4hVegasMetaTrader4hChart_v2
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Strategy Overview
The 4Hour Vegas Model is a visual trading tool designed for the MetaTrader platform. It simplifies market analysis by identifying trend directions, generating specific entry signals based on moving average behavior, and managing trade exits using both momentum shifts and fixed price targets (Fibonacci levels).
This script provides a structured way to view market sentiment and automate the identification of high-probability trade setups on 4-hour charts.
Core Components & Logic
1. Trend Identification
The system establishes the primary market "bias" by tracking the weekly direction. It distinguishes between an UP or DOWN trend. This ensures that the signals provided are filtered to align with the broader momentum of the week, helping traders avoid taking positions against the dominant market flow.
2. Moving Average Dynamics
The logic utilizes two distinct Simple Moving Averages (SMA):
- Fast SMA (Period 8): Used to track immediate price velocity and short-term fluctuations.
- Slow SMA (Period 55): Acts as a baseline for the medium-term trend.
The script monitors the interaction between these two lines. When they cross, it "primes" the potential for an entry, while the slope of the faster line determines the actual execution point.
3. Trade Entry Logic
The script identifies entries based on specific conditions relative to the current weekly direction:
- Sell Signals: In a "DOWN" trend, the system looks for a crossover where the fast line moves above the slow line (priming) and then begins to turn downward. If the signal is "primed," it suggests a higher-confidence entry; otherwise, it marks a standard entry.
- Buy Signals: In an "UP" trend, the system looks for a crossover where the fast line moves below the slow line (priming) and subsequently turns upward.
4. Smart Exit Management
Once a trade is active, the script monitors for three distinct types of exit conditions to secure profits or manage risk:
- Slope Reversal: The trade can be closed if the fast moving average changes its direction (e.g., a Buy trade closes when the fast line starts pointing down). This captures momentum-based exits.
- Fibonacci Targets (Fixed Points): The system employs three specific price milestones based on Fibonacci levels (144, 233, and 377 points).
- If the price hits these targets before a slope reversal occurs, the trade closes at those predetermined levels.
- The script handles "Partial Exits," allowing for multiple take-profit milestones to be hit during a single trade cycle.
5. Performance Tracking & Visual Aids
To enhance the user experience, the script includes several automated features:
- On-Chart Labeling: It generates clear text tags on the chart (e.g., "BUY," "SELL," and "EXIT") along with the price at which the event occurred.
- Profit & Loss (P&L) Tracking: The script calculates a running tally of the profit or loss for the current session, displaying it in a comment area on the screen. This allows traders to monitor their cumulative performance in real-time.
- Dynamic Positioning: Entry and exit tags are automatically adjusted in height so they do not overlap with price bars, ensuring a clean and readable chart.
Indicators Used
