JFC Auto HLC Indicator

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The JFC Auto HLC Indicator is another simple but useful tool which is used to automatically notify the user during today’s trading session when the prior days Hi, Low and Closing price are being approached.

This indicator is used only on intra-day charts.

The JFC Auto HLC Indicator plots a series of magenta dots at yesterday’s Hi, a series of yellow dots at yesterday’s Low, and a series of blue dots at yesterday’s Close.

Obviously, on big range days, this would compress the price bars near either the top or bottom of the chart. For this reason an input is used to govern the location of the plots which define yesterday’s Hi, Low and Close.

Inputs
   

The input screen for this indicator will appear as above.

The "ALL PLOT" input and the "PLT" input work together to set the manner in which the plots will appear on your screen.

As mentioned, this indicator plots a series of dots on the screen which identify yesterday’s Hi, Low and Close.  

Since these lines are more important when the market approaches the calculated levels, I have included a feature which will allow you to only plot these levels when today's price bars are within a defined distance from yesterday's high low or close.

If the ALL PLOT value is set to 1, the JFC Auto HLC Indicator will plot a continuous line of dots or points across the screen. When this value is changed to 0 the dots will only be plotted when the market is trading within a given distance from yesterday’s HLC levels.

The value for the distance discussed above is set by the PLT input.

For example, if the indicator is applied as in the example charts, to a Dow Jones Futures Contract with the PLT value set to 40 and the ALL PLOT input set to 0, the dots only appear when today’s market is trading within 40 points of the yesterday’s respective high low or close.

The indicator also plots the text at the beginning of the new session  on each level, this text appears as:

Yest HI

Yest Close

Yest Lo

The next three inputs are used to alter the color of this text.

The colors for the text can be set by changing the color values for the H_Color, L_Color and C_Color inputs.

Use the values in the table below to change these text colors.

Note that these settings will only effect the color of the text which is plotted on your screen. If you wish to change the color of the dots as well you will need to make the appropriate changes in the style section for each indicator.

The final input, TXT, can be used to remove the text from the screen.

If this value is reset to 0 the text will not be plotted. The default is set to 1 which plots the text.

Style

The plot which tracks Yesterday’s HI is defaulted to magenta, while the Yesterday Close marked by a blue plot and the Yesterday Low is marked by a yellow plot. These colors may be changed to more closely match various color schemes being used by the trader.

The default under Type is set to Point. It is recommend using the “Point” setting rather than the “Line”. Using the Line setting will result in a chart that is cluttered. Weight is defaulted as indicated and can also be adjusted by the user.

Scaling

It is very important that the scaling for the JFC Auto HLC Indicator be set to Same as Price data. Other settings will result in a meaningless plot.

Properties

This indicator should always be plotted in subgraph one, as noted below. There are no alerts associated with this indicator. It is not necessary to update this indicator every tick.

Objective

The chart below is a 5-minute bar chart of the Dow Jones Futures Contract.

Notice the plots of the JFC Auto HLC Indicator as they define the prior day’s High, Low and Close.

This chart is an example of the indicator with the “ALL PLOT” input set at 1.

Similar to the JFC Intra Day Hi Lo Indicator, when one looks at the chart of a complete day, as in this chart, the usefulness of this simple trading tool is not immediately obvious. However, when plotting this indicator on a real time chart, you will soon see how this plot can save you time and possibly eliminate some trading errors throughout the day.

The market will behave in certain ways when it approaches the prior days High, Low and Close. Often significant support and resistance is formed as the market approaches these critical price levels.

It is in the best interest of the trader to first be aware of this phenomenon and then be able to easily identify this condition before it appears.

Often, during the middle to later part of the day, the entire chart will not be visible. To determine the position of the yesterday’s HLC, the trader would have to either compress the chart, scroll back to the beginning of the day, or carefully examine the quote numbers at the top of the chart. All this takes time and effort, time and effort which should be used toward developing your strategy for the next trade.

Using the JFC Auto HLC Indicator the trader is able, at a glance, to determine the relative position of the current market with respect to this important market dynamic.

The above chart above is the same DOW Futures chart as in our other example but in this case, the JFC Auto HLC Indicator is installed with the “ALL PLOT” input set at 0 and the “PLT” input set at 40.

Notice how the prior day’s Close and Low appear only when the market nears within the set 40 points of these important price levels.

Also notice that unlike the other chart, yesterday’s High price does not appear on this chart since the market never traded within the defined 40 points of the prior day’s High.

Please Note:

The “Yest Low” text that appears on the bottom right corner of the last chart is located here for illustration purposes only. It is not located where the text will be plotted on your screen in real time.

The real time placement of this text will be at the left of your screen. The trader can remove this text as discussed in the Inputs settings by changing the TXT Input to 0.

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