Aroon_Horn_Oscillator_v1_001

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Aroon_Horn_Oscillator_v1_001

Technical Overview: Aroon Horn Oscillator Logic

This script functions as a custom technical analysis tool designed to help traders identify market trends by measuring the relationship between recent high and low price points. Instead of simply showing raw price action, it processes data into a visual "oscillator" that filters out minor market noise to highlight significant directional movements.

Core Data Processing

The logic operates by analyzing a specific window of time (defined by the AroonPeriod). For every point on the chart, the script performs two primary calculations:

  1. It identifies the highest price reached within that period.
  2. It identifies the lowest price reached within that period.

Using these two values, it calculates a numerical "Oscillator" value. This number represents the intensity of the price movement relative to the time frame provided. A positive result indicates upward pressure, while a negative result indicates downward pressure.

Signal Filtering and Visualization

The most distinctive feature of this tool is its "Horn" logic, which categorizes the market into three distinct visual states based on a pre-defined sensitivity threshold (the Filter). Rather than displaying a single continuous line, the script separates the data into three different visual outputs:

  • Bullish Momentum: If the oscillator exceeds the positive filter limit, the script highlights the data in a specific color (DodgerBlue), signaling strong upward momentum.
  • Bearish Momentum: If the oscillator falls below the negative filter limit, the script highlights the data in another color (Red), signaling strong downward momentum.
  • Neutral/Consolidation Zone: If the oscillator stays within the boundaries of the filter (between the positive and negative limits), it is displayed in a third color (Snow). This indicates that the market is currently lacking a clear trend or is moving sideways.

Summary for Traders

By using this logic, a user can quickly distinguish between three market conditions at a glance:

  • Active Trends: When the indicator "switches" colors to the extreme top or bottom, it suggests the market is trending strongly in that direction.
  • Market Equilibrium: When the indicator occupies the center/neutral zone, it warns the trader that the current price action is not strong enough to establish a definitive trend, potentially suggesting a period of stability or indecision.
Miscellaneous
Implements a curve of type %1
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Aroon_Horn_Oscillator_v1_001 
//+------------------------------------------------------------------+
//|                             Custom Aroon_Horn_Oscillator_v1.mq4  |
//|                                           www.forex-tsd.com  ik  |                               rafcamara  | 
//|                                         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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