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4hVegasMetaTrader4hChart_v2
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
//+------------------------------------------------------------------+
//| 4Hour Vegas Model - 4 Hour Chart MA lines |
//| Spiggy |
//| |
//+------------------------------------------------------------------+
#property copyright "Spiggy"
#property link ""
#property indicator_chart_window
#property indicator_buffers 4
#property indicator_color1 Aqua
#property indicator_color2 Blue
#property indicator_color3 Red
#property indicator_color4 Green
//---- input parameters
extern bool Alerts=true;
extern bool PrintTags=False;
extern int MA1=55;
extern int MA2=8;
//---- buffers
double ExtMapBuffer1[];
double ExtMapBuffer2[];
double ExtMapBuffer3[];
double ExtMapBuffer4[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
SetIndexStyle(0,DRAW_LINE);
SetIndexBuffer(0,ExtMapBuffer1);
SetIndexStyle(1,DRAW_LINE);
SetIndexBuffer(1,ExtMapBuffer2);
SetIndexStyle(2,DRAW_ARROW);
SetIndexArrow(2,1);
SetIndexBuffer(2,ExtMapBuffer3);
SetIndexStyle(3,DRAW_ARROW);
SetIndexArrow(3,2);
SetIndexBuffer(3,ExtMapBuffer4);
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int limit;
double SMA55;
double SMA55Prev;
double SMA8;
double SMA8Prev;
string ValueIndex;
string Direction;
bool BuyPrimed;
bool SellPrimed;
bool Bought1;
bool Bought2;
bool Bought3;
bool Sold1;
bool Sold2;
bool Sold3;
double BoughtAt;
double SoldAt;
int TagCount;
string TagName;
int i;
int j;
double RangeLimit;
bool InTrade=False;
int PandL=0;
bool FullTrade;
// Count all bars every time (bad for performance, but good for testing)
limit=Bars;
// Clean up for redraw
ObjectsDeleteAll(0);
TagCount=0;
//---- main loop
for(i=limit-1; i>=0; i--)
{
//---- ma_shift set to 0 because SetIndexShift called abowe
SMA55=iMA(NULL,0,MA1,0,MODE_SMA,PRICE_MEDIAN,i);
SMA8 =iMA(NULL,0,MA2,0,MODE_SMA,PRICE_CLOSE,i);
SMA55Prev=iMA(NULL,0,MA1,1,MODE_SMA,PRICE_MEDIAN,i);
SMA8Prev =iMA(NULL,0,MA2,1,MODE_SMA,PRICE_CLOSE,i);
ExtMapBuffer1[i] = SMA8;
ExtMapBuffer2[i] = SMA55;
ExtMapBuffer3[i] = 0;
ExtMapBuffer4[i] = 0;
Direction = "----";
ValueIndex = TimeToStr(Time[i]-(TimeDayOfWeek(Time[i])*86400),TIME_DATE);
if ( GlobalVariableGet(Symbol() + "-ThisWeekDirection-" + ValueIndex) > 0.0 )
{
Direction = "UP ";
}
if ( GlobalVariableGet(Symbol() + "-ThisWeekDirection-" + ValueIndex) < 0.0 )
{
Direction = "DOWN";
}
if (!InTrade)
{
// ------------- TRADE ENTRY --------------
// Check the MA8/55 Crossovers
if ( Direction == "DOWN" )
{
// Remove any pending prime for a Buy
BuyPrimed = False;
// Check the SMA8 SM55 Crossover and prime the Sell signal
if (( SMA8 > SMA55 ) && (SMA8Prev < SMA55Prev))
{
SellPrimed = True;
}
// Trigger the sell signal
if ( SMA8 < SMA8Prev )
{
if (SellPrimed)
{
// We are opening a primed trade, do full lots
FullTrade = True;
}
else
{
// Otherwise do half lots
FullTrade = False;
}
// Find the height of the tag - this should not cover any bars
RangeLimit = High[i];
for ( j = i - 7 ; j < i + 7 ; j++)
{
if (High[j] > RangeLimit)
{
RangeLimit = High[j];
}
}
ExtMapBuffer3[i] = RangeLimit + 25*Point;
SellPrimed = False;
Sold1 = True;
Sold2 = True;
Sold3 = True;
SoldAt = Close[i];
InTrade = True;
// Put the tag on the chart
if (PrintTags)
{
TagName = "Entry" + TagCount;
ObjectCreate(TagName, OBJ_TEXT, 0, Time[i], RangeLimit+70*Point);
