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/for...ship-6320.html





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.

[thrunner]

_lateral[1] not declared and used only once.

This will verify in TS and compile in MC with "_lateral[1] and" commented out.

[Tams]

Originally Posted by thrunner »

_lateral[1] not declared and used only once.
This will verify in TS and compile in MC with "_lateral[1] and" commented out.

my apologies...

updated code is attached.

[MKTr]

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

[Tams]

Originally Posted by MKTr »

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?

Originally Posted by MKTr »

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.

[ajax358]

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

[Tams]

Originally Posted by ajax358 »

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?

[Tams]

there is a discussion of Lateral Formation here:
http://www.traderslaboratory.com/for...html#post84429





you might want to add enhancements to this beta version after further investigation.

63.64