Custom Grid Study

igor.s

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Hi All,

A simple study I wrote long time ago that draws grid lines with a specified step. I used it for trading NQ futures. The settings are self explanatory. Nothing really fancy. Multiple grid studies with different steps, line styles could be applied to the same chart. For example, I used 20 points steps in first study and 50 in the second. On a smaller time frame a third study with 12.5 steps was added to fine tune the entries. That's just an idea. You may have something different in mind. By specifying a starting point you may get a shift of the grid, for example instead of a round number like 12000.00 you use 12000.25.

Someone asked to share.

cheers.
 

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ScottyA

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This is genius! I've wanted a Study like this, especially for NQ. Price tends to behave like it's bot-driven that moves in predictable intervals. Years ago, it was 5 point moves, and then it was 10 points. But I stopped counting somewhere.

I noticed price action move most was immediately at the RTH Open. And then, if price reached certain levels (like +25 or -30), odds began to favor certain type of day. I tried to create a Study that would immediately print levels based on the RTH Open with selectable steps, but because I'm a hack-developer, I gave up.

This Study is perfect for this application!
 

igor.s

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Thanks, Scotty! Glad you found it useful. NQ likes to move in quarters and halves (25, 50 points).

cheers.
 

ENIGMA

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HI
could any one explain the indicator with pictures please .
thanks
 

ScottyA

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Custom Grid Example.png

I set the Grid based off the highs at 13255.00 (End) and extended the lines lower to 13095.00 (Start) with 20 point increments (Step).

What makes this Study challenging is two fold: 1) Where do you begin the lines? and 2) At what increment?

The answer to the first question is relative to the user and likely can change throughout the day. The answer to the second question depends upon the instrument you're trading and knowing it's behavior.
 

ScottyA

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What makes this Study challenging is two fold: 1) Where do you begin the lines? and 2) At what increment?

I base the grid placement off of the RTH Open, watching how far it moves in each direction over the opening 5 minutes. The challenge for me is to determine the midpoint of my range and mentally calculate those levels.
 

rickierich

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Could please make an adjustment for currencies thanks, It works nice on everything that has big numbers, so yen indices, I haven't tried on oil but I presume it will, really need it for USD currencies. I suspect it is just a decimal place thing. If I had the source I could probably do it myself, but in that circumstance I may as well write from scratch. I have to admit I really do not want to learn MotiveWave SDK, when I know it is a real small change for you thanks. In advance. maybe customgrid2 the small numbers edition. Thanks.

It can work on currencies but you need to allow 5 decimal places.
 
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