ObjectSetText(TagName, "SELL " + TagCount + " (" + DoubleToStr(Close[i],4) + ")", 8, "Arial", White);
}
}
}
if ( Direction == "UP " )
{
// Remove any pending prime for a SELL
SellPrimed = False;
// Check the SMA8 SM55 Crossover and prime the Buy signal
if (( SMA8 < SMA55 ) && (SMA8Prev > SMA55Prev))
{
BuyPrimed = True;
}
// Trigger the Buy signal or unprime the trigger
if ( SMA8 > SMA8Prev )
{
if (SellPrimed)
{
// We are opening a primed trade, do full lots
FullTrade = True;
}
else
{
// Otherwise do half lots
FullTrade = False;
}
// Find the height of the tag - this should not cover any bars
RangeLimit = Low[i];
for ( j = i - 7 ; j < i + 7 ; j++)
{
if (Low[j] < RangeLimit)
{
RangeLimit = Low[j];
}
}
ExtMapBuffer4[i] = RangeLimit - 25*Point;
BuyPrimed = False;
Bought1 = True;
Bought2 = True;
Bought3 = True;
BoughtAt = Close[i];
InTrade = True;
if (PrintTags)
{
// Put the tag on the chart
TagName = "Entry" + TagCount;
ObjectCreate(TagName, OBJ_TEXT, 0, Time[i], RangeLimit - 70*Point);
ObjectSetText(TagName, "BUY " + TagCount + " (" + DoubleToStr(Close[i],4) + ")", 8, "Arial", White);
}
}
}
}
else
{
// ------------- TRADE EXIT --------------
if (Sold1 || Sold2 || Sold3)
{
// Trade Exit on SMA slope change
if ( SMA8 > SMA8Prev)
{
// Find the height of the tag - this should not cover any bars
RangeLimit = Low[i];
for ( j = i - 7 ; j < i + 7 ; j++)
{
if (Low[j] < RangeLimit)
{
RangeLimit = Low[j];
}
}
if (PrintTags)
{
// Put the tag on the chart
ExtMapBuffer4[i] = RangeLimit - 25*Point;
TagName = "Exit" + TagCount;
ObjectCreate(TagName, OBJ_TEXT, 0, Time[i], RangeLimit-70*Point);
ObjectSetText(TagName, "EXIT " + TagCount + " (" + DoubleToStr((SoldAt-Close[i])/Point,0) + ")", 8, "Arial", White);
}
if ( FullTrade )
{
PandL = PandL + ((SoldAt-Close[i])/Point)*3;
}
else
{
PandL = PandL + ((((SoldAt-Close[i])/Point)*3)/2);
}
Sold1 = False;
Sold2 = False;
Sold3 = False;
InTrade = False;
TagCount++;
}
// Exit on Fib 1
if (Sold1)
{
if( Low[i] < (SoldAt - 144*Point))
{
// Find the height of the tag - this should not cover any bars
RangeLimit = Low[i];
for ( j = i - 7 ; j < i + 7 ; j++)
{
if (Low[j] < RangeLimit)
{
RangeLimit = Low[j];
}
}
ExtMapBuffer4[i] = RangeLimit - 25*Point;
if (PrintTags)
{
TagName = "ExitFib1" + TagCount;
ObjectCreate(TagName, OBJ_TEXT, 0, Time[i], RangeLimit-70*Point);
ObjectSetText(TagName, "EXIT1 " + TagCount + " (Fib1 144)", 8, "Arial", White);
}
Sold1 = False;
if ( FullTrade )
{
PandL = PandL + 144;
}
else
{
PandL = PandL + (144)/2;
}
}
}
// Exit on Fib 2
if (Sold1)
{
if ( Low[i] < (SoldAt - 233*Point))
{
// Find the height of the tag - this should not cover any bars
RangeLimit = Low[i];
for ( j = i - 7 ; j < i + 7 ; j++)
{
if (Low[j] < RangeLimit)
{
RangeLimit = Low[j];
}
}
ExtMapBuffer4[i] = RangeLimit - 25*Point;
if (PrintTags)
{
TagName = "ExitFib2" + TagCount;
ObjectCreate(TagName, OBJ_TEXT, 0, Time[i], RangeLimit-70*Point);
ObjectSetText(TagName, "EXIT2 " + TagCount + " (Fib2 233)", 8, "Arial", White);
}
Sold2 = False;
if ( FullTrade )
{
PandL = PandL + 233;
}
else
{
PandL = PandL + (233)/2;
}
}
}
// Exit on Fib 3
if (Sold1)
{
if ( Low[i] < (SoldAt - 377*Point))
{
// Find the height of the tag - this should not cover any bars
RangeLimit = Low[i];
for ( j = i - 7 ; j < i + 7 ; j++)
{
if (Low[j] < RangeLimit)
