Elder Daily Charts With Envelope
Elder Daily Charts With Envelope in Amibroker displays daily price movements within a channel or envelope. Utilizing the Amibroker data feed, this charting tool aids traders in visualizing daily price ranges and potential breakout points.
/// Daily Bar Chart
_SECTION_BEGIN("Elder Daily Chart with Envelope");
SetChartOptions(0,chartShowArrows|chartShowDates);
Plot( EMA(C,13),"EMA(13)",colorRed,styleLine,styleThick);
PlotForeign(GetBaseIndex(),IndustryID(1),colorWhite,styleLine|styleLeftAxisScale);
LookBkPd = 100 ;
AvgPd = 22 ;
ExternalBarPct = 15 ;
ConvergePct = 2 ;
Middle = EMA( C,AvgPd ) ;
Rng = HHV( H,LookBkPd ) - LLV( L,LookBkPd ) ;
X = Rng ;
deltaX = X/2 ;
do
{
Over = H > Middle + X ;
Under = L < Middle - X ;
OuterPct = 100*( Sum( Over, LookBkPd ) + Sum( Under, LookBkPd )
)/LookBkPd ;
OP = LastValue(OuterPct) ;
X=X+sign( OP - ExternalBarPct )*deltaX ;
deltaX = deltaX/2 ;
}while ( abs( OP - ExternalBarPct ) > ConvergePct ) ;
Plot( Middle, "MA", colorGreen, styleLine|styleNoTitle ) ;
Plot( Middle+X, "MA", colorBlue, styleDashed|styleNoTitle ) ;
Plot( Middle-X, "MA", colorBlue, styleDashed|styleNoTitle ) ;
_N(Title = StrFormat("{{NAME}} - {{INTERVAL}} {{DATE}} Open %g, Hi %g, Lo %g,Close %g (%.1f%%) {{VALUES}}", O, H, L, C, SelectedValue( ROC( C, 1 ) ) ));
Plot( C, "Close", ParamColor("Color", colorCustom9 ), styleCandle |ParamStyle("Style") | GetPriceStyle() );
_SECTION_END();