ang_AutoCh_HL-v1_v1
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This script is designed as a technical analysis tool for the MetaTrader platform. It automatically calculates and draws dynamic visual aids on your trading chart to help identify price trends and potential support or resistance levels based on historical data.
Core Logic Overview
The script functions by analyzing a specific window of past market activity (defined by the user in hours) to determine the "path" the price has taken. Instead of simply looking at the most recent price, it performs a sophisticated mathematical calculation to understand the overall trend.
1. Trend Analysis (Linear Regression) The tool begins by calculating a "Line of Best Fit." It looks at the closing prices over your chosen timeframe and uses a method called linear regression to find the straight line that best represents the market's movement. This helps the script distinguish between temporary price spikes and the actual underlying direction of the market.
2. Deviation Measurement Once the "best fit" line is established, the script measures how far the actual high and low prices of the candles deviate from that line. It specifically looks for:
- The maximum distance the price pushed above the trend line.
- The maximum distance the price dropped below the trend line.
3. Identifying Key Market Extremes The logic then evaluates which of these deviations is more significant. It essentially asks: "Is the market currently exhibiting stronger 'rejection' from the top or stronger 'support' from the bottom?"
- If the distance from the top (resistance) is more prominent, it prioritizes those points for calculation.
- If the distance from the bottom (support) is more prominent, it focuses on those.
4. Dynamic Projection and Visualization After identifying which type of price action is dominant, the script performs a secondary refinement. It projects these extreme points forward to the current time. This allows the tool to visualize where the price "should" be based on its historical behavior.
The final output is the creation of three distinct lines on your chart:
- Primary Line: Represents the projected path based on the dominant trend deviation.
- Middle Line: Represents the midpoint of that projection.
- Outer Line: Represents the outer boundary of the projection.
Summary for the User
Instead of manually guessing where a price might head next, this script mathematically "scans" your history to see how far the market usually overextends itself relative to its average trend. It then draws three visual boundaries on your chart that represent the projected range of the current market move, helping you visualize potential targets or areas where the price might stall.
//+------------------------------------------------------------------+
//| ang_AutoCh_HL-v1.mq4 |
//| Copyright © 2006, ANG3110@latchess.com |
//+------------------------------------------------------------------+
#property copyright "ANG3110@latchess.com"
//----------------------------------
#property indicator_chart_window
//----------------------------------
extern int Hours = 24;
extern color col = Blue;
//------------------
double lr, lr0, lrp;
double sx, sy, sxy, sx2, aa, bb;
int p, sName, fs;
int f, f0, f1;
double dh, dl, dh_1, dl_1, dh_2, dl_2;
int ai_1, ai_2, bi_1, bi_2;
double hai, lai, dhi, dli, dhm, dlm, ha0, hap, la0, lap;
double price_p1, price_p0, price_p2, price_01, price_00, price_02;
int p1, p0, p2, fp;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
p = Hours*60 / Period();
if(fs == 0)
{
sName = CurTime();
fs = 1;
}
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
ObjectDelete("1" + sName);
ObjectDelete("0" + sName);
ObjectDelete("2" + sName);
}
//+------------------------------------------------------------------+
//| Custom indicator start function |
//+------------------------------------------------------------------+
int start()
{
int i, n;
//----
if(f == 1)
{
p1 = iBarShift(Symbol(), Period(), ObjectGet("1" + sName, OBJPROP_TIME1));
