Intrabar Action Zones?

This is a forum to discuss trading tools and approaches to timing the market.
Post Reply
User avatar
earik
Site Admin
Posts: 442
Joined: Mon Dec 01, 2014 12:41 pm
Contact:

Intrabar Action Zones?

Post by earik » Thu Nov 18, 2021 9:24 pm

Ok, so there's a user (looking at you Bhupinder ;)), who has been asking for intra-bar Action Zones for a really long time now. The other day he sent me a copy of what I had said about it back in 2017, basically calling me out on being a slack-ass in getting this out despite promising to do it, so I found some time and got a script up in the library for him.

I'm not totally sure it's a good idea to be using these like this, but as long as we can do it, might as well take a look, right? Here's a 30min ES chart for the last week or so: (right-click and blow it up to a new window if it's hard to see)
30min_ES_18Nov2021.png
30min_ES_18Nov2021.png (43.74 KiB) Viewed 589 times
The two tools on this chart are the regular Action Zones (the four horizontal lines that last for the entire day), and the new ones, which are more like bands, and only last for ONE BAR. The interesting point is obviously when the two tools line up. This would be support on support, or resistance on resistance.

You have to take these as very short term signals (again lasting for less than a bar, which is 30 min in this case), but I think you could probably trade this. You just have to treat it as any S/R type tool, and be really ready to jump on the breaks, which is where the big moves seem to be. I've marked the chart up a bit so you can see some of these signals.

Anyway, not sure if this would work or not, but definitely got me curious enough where I felt like sharing. You can get it in the script library if you're interested. Going to smack an "EXPERIMENTAL" label on it since I've got no idea what's going on just yet, but definitely has some promise.

Earik

TargetFilled
Posts: 10
Joined: Mon Sep 25, 2017 4:44 pm
Contact:

Re: Intrabar Action Zones?

Post by TargetFilled » Sat Nov 20, 2021 4:48 am

Thanks Earik for providing the script, better late than never :D .

I have been using ActionZones in my trading (Scalping) and found them to be very effective reaction area than a turning points. I plan on using intra-day AZ as a reaction points to trade in the direction of my bias.

Currently, I plot AZ on smaller time frame (1M, 5M, 60M) by writing values to a file and then plot on another charting platform.

Plotting 30M/60M AZ on 1M/5M charts will fine tune entry/exit points. There is enough movement in 30M/60M bars to capture a few points in alignment with my overall strategy.

I have been using the following script to write value of ActionZones to file; Is there an easier way to write values of ActionZones_BarByBar to a file?


input:filename("D:\Trading\AZ\Levels\ESRTH.txt"),deci(2);
ref = ActionZones(&s1, &r1, &s2, &r2);


# plot s1 on the chart if the value is valid

if (day != day[1]) {

#file_write(filename,month, "/", day, "/", year, " Start ", time, " End ", time[1]);
file_write(filename,month, "/", day, "/", year);
AZ1 = &s1;
AZ2 = &r1;
AZ3 = &s2;
AZ4 = &r2;
AZ1=round(AZ1,deci);
AZ2=round(AZ2,deci);
AZ3=round(AZ3,deci);
AZ4=round(AZ4,deci);
z1 = max( max(s1,s2), max(r1,r2) );
z4 = min( min(s1,s2), min(r1,r2) );
z1=round(z1,deci);
z4=round(z4,deci);
azr = round((z1-z4),deci);
ext1 = z1 + azr;
ext2 = z1 + (azr*2);
ext3 = z4 - azr;
ext4 = z4 - (2*azr);

file_write(filename,ext1," @100 #Olive");
file_write(filename,ext2," @100 #Brown");
file_write(filename,AZ1," @100 #Red");
file_write(filename,AZ2," @100 #DeepPink");
file_write(filename,AZ3," @100 #Teal");
file_write(filename,AZ4," @100 #Blue");
file_write(filename,ext3," @100 #Olive");
file_write(filename,ext4," @100 #Brown");
}

Post Reply

Who is online

Users browsing this forum: No registered users and 1 guest