{
RangeLimit = Low[j];
}
}
ExtMapBuffer4[i] = RangeLimit - 25*Point;
if (PrintTags)
{
TagName = "ExitFib3" + TagCount;
ObjectCreate(TagName, OBJ_TEXT, 0, Time[i], RangeLimit-70*Point);
ObjectSetText(TagName, "EXIT3 " + TagCount + " (Fib3 377)", 8, "Arial", White);
}
// We are now out of the trade
Sold3 = False;
InTrade=False;
if ( FullTrade )
{
PandL = PandL + 377;
}
else
{
PandL = PandL + (377)/2;
}
}
}
}
if (Bought1 || Bought2 || Bought3)
{
// Trade Exit on SMA slope change
if ( SMA8 < SMA8Prev)
{
// Find the height of the tag - this should not cover any bars
RangeLimit = High[i];
for ( j = i - 7 ; j < i + 7 ; j++)
{
if (High[j] > RangeLimit)
{
RangeLimit = High[j];
}
}
// Put the tag on the chart
ExtMapBuffer3[i] = RangeLimit + 25*Point;
if (PrintTags)
{
TagName = "Exit" + TagCount;
ObjectCreate(TagName, OBJ_TEXT, 0, Time[i], RangeLimit+70*Point);
ObjectSetText(TagName, "EXIT " + TagCount + " (" + DoubleToStr((Close[i]-BoughtAt)/Point,0) + ")", 8, "Arial", White);
}
if ( FullTrade )
{
PandL = PandL + ((Close[i]-BoughtAt)/Point)*3;
}
else
{
PandL = PandL + (((Close[i]-BoughtAt)/Point)*3)/2;
}
Bought1 = False;
Bought2 = False;
Bought3 = False;
InTrade = False;
TagCount++;
}
// Exit on Fib 1
if (Bought1)
{
if ( High[i] > (BoughtAt + 144*Point))
{
// Find the height of the tag - this should not cover any bars
RangeLimit = High[i];
for ( j = i - 7 ; j < i + 7 ; j++)
{
if (High[j] > RangeLimit)
{
RangeLimit = High[j];
}
}
ExtMapBuffer3[i] = RangeLimit + 25*Point;
if (PrintTags)
{
TagName = "ExitFib1" + TagCount;
ObjectCreate(TagName, OBJ_TEXT, 0, Time[i], RangeLimit+70*Point);
ObjectSetText(TagName, "EXIT1 " + TagCount + " (Fib1 144)", 8, "Arial", White);
}
Bought1 = False;
if ( FullTrade )
{
PandL = PandL + 144;
}
else
{
PandL = PandL + (144)/2;
}
}
}
// Exit on Fib 2
if (Bought2)
{
if ( High[i] > (BoughtAt + 233*Point))
{
// Find the height of the tag - this should not cover any bars
RangeLimit = High[i];
for ( j = i - 7 ; j < i + 7 ; j++)
{
if (High[j] > RangeLimit)
{
RangeLimit = High[j];
}
}
ExtMapBuffer3[i] = RangeLimit + 25*Point;
if (PrintTags)
{
TagName = "ExitFib2" + TagCount;
ObjectCreate(TagName, OBJ_TEXT, 0, Time[i], RangeLimit+70*Point);
ObjectSetText(TagName, "EXIT2 " + TagCount + " (Fib2 233)", 8, "Arial", White);
}
Bought2 = False;
if ( FullTrade )
{
PandL = PandL + 233;
}
else
{
PandL = PandL + (233)/2;
}
}
}
// Exit on Fib 3
if (Bought3)
{
if ( High[i] > (BoughtAt + 377*Point))
{
// Find the height of the tag - this should not cover any bars
RangeLimit = Low[i];
for ( j = i - 7 ; j < i + 7 ; j++)
{
if (Low[j] < RangeLimit)
{
RangeLimit = Low[j];
}
}
ExtMapBuffer3[i] = RangeLimit + 25*Point;
if (PrintTags)
{
TagName = "ExitFib3" + TagCount;
ObjectCreate(TagName, OBJ_TEXT, 0, Time[i], RangeLimit+70*Point);
ObjectSetText(TagName, "EXIT3 " + TagCount + " (Fib3 377)", 8, "Arial", White);
}
// We are now out of the trade
Bought3 = False;
InTrade=False;
if ( FullTrade )
{
PandL = PandL + 377;
}
else
{
PandL = PandL + (377)/2;
}
}
}
}
}
}
Comment(Symbol() + "-ThisWeekDirection-" + ValueIndex + "\n" + Direction + ":(" + GlobalVariableGet(Symbol() + "-ThisWeekDirection-" + ValueIndex) + ")\nP&L: " + PandL);
return(0);
}
//+------------------------------------------------------------------+
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