alphatrendspotter-pa_free

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Author: Copyright 2015, Andy Ismail
alphatrendspotter-pa_free

This script is designed as a specialized technical analysis tool for trading platforms, specifically tailored for use in price action trading. It functions as a supplementary indicator to the "Alpha Trend Spotter," focusing on identifying specific price movements and patterns that may signal potential market shifts.

Core Functionality

The primary objective of this logic is to scan historical price data to identify specific "Price Action" formations. Instead of looking at simple trends, it evaluates the relationship between current price candles and preceding price action to pinpoint high-probability areas for entry or observation. It is specifically optimized for fast-paced environments, such as 5-minute binary options or higher timeframes.

How the Logic Works

The script operates by performing a continuous scan of recent market history (looking back through 100 bars at a time). For every point in time it analyzes, it performs the following steps:

1. Data Comparison The tool looks at two distinct points in time simultaneously:

  • The Current Price Action: It captures the high, low, and opening prices of the present candle.
  • The Reference Price Action: It identifies the high, low, and opening prices of a specific previous candle (positioned three bars back).

2. Identification of Patterns The logic is searching for two specific types of imbalances between these points:

  • Upward Momentum Signals: The script looks for instances where the current price has broken above the highs of the reference period while starting from a position below those previous highs. When this condition is met, it marks a specific point on the chart (represented as a pink arrow).
  • Downward Momentum Signals: Conversely, it looks for instances where the price has dropped below the lows of the reference period while starting from a position above those previous highs. When this occurs, it marks the point on the chart (represented as a lime arrow).

Visual Output

Rather than creating a complex line graph or moving average, this script acts as a signal mapper. It places visual markers (arrows) directly on your trading chart:

  • Pink Arrows: Indicate areas where the logic has detected a specific bullish price action breakout.
  • Lime Arrows: Indicate areas where the logic has detected a specific bearish price action breakdown.

Intended Use

By filtering out the "noise" of the market and only highlighting these specific price relationships, the script helps traders quickly identify moments where price momentum is shifting relative to recent highs and lows. It serves as a visual aid to confirm where significant price action "spots" are occurring in real-time.

Miscellaneous
Implements a curve of type %1
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alphatrendspotter-pa_free 
ÿþ//+--------------------------------------------------------------------+

//| Copyright:  (C) 2015, Andy Ismail    - All rights reserved!        |

//| Website:    http://fbsbroker.com/                                  |

//|                                                                    |

//+--------------------------------------------------------------------+

#property copyright "Copyright 2015, Andy Ismail"

#property link      "http://fbsbroker.com"

#property version   "1.00"

#property description   "Alpha Trend Spotter Price Action"

#property description   "Suplement for Alpha Trend Spotter Indicator"

#property description   "Suitable for 5M to above timeframe"

#property description   "Suitable for 5 minutes Binary Option"

#property strict

//---

#property indicator_chart_window

#property indicator_buffers 2

#property indicator_color1 Pink

#property indicator_width1 2

#property indicator_color2 Lime

#property indicator_width2 2

//---

double BufferMap1[];

double BufferMap2[];

double CandleHighF;

double CandleHighL;

double CandleOpenL;

double CandleHigh;

double CandleLowS;

double CandleOpenS;

double TimeFrameC;

//+------------------------------------------------------------------+

//|                                                                  |

//+------------------------------------------------------------------+

int init()

  {

   SetIndexStyle(0,DRAW_ARROW,2);

   SetIndexArrow(0,234);

   SetIndexBuffer(0,BufferMap1);

   SetIndexEmptyValue(0,0.0);

   SetIndexStyle(1,DRAW_ARROW,2);

   SetIndexArrow(1,233);

   SetIndexBuffer(1,BufferMap2);

   SetIndexEmptyValue(1,0.0);

   return(0);

  }

//+------------------------------------------------------------------+

//|                                                                  |

//+------------------------------------------------------------------+

int deinit()

  {

   return(0);

  }

//+------------------------------------------------------------------+

//|                                                                  |

//+------------------------------------------------------------------+

int start()

  {

   int BarCount=IndicatorCounted();

   for(int i=100; i>0; i--)

     {

      CandleHigh=High[Highest(NULL, 0,2,3,i)];

      CandleLowS=Low[Lowest(NULL,0,1,3,i)];

      CandleOpenS=Open[i];

      CandleHighF=High[Highest(NULL, 0, 2, 3, (i+3))];

      CandleHighL=Low[Lowest(NULL,0,1,3,(i+3))];

      CandleOpenL=Open[i+3];

      //---

      if((CandleHigh>CandleHighF) && (CandleOpenS<CandleHighL))

        {

         BufferMap1[i]=High[i+3]+0.0010;

        }

      //---

      if((CandleLowS<CandleHighL) && (CandleOpenS>CandleHighF))

        {

         BufferMap2[i]=Low[i+3]-0.0010;

        }

     }

   return(0);

  }

//+------------------------------------------------------------------+

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