p0 = iBarShift(Symbol(), Period(), ObjectGet("0" + sName, OBJPROP_TIME1));
p2 = iBarShift(Symbol(), Period(), ObjectGet("2" + sName, OBJPROP_TIME1));
if(fp == 0 && p != p1)
{
p = p1;
fp = 1;
}
if(fp == 0 && p != p0)
{
p = p0;
fp = 1;
}
if(fp == 0 && p != p2)
{
p = p2;
fp = 1;
}
}
sx = 0; sy = 0; sxy = 0; sx2 = 0;
//----
for(n = 0; n <= p; n++)
{
sx += n;
sy += Close[n];
sxy += n*Close[n];
sx2 += MathPow(n, 2);
}
aa = (sx*sy - (p + 1)*sxy) / (MathPow(sx, 2) - (p + 1)*sx2);
bb = (sy - aa*sx) / (p + 1);
//----
for(i = 0; i <= p; i++)
{
lr = bb + aa*i;
dh = High[i] - lr;
dl = Low[i] - lr;
//----
if(i < p / 2)
{
if(i == 0)
{
dh_1 = 0.0;
dl_1 = 0.0;
ai_1 = i;
bi_1 = i;
}
//----
if(dh >= dh_1)
{
dh_1 = dh;
ai_1 = i;
}
//----
if(dl <= dl_1)
{
dl_1 = dl;
bi_1 = i;
}
}
//----
if(i >= p / 2)
{
if(i == p / 2)
{
dh_2 = 0.0;
dl_2 = 0.0;
ai_2 = i;
bi_2 = i;
}
if(dh >= dh_2)
{
dh_2 = dh;
ai_2 = i;
}
if(dl <= dl_2)
{
dl_2 = dl;
bi_2 = i;
}
}
}
lr0 = bb;
lrp = bb + aa*(i + p);
//----
if(MathAbs(ai_1 - ai_2) > MathAbs(bi_1 - bi_2))
f=1;
//----
if(MathAbs(ai_1 - ai_2) < MathAbs(bi_1 - bi_2))
f=2;
//----
if(MathAbs(ai_1 - ai_2) == MathAbs(bi_1 - bi_2))
{
if(MathAbs(dh_1 - dh_2) < MathAbs(dl_1 - dl_2))
f=1;
//----
if(MathAbs(dh_1 - dh_2) >= MathAbs(dl_1 - dl_2))
f=2;
}
//----
if(f == 1)
{
for(n = 0; n <= 20; n++)
{
f1 = 0;
//----
for(i = 0; i <= p; i++)
{
hai = High[ai_1]*(i - ai_2) / (ai_1 - ai_2) + High[ai_2]*(i - ai_1) /
(ai_2 - ai_1);
//----
if(i == 0 || i == p / 2)
dhm = 0.0;
//----
if(High[i] - hai > dhm && i < p / 2)
{
ai_1 = i;
f1 = 1;
}
//----
if(High[i] - hai > dhm && i >= p / 2)
{
ai_2 = i;
f1 = 1;
}
}
//----
if(f == 0)
break;
}
//----
for(i = 0; i <= p; i++)
{
hai = High[ai_1]*(i - ai_2) / (ai_1 - ai_2) + High[ai_2]*(i - ai_1) /
(ai_2 - ai_1);
dli = Low[i] - hai;
if(i == 0)
dlm=0.0;
if(dli < dlm)
dlm = dli;
}
ha0 = High[ai_1]*(0 - ai_2) / (ai_1 - ai_2) + High[ai_2]*(0 - ai_1) / (ai_2 - ai_1);
hap = High[ai_1]*(p - ai_2) / (ai_1 - ai_2) + High[ai_2]*(p - ai_1) / (ai_2 - ai_1);
price_p1 = hap;
price_p0 = hap + dlm / 2;
price_p2 = hap + dlm;
price_01 = ha0;
price_00 = ha0 + dlm / 2;
price_02 = ha0 + dlm;
}
if(f == 2)
{
for(n = 0; n <= 20; n++)
{
f1 = 0;
for(i = 0; i <= p; i++)
{
lai = Low[bi_1]*(i - bi_2) / (bi_1 - bi_2) + Low[bi_2]*(i - bi_1) /
(bi_2 - bi_1);
if(i == 0 || i == p / 2)
dlm = 0.0;
if(Low[i] - lai < dlm && i < p / 2)
{
bi_1 = i;
f1 = 1;
}
if(Low[i] - lai < dlm && i >= p / 2)
{
bi_2 = i;
f1 = 1;
}
}
if(f == 0)
break;
}
//----
for(i = 0; i <= p; i++)
{
lai = Low[bi_1]*(i - bi_2) / (bi_1 - bi_2) + Low[bi_2]*(i - bi_1) / (bi_2 - bi_1);
dhi = High[i] - lai;
if(i == 0)
dhm = 0.0;
if(dhi > dhm)
dhm = dhi;
}
la0 = Low[bi_1]*(0 - bi_2) / (bi_1 - bi_2) + Low[bi_2]*(0 - bi_1) / (bi_2 - bi_1);
lap = Low[bi_1]*(p - bi_2) / (bi_1 - bi_2) + Low[bi_2]*(p - bi_1) / (bi_2 - bi_1);
price_p1 = lap;
price_p0 = lap + dhm / 2;
price_p2 = lap + dhm;
price_01 = la0;
price_00 = la0 + dhm / 2;
price_02 = la0 + dhm;
}
ObjectCreate("1" + sName, 2, 0, Time[p], price_p1, Time[0], price_01);
ObjectCreate("0" + sName, 2, 0, Time[p], price_p0, Time[0], price_00);
ObjectCreate("2" + sName, 2, 0, Time[p], price_p2, Time[0], price_02);
ObjectSet("1" + sName, OBJPROP_COLOR, col);
ObjectSet("0" + sName, OBJPROP_COLOR, col);
ObjectSet("0" + sName, OBJPROP_STYLE, STYLE_DOT);
ObjectSet("2" + sName, OBJPROP_COLOR, col);
ObjectSet("1" + sName, OBJPROP_TIME1, Time[p]);
ObjectSet("1" + sName, OBJPROP_PRICE1, price_p1);
ObjectSet("1" + sName, OBJPROP_TIME2, Time[0]);
ObjectSet("1" + sName, OBJPROP_PRICE2, price_01);
ObjectSet("0" + sName, OBJPROP_TIME1, Time[p]);
ObjectSet("0" + sName, OBJPROP_PRICE1, price_p0);
ObjectSet("0" + sName, OBJPROP_TIME2, Time[0]);
ObjectSet("0" + sName, OBJPROP_PRICE2, price_00);
ObjectSet("2" + sName, OBJPROP_TIME1, Time[p]);
ObjectSet("2" + sName, OBJPROP_PRICE1, price_p2);
ObjectSet("2" + sName, OBJPROP_TIME2, Time[0]);
ObjectSet("2" + sName, OBJPROP_PRICE2, price_02);
f = 1; p1 = p; p0 = p; p2 = p; fp = 0;
return(0);
}
//+------------------------------------------------------------------+
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