Aroon_Horn_Oscillator_v1
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This custom indicator, the Aroon Horn Oscillator, is designed to help traders identify market trends and momentum by analyzing price extremes over a specific timeframe. Rather than simply looking at current price movement, it focuses on how recently the market has reached its highest and lowest points relative to a set historical window.
How the Logic Works
The script operates through a three-step process to translate raw price data into visual signals:
1. Data Gathering (Identifying Extremes)
The indicator first looks back at a user-defined number of candles (the "Aroon Period"). During this look-back, it identifies two critical pieces of information:
- The Highest High: The peak price reached in that timeframe.
- The Lowest Low: The bottom price reached in that timeframe.
2. Calculation (The Oscillator Value)
Once these extremes are found, the script calculates a mathematical value known as the "Oscillator." It measures the distance between the recent low and the recent high, scales it based on the period length, and converts it into a numerical value. This represents the current strength and direction of the price movement.
3. Filtering and Visualization (The "Horn" Signal)
To make the data easier for a human to read, the script applies a "Filter" system. Instead of showing every minor fluctuation, it categorizes the oscillator's values into three distinct visual outputs:
- Bullish Momentum: If the price movement exceeds a positive threshold (the Filter), the indicator highlights this as upward momentum.
- Bearish Momentum: If the price movement drops below a negative threshold (the Filter), it highlights downward momentum.
- Neutral/Consolidation Zone: If the price action stays within the bounds of the filter, it is identified as a neutral zone where the market may be sideways or consolidating.
Summary for the User
Essentially, this tool acts as a "noise filter." It looks at past highs and lows to determine which way the market is leaning. By using a filter, it suppresses minor price jitters and only visually emphasizes significant shifts in trend strength, allowing you to see more clearly whether the current move has enough "weight" to be considered a significant trend or just market noise.
//+------------------------------------------------------------------+
//| Custom Aroon_Horn_Oscillator_v1.mq4 |
//| www.forex-tsd.com ik |
//| Has corrected - Ramdass |
//+------------------------------------------------------------------+
#property copyright "rafcamara"
#property link "rafcamara@yahoo.com www.forex-tsd.com"
//---- indicator settings
#property indicator_separate_window
#property indicator_buffers 4
#property indicator_color1 DodgerBlue
#property indicator_color2 Red
#property indicator_color3 Snow
#property indicator_color4 Green
#property indicator_style1 0
#property indicator_style2 0
#property indicator_style3 0
#property indicator_style4 0
#property indicator_width1 1
#property indicator_width2 1
#property indicator_width3 1
#property indicator_width4 1
//---- indicator parameters
extern int AroonPeriod=10;
extern int Filter=50;
extern int CountBars=500;
//---- indicator buffers
double ind_buffer1[];
double ind_buffer2[];
double ind_buffer3[];
double HighBarBuffer[];
double LowBarBuffer[];
double ArOscBuffer[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- additional buffers are used for counting.
IndicatorBuffers(6);
SetIndexBuffer(4, HighBarBuffer);
SetIndexBuffer(5, LowBarBuffer);
SetIndexBuffer(3, ArOscBuffer);
SetIndexBuffer(0, ind_buffer1);
SetIndexBuffer(1, ind_buffer2);
SetIndexBuffer(2, ind_buffer3);
//---- drawing settings
SetIndexStyle(0, DRAW_HISTOGRAM);
SetIndexStyle(1, DRAW_HISTOGRAM);
SetIndexStyle(2, DRAW_HISTOGRAM);
SetIndexStyle(3, DRAW_LINE);
//----
IndicatorDigits(0);
//-- indicator buffers mapping
if(!SetIndexBuffer(0, ind_buffer1) && !SetIndexBuffer(1, ind_buffer2)
&& !SetIndexBuffer(2, ind_buffer3))
Print("cannot set indicator buffers!");
//---- name for DataWindow and indicator subwindow label
IndicatorShortName("AroonOsc_v1 ("+AroonPeriod+"("+Filter+")");
//---- initialization done
return(0);
}
//+------------------------------------------------------------------+
//| Aroon Oscilator |
//+------------------------------------------------------------------+
int start()
{
if(CountBars>=Bars)
CountBars=Bars;
SetIndexDrawBegin(0, Bars - CountBars + AroonPeriod + 1);
SetIndexDrawBegin(1, Bars - CountBars + AroonPeriod + 1);
SetIndexDrawBegin(2, Bars - CountBars + AroonPeriod + 1);
SetIndexDrawBegin(3, Bars - CountBars + AroonPeriod + 1);
//
SetIndexLabel(0,"AroonUp("+AroonPeriod+"("+Filter+")");
SetIndexLabel(1,"AroonDown("+AroonPeriod+"("+Filter+")");
SetIndexLabel(2,"AroonOsc("+AroonPeriod+"("+Filter+")");
//
double ArOsc, HighBar=0, LowBar=0;
int ArPer;
int limit, i;
// bool up,dn;
int counted_bars=IndicatorCounted();
//----
ArPer=AroonPeriod;
//---- check for possible errors
if(counted_bars < 0)
return(-1);
//---- initial zero
if(counted_bars < 1)
{
for(i=1; i<=ArPer; i++)
HighBarBuffer[CountBars-i]=0.0;
for(i=1; i<=ArPer; i++)
LowBarBuffer[CountBars-i]=0.0;
for(i=1; i<=ArPer; i++)
ArOscBuffer[CountBars-i]=0.0;
for(i=1; i<=ArPer; i++)
ind_buffer1[CountBars-i]=0.0;
for(i=1; i<=ArPer; i++)
ind_buffer2[CountBars-i]=0.0;
for(i=1; i<=ArPer; i++)
ind_buffer3[CountBars-i]=0.0;
}
//---- last counted bar will be recounted
//if(counted_bars>0) counted_bars--;
limit=CountBars - AroonPeriod;
//----Calculation---------------------------
for(i=0; i < limit; i++)
{
HighBarBuffer[i]=Highest(NULL, 0, MODE_HIGH, ArPer, i); //Periods from HH
LowBarBuffer[i]=Lowest(NULL, 0, MODE_LOW, ArPer, i); //Periods from LL
ArOscBuffer[i]=100*(LowBarBuffer[i] - HighBarBuffer[i])/ArPer; //Short formulation
}
//---- dispatch values between 2 buffers
for(i=limit - 1; i>=0; i--)
{
ArOsc=ArOscBuffer[i];
if(ArOsc > Filter)
{
ind_buffer1[i]=ArOsc;
ind_buffer2[i]=0.0;
ind_buffer3[i]=0.0;
}
if(ArOsc < -Filter)
{
ind_buffer1[i]=0.0;
ind_buffer2[i]=ArOsc;
ind_buffer3[i]=0.0;
}
if(ArOsc<=Filter && ArOsc>=-Filter)
{
ind_buffer1[i]=0.0;
ind_buffer2[i]=0.0;
ind_buffer3[i]=ArOsc;
}
}
//---- done
return(0);
}
//+------------------------------------------------------------------+
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