Aroon Oscilator_v1_v1
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The Custom Aroon Oscillator is a technical analysis tool designed to help traders identify the strength of market trends and determine whether price action is currently moving in a sustained direction or remaining stagnant. By analyzing recent price extremes, the script provides visual cues to help distinguish between bullish momentum, bearish momentum, and neutral market conditions.
Core Logic and Mechanism
The indicator operates by scanning a specific number of past price bars (defined by the Aroon Period) to identify two key data points: the highest price reached and the lowest price reached within that timeframe.
The script calculates an "Oscillator" value based on the distance between these highs and lows relative to the period length. Essentially, it measures how much "room" has been covered by price movement over a set duration.
Signal Interpretation
To make this data actionable for the user, the script organizes the results into three distinct visual categories based on a Filter threshold:
- Bullish Momentum (Strong Uptrend): When the oscillator value exceeds the upper filter limit, the script highlights the data in a specific color. This suggests that the upward movement is significant enough to be considered a dominant trend.
- Bearish Momentum (Strong Downtrend): When the oscillator value falls below the lower filter limit, the script highlights the data in a different color. This indicates that downward pressure is significant and may signify a sustained selling trend.
- Neutral/Consolidation Zone: When the oscillator value remains between the upper and lower filter limits, it signals a period of relative equilibrium or low volatility. In this state, the price is neither breaking out strongly in either direction, suggesting a "sideways" market or a pause in momentum.
Key User Parameters
- Aroon Period: Determines how far back into the past the script looks to find high and low prices (shorter periods react faster to changes; longer periods identify broader trends).
- Filter: Sets the sensitivity of the tool. It defines the "boundary" that the price movement must cross before the indicator classifies it as a strong trend versus a neutral movement.
- CountBars: Limits how much historical data is processed on the chart at one time, ensuring the platform remains responsive and efficient.
In summary, this tool filters out market "noise" by only highlighting significant price movements that surpass a user-defined strength threshold, allowing traders to focus on clear trends while identifying periods of market indecision.
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Aroon Oscilator_v1_v1
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
//+------------------------------------------------------------------+
//| Custom Aroon Oscilator_v1.mq4 |
//| rafcamara |
//| Has corrected - Ramdass |
//+------------------------------------------------------------------+
#property copyright "rafcamara"
#property link "rafcamara@yahoo.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
//---- indicator parameters
extern int AroonPeriod=10;
extern int Filter=50;
extern int CountBars=300;
//---- 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,STYLE_SOLID,1);
SetIndexStyle(1,DRAW_HISTOGRAM,STYLE_SOLID,1);
SetIndexStyle(2,DRAW_HISTOGRAM,STYLE_SOLID,1);
SetIndexStyle(3,DRAW_LINE,STYLE_SOLID,1);
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("Aroon Osc_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);
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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