I need someone to design a custom indicator for MT4 platform. The
programming language is MQL4 and I heard it is quite similar to C++. The name of the indicator is TD Sequential. Here is the detail of the method:
TD Sequential consists of 2 phases: a setup phase, and a countdown phase. For the sake of explaining, I will refer to daily bar chart. This
email is long because I put a lot of examples to make sure you understand the method.
In order to initiate a buy setup phase, these conditions must be met in sequential order:
1. On a daily chart( 1 bar is 1 day), look for a day's close which is higher than the close 4 days ago. For example, if the closing price on Thursday is higher than the closing price on last weeks Sunday(4 days ago), then this meets the requirement.
2. After "1" is fulfilled, immediately following that Thursday, look for 9 consecutive day's closes which are lower(not higher) than the close 4 days ago.For example, if the closing price on Friday is lower than the closing price on that same week's Monday( 4 days ago), this is the 1st day of the 9 days buy setup period. After that Fridays bar, it has to be followed immediately by Saturday's close which is lower than last Tuesday's close, and continuing with Sunday's close less than Wednesdays close, and so on until you count 9 consecutive daily bars.
3. The 9 bars have to be in sequence. If it is not in sequence, then the buy setup is cancelled. The closing price also has to be lower, cannot be equal, than the closing price of 4 days ago.
4. For the buy setup, once you have identified the 1st day of the 9 consecutive days, you number them "1" under the bar, followed by number "2" for the next bar, and all the way until number "9".
5. That is it for the buy setup. For sell setup, the process is reversed. The closing price of the 1st day of the 9 consecutive days must be higher than the close 4 days earlier.
Once all 9 consecutive bars have been identified and marked properly, next comes the countdown phase :
Countdown phase:
1. Once intersection has been met, countdown phase starts immediately on that same day in which the last nince day of the setup occured.
2. Countdown phase requires a days close to be lower than the low 2 days ago. For example: the closing price on Friday has to be lower than the low of Wednesday.
3. Notice the difference between countdown phase and the earlier buy setup phase. Buy setup (current days close less than the close 4 days ago), and countdown phase (current days close less than the low 2 days ago). And need not tobe consecutive.
4. To continue with the previous example, if the ninth day occurs and the close of day 9 is less or equal to the low of 2 days earlier, then the 1st day of the countdown phase has been identified. As for now, day 9 of the buy setup is effectively day 1 of the countdown phase. And if that si not met than check the next bar for this formula,Continue with day 11 and so on until you have identified 13 bars which fulfilled the countdown requirement.
5. In the buy setup scenario, all the 9 days have to be in sequence. If after day 6, day 7 doesn't meet the buy setup requirement, then the whole buy setup is cancelled and must begin anew. Unlike the buy setup, the countdown phase of 13 days doesn't have to be consecutive. On the previous example, day 9 close is less than the low of 2 days earlier, thus satisfies as the 1st day of countdown phase. If day 11's close is less or equal than 2 days earlier, then this is the 2nd day of countdown phase. If day 12's close is equal or higher than day 10's low, this doesn't meet the countdown requirement and doesn't count as the 3rd day of the countdown phase. BUT, it does not cancel the whole countdown phase. If the next day 13's close is less or equal 2 days earlier low, this satisfies as the 3rd day of countdown phase.
6. Continue with the process until you have identified 13 closes which are lower than or equal the low 2 days ago. This satisfies the countdown phase.
