click on them...then re-loaded the indicator, & it worked just fine!! The lines to the left, are now NOT across the charts now! So, thx there chum, for the update, as it works great now.

 

I use it on all my charts, then use my Stoch/MACD primary indicators as the lead in turns, then watch for the breakout of these "lateral formation" lines, & is a killer combo in tick charts day trading.

 

Thx again for the update..... :)

ajax358

 

 

thanks,

a screen shot is appreciated.

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Tams....FYI.....just finished day of trading...the new Lateral Formation'3' worked great!!!!....no hiccups & put lines on chart just like yours, & there was no lines 'all way back thru charts' as before.

So, this fix of yours worked for the "tick" charts. As you said, the indicator was made for "minute" charts....I checked minute charts with both LatFormation 2 & 3.....both were same & fine on minute charts. So, all is good & backtested & works on TradeSatation just fine for "#3" version.

 

I can't post charts, as the charts are on my other puter....& don't know how to post them as well.... not geeky enuff....but can backtest well.... ;)

 

Thx mucho.......ajax358.... :)

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Hi

Love your indicators---I'm trying to set-up Multicharts for Hershey trading. Can I color bars by close or do I need an indicator? what about volume?

You seem to be well versed in PricePhysics as well---which do do trade the most?

I've recently been looking at Bill's stuff again.

 

Thanks

Allen

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Hi

Love your indicators---I'm trying to set-up Multicharts for Hershey trading. Can I color bars by close or do I need an indicator?

don't understand what you mean.

 

what about volume?

what about it?

 

You seem to be well versed in PricePhysics as well---which do do trade the most?

I've recently been looking at Bill's stuff again.

 

Thanks

Allen

 

all systems/methods/indicators lead to the same thing...

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don't understand what you mean.

 

 

what about it?

 

 

 

Sorry---wasn't clear.

 

Do I need an indicator to color a price bar based on it's Close--ex. Green bar for a close higher than the previous, Red bar for a close that is lower

 

and Green volume bar for an Up close, Red bar for a Down close

 

or does Multicharts do this and I'm just missing what's right in front of me???

 

Thanks

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don't understand what you mean.

 

 

what about it?

 

 

 

Sorry---wasn't clear.

 

Do I need an indicator to color a price bar based on it's Close--ex. Green bar for a close higher than the previous, Red bar for a close that is lower

 

and Green volume bar for an Up close, Red bar for a Down close

 

or does Multicharts do this and I'm just missing what's right in front of me???

 

Thanks

 

anything that requires a logic, is performed by an indicator.

 

if you have just bought MultiCharts, I would suggest you to get the ebook

Getting Started with EasyLanguage

this is the book you need if you're thinking about using EasyLanguage but don't know where to start.

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