4H Refinitions

(Refined definitions)

It took me 12 years to grow up to the 4H chart. I think this might save you some time.

Admittedly, things would take a long route when you start with denying factory settings, indicators on closing prices and don’t get the urge at once to start applying std bands around RSI14 HL2 readings. Sometimes lag is just what you need to arrive at the right conclusion.

The art of choice.

Utmost Condition

The utmost condition is an outside (of the BB) and an outside (RSI14 +- 2 SD) combo.

            if (RSI[i]>upper2[i] && RSI[i]>70 && High[i]>iBands(symbol,0,30,2,0,PRICE_MEDIAN,MODE_UPPER,i)+50*Point){
               ObjectCreate("Utmost"+DoubleToStr(i), OBJ_TEXT, 0, Time[i], High[i]+590*Point); 
               ObjectSetText("Utmost"+DoubleToStr(i), "U", 34, "Impact",  Purple);
            if (RSI[i]<lower2[i] && RSI[i]<30 && Low[i]<iBands(symbol,0,30,2,0,PRICE_MEDIAN,MODE_LOWER,i) && iBands(symbol,0,30,2,0,PRICE_MEDIAN,MODE_UPPER,i)-iBands(symbol,0,30,2,0,PRICE_MEDIAN,MODE_LOWER,i)>2200*Point){
               ObjectCreate("Utmost"+DoubleToStr(i), OBJ_TEXT, 0, Time[i], Low[i]-40*Point); 
               ObjectSetText("Utmost"+DoubleToStr(i), "U", 34, "Impact",  Purple);

Spike Back

A spike back reinforces the charge and will take no prisoners until an utmost opposition is met. A spike back has a thrust wick in excess of 45 pips and crossed over back and forth either the 4H BB upper, lower or the middle line.

            if (Close[i]-Low[i]>450*Point && Open[i]-Low[i]>450*Point &&
               ((Low[i]<iBands(symbol,0,30,2,0,PRICE_MEDIAN,MODE_LOWER,i) && Close[i]>iBands(symbol,0,30,2,0,PRICE_MEDIAN,MODE_LOWER,i))
               || (Low[i]<iBands(symbol,0,30,2,0,PRICE_MEDIAN,MODE_MAIN,i) && Close[i]>iBands(symbol,0,30,2,0,PRICE_MEDIAN,MODE_MAIN,i)))){
               ObjectCreate("Spike"+DoubleToStr(i), OBJ_TEXT, 0, Time[i], Low[i]-40*Point); 
               ObjectSetText("Spike"+DoubleToStr(i), "Spike", 24, "Impact",  Purple);
             if (High[i]-Close[i]>450*Point && High[i]-Open[i]>450*Point &&
               ((High[i]>iBands(symbol,0,30,2,0,PRICE_MEDIAN,MODE_UPPER,i) && Close[i]<iBands(symbol,0,30,2,0,PRICE_MEDIAN,MODE_UPPER,i))
               || (High[i]>iBands(symbol,0,30,2,0,PRICE_MEDIAN,MODE_MAIN,i) && Close[i]<iBands(symbol,0,30,2,0,PRICE_MEDIAN,MODE_MAIN,i)))){
               ObjectCreate("Spike"+DoubleToStr(i), OBJ_TEXT, 0, Time[i], High[i]+340*Point); 
               ObjectSetText("Spike"+DoubleToStr(i), "Spike", 24, "Impact",  Purple);

Market direction.

The market holding direction can be changed by an utmost condition or a 5-wave structure where price gets outside the BB at least twice. A spike back reinstates the holding direction against its wick.

Culinary Tract: After the U comes a T and an I which kicks in the final leg / Wave 5.

It’s just a conclusion.

Now I’m just gonna have to make a new Hedger with the name, Quick Feet and use the switch back around the hourly 8 EMO as a trigger in case the wave count got screwed up.