ATR_Levels

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Author: Mike Ischenko
ATR_Levels

This script is designed for the MetaTrader 4 platform to provide traders with visual price levels based on market volatility. It specifically utilizes the Average True Range (ATR) indicator, which measures how much an asset typically moves over a specific period, to project potential support and resistance zones on a chart.

Core Functionality

The script automatically identifies key price boundaries by looking at daily data. Instead of just showing raw averages, it calculates specific "high" and "low" levels based on the previous day's price action combined with current volatility.

How the Logic Works

  1. Timeframe Adaptation: The script is intelligent enough to recognize which timeframe you are currently viewing (e.g., 1-minute, 5-minute, Hourly, or Daily). It calculates the necessary "time shifts" to ensure that the visual labels and lines appear correctly relative to your current view without cluttering the screen.
  2. Volatility Measurement: It fetches the Average True Range (ATR) from the daily chart. This provides a standardized measure of how much the market is "breathing" or swinging.
  3. Dynamic Level Calculation:
    • It identifies a baseline for Resistance (the upper ceiling) and Support (the lower floor).
    • It calculates these levels by taking specific price points from previous candles and adding or subtracting the ATR value.
    • It further breaks these down into secondary and tertiary levels (multiples of the ATR), allowing traders to see not just one major boundary, but a tiered "zone" of potential price reactions.
  4. Visual Mapping: Once the math is complete, the script draws horizontal lines on your chart. It also creates text labels that move with the price, clearly displaying the exact numerical value of these resistance and support levels.

Key Features for Users

  • Automated Updates: The lines and labels update automatically as new price data arrives, ensuring the levels stay relevant to current market conditions.
  • Clean Chart Interface: The script includes a "cleanup" routine; when you remove the indicator, it automatically deletes all the lines and labels it created, leaving your chart clean.
  • Multi-Layered Analysis: By providing multiple levels (based on 0.5x, 1x, and 1.5x volatility multipliers), the script helps traders identify where price might stall or reverse with higher precision.
Indicators Used
Indicator of the average true range
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ATR_Levels 
//+------------------------------------------------------------------+
//|                                                   ATR Levels.mq4 |
//|                                                    Mike Ischenko |
//|                                            mishanya_fx@yahoo.com |
//+------------------------------------------------------------------+
#property copyright "Mike Ischenko"
#property link      "mishanya_fx@yahoo.com"

