Hi Bruce,

can you pls help me with :

1.Consolidation PCF  on 5 min time frame during the day sesion since open or during  certain number of candles "x"  that can be modified depending on situation/needs.

2. Break out followed by consolidation on a 5 min frame as well.

Since there is a new vertion 17, maybe there is a new options available to programm?

Thank you in advance

There is no way to reference the start of the day in an intraday time frame, so a formula which would automatically check for consolidation since the start of the trading day in a 5 minute time frame is not possible.

Identifying consolidation can be done a variety of ways.

• You could check for price to remain within a specific dollar range over a specific span of time.
• You could check for price to remain within a specific percent range over a specific span of time.
• You could check for the total price range over a span of time to be much narrower than the total price range over a longer or previous span of time.
• You could check for the width of the Bollinger Bands to be less than an arbitrary percentage of the value of the centerline of the Bollinger Bands.
• Youcould check for the width of the Bollinger Band to be narrower than the width of the Keltner Channels.
• You could check for ADX to be low.
• You could check for the values of a short and a long moving average to be near each other (MACD or PPO to be near zero).

Identifying the breakout can be done a variety of ways.

• You could check for whatever requirement you set for consolidation to be no longer true.
• You could check for price to above the max high for an arbitrary period.
• You could check for the requirement not be true and price to be above the high of the consolidation period (this might result in a much longer formula).
• You could check for MACD crossing up through zero.
• You could check for DI+ crossing above DI-.

Really, the point is that you need to define both the consolidation and the breakout to create a formula, not that any particular technique is better than any ohter technique.

TC2000 v17 didn't add a way to identify the start of the trading day, but it still might be able to help us with the addition of the CountTrue(), SinceTrue() and TrueInRow() functions.

Version 17 PCF Capabilities

Bruce,

I wish there was an easy  way to preserve some of these excellent comprehensive posts like the above.

I really appreciate the above post.

Don