#property indicator_chart_window
//----
extern int ATRPeriod = 10;
//----
double rates_d1[][6];
double H1, H2, H3, H4, H4t, H5, L5, L4, L4t, L3, L2, L1, halfatr, fullatr;
int timeshift = 0, timeshifts = 0, beginner = 0;
int periods;
//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
   ObjectDelete("H4atr line");
   ObjectDelete("L4atr line");
   ObjectDelete("L4atr label");
   ObjectDelete("H4atr label");
   ObjectDelete("H4tatr line");
   ObjectDelete("L4tatr line");
   ObjectDelete("L4tatr label");
   ObjectDelete("H4tatr label");   
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {
   int counted_bars = IndicatorCounted();
   //if (counted_bars<1) return(0);
   switch(Period())
     {
       case PERIOD_M1:  timeshifts = 60;    beginner = Hour()*60;   break;
       case PERIOD_M5:  timeshifts = 300;   beginner = Hour()*12;   break;
       case PERIOD_M15: timeshifts = 900;   beginner = Hour()*4;    break;
       case PERIOD_M30: timeshifts = 1800;  beginner = Hour()*2;    break;
       case PERIOD_H1:  timeshifts = 3600;  beginner = Hour()*1;    break;
       case PERIOD_H4:  timeshifts = 14400; beginner = Hour()*0.25; break;
       case PERIOD_D1:  timeshifts = 86400; beginner = Hour()*0;    break;
     }   
   timeshift = -timeshifts*24;
//----
   if(Period() > 86400)
     {
       Print("Error - Chart period is greater than 1 day.");
       return(-1); // then exit
     }   
   ArrayCopyRates(rates_d1, Symbol(), PERIOD_D1);
   //beginner=Hour();
   fullatr = iATR(Symbol(), PERIOD_D1, ATRPeriod, 1);
   L4 = rates_d1[1][3] - fullatr;   
   H4 = rates_d1[1][2] + fullatr;
   L4t = rates_d1[0][3] - fullatr;   
   H4t = rates_d1[0][2] + fullatr;
   halfatr = fullatr * 0.5;   
   H1 = H4 + 1.5*fullatr;
   H2 = H4 + fullatr;
   H3 = H4 + halfatr;
   L3 = L4 - halfatr;
   L2 = L4 - fullatr;
   L1 = L4 - 1.5*fullatr;
//----
   if(ObjectFind("H4atr Line") != 0) 
     {
       ObjectCreate("H4atr line", OBJ_HLINE, 0, Time[0], H4);
       ObjectSet("H4atr line", OBJPROP_COLOR, Red);
       ObjectSet("H4atr line", OBJPROP_WIDTH, 1);
     }
   else
     {
       ObjectMove("H4atr line", 0, Time[0], H4);
     }
//----
   if(ObjectFind("L4atr Line") != 0) 
     {
       ObjectCreate("L4atr line", OBJ_HLINE, 0, Time[0], L4);
       ObjectSet("L4atr line", OBJPROP_COLOR, Red);
       ObjectSet("L4atr line", OBJPROP_WIDTH, 1);
     }
   else
     {
       ObjectMove("L4atr line", 0, Time[0], L4);
     }
//----
   if(ObjectFind("H4tatr Line") != 0) 
     {
       ObjectCreate("H4tatr line", OBJ_HLINE, 0, Time[0], H4t);
       ObjectSet("H4tatr line", OBJPROP_COLOR, Red);
       ObjectSet("H4tatr line", OBJPROP_WIDTH, 1);
     }
   else
     {
       ObjectMove("H4tatr line", 0, Time[0], H4t);
     }
//----
   if(ObjectFind("L4tatr Line") != 0) 
     {
       ObjectCreate("L4tatr line", OBJ_HLINE, 0, Time[0], L4t);
       ObjectSet("L4tatr line", OBJPROP_COLOR, Red);
       ObjectSet("L4tatr line", OBJPROP_WIDTH, 1);
     }
   else
     {
       ObjectMove("L4tatr line", 0,Time[0], L4t);
     }
//----
   if(ObjectFind("H4atr label") != 0)
     {
       ObjectCreate("H4atr label", OBJ_TEXT, 0, Time[0] + timeshift, H4);
       ObjectSetText("H4atr label", "ATR(y) res: " + DoubleToStr(H4,4), 8, 
                     "Verdana", Brown);
     }
   else
     {
       ObjectMove("H4atr label", 0, Time[0] + timeshift, H4);
     } 
//----
   if(ObjectFind("L4atr label") != 0)
     {
       ObjectCreate("L4atr label", OBJ_TEXT, 0, Time[0] + timeshift, L4);
       ObjectSetText("L4atr label", "ATR(y) sup: " + DoubleToStr(L4,4), 8, 
                     "Verdana", Brown);
     }
   else
     {
       ObjectMove("L4atr label", 0, Time[0] + timeshift, L4);
     } 
//----
   if(ObjectFind("H4tatr label") != 0)
     {
       ObjectCreate("H4tatr label", OBJ_TEXT, 0, Time[0] + timeshift, H4t);
       ObjectSetText("H4tatr label", "ATR(t) res: " + DoubleToStr(H4t,4), 8, 
                     "Verdana", Brown);
     }
   else
     {
       ObjectMove("H4tatr label", 0, Time[0] + timeshift, H4t);
     } 
//----
   if(ObjectFind("L4tatr label") != 0)
     {
       ObjectCreate("L4tatr label", OBJ_TEXT, 0, Time[0] + timeshift, L4t);
       ObjectSetText("L4tatr label", "ATR(t) sup: " + DoubleToStr(L4t,4), 8, 
                     "Verdana", Brown);
     }
   else
     {
       ObjectMove("L4tatr label", 0, Time[0] + timeshift, L4t);
     } 
//----
   return(0);
  }
//+------------------------------------------------------------------+

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