Awesome_001
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This script is designed to function as a visual momentum indicator for trading charts. It provides traders with a clear picture of the market's underlying strength and direction by identifying "momentum shifts"—those moments where the speed of price movement changes from upward to downward, or vice versa.
Core Mechanics
The logic operates in two distinct phases to translate raw market data into a readable visual format:
1. Calculating Market Momentum The script begins by analyzing the price history using two different Simple Moving Averages (SMAs). One average covers a short-term period (5 bars) and the other covers a significantly longer period (34 bars). By subtracting the long-term value from the short-term value, the script calculates a "momentum score."
- When the short-term momentum is higher than the long-term, it indicates positive strength.
- When the short-term momentum drops below the long-term, it signals a decline in strength.
2. Visualizing the Trend (Color Logic) To make this data easy for a human to interpret at a glance, the script processes these scores into a histogram format:
- Trend Tracking: The tool compares the current momentum score with the previous one to determine if the market is currently gaining or losing energy.
- Dynamic Coloring: If the momentum is increasing, the script renders the data in a specific color (Green). If the momentum begins to decrease, it switches the visual representation to a different color (Red).
- Zero-Baseline Clarity: The script ensures that the histogram clearly distinguishes between positive and negative territory, providing a clean "mountain and valley" look that allows traders to see where the trend is strongest and where it might be tiring out.
Summary for Traders
Essentially, this tool acts as a momentum filter. Instead of just looking at the price, it shows you the "velocity" behind the movement. It highlights whether the current market push is still gaining steam or if it has started to lose its power, helping traders identify potential turning points in the trend.
//+------------------------------------------------------------------+
//| Awesome.mq4 |
//| Copyright © 2005, MetaQuotes Software Corp. |
//| http://www.metaquotes.net/ |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2005, MetaQuotes Software Corp."
#property link "http://www.metaquotes.net/"
//---- indicator settings
#property indicator_separate_window
#property indicator_buffers 3
#property indicator_color1 Black
#property indicator_color2 Green
#property indicator_color3 Red
//---- indicator buffers
double ExtBuffer0[];
double ExtBuffer1[];
double ExtBuffer2[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- drawing settings
SetIndexStyle(0,DRAW_NONE);
SetIndexStyle(1,DRAW_HISTOGRAM);
SetIndexStyle(2,DRAW_HISTOGRAM);
IndicatorDigits(Digits+1);
SetIndexDrawBegin(0,34);
SetIndexDrawBegin(1,34);
SetIndexDrawBegin(2,34);
//---- 3 indicator buffers mapping
SetIndexBuffer(0,ExtBuffer0);
SetIndexBuffer(1,ExtBuffer1);
SetIndexBuffer(2,ExtBuffer2);
//---- name for DataWindow and indicator subwindow label
IndicatorShortName("AO");
SetIndexLabel(1,NULL);
SetIndexLabel(2,NULL);
//---- initialization done
return(0);
}
//+------------------------------------------------------------------+
//| Awesome Oscillator |
//+------------------------------------------------------------------+
int start()
{
int limit;
int counted_bars=IndicatorCounted();
double prev,current;
//---- last counted bar will be recounted
if(counted_bars>0) counted_bars--;
limit=Bars-counted_bars;
//---- macd
for(int i=0; i<limit; i++)
ExtBuffer0[i]=iMA(NULL,0,5,0,MODE_SMA,PRICE_MEDIAN,i)-iMA(NULL,0,34,0,MODE_SMA,PRICE_MEDIAN,i);
//---- dispatch values between 2 buffers
bool up=true;
for(i=limit-1; i>=0; i--)
{
current=ExtBuffer0[i];
prev=ExtBuffer0[i+1];
if(current>prev) up=true;
if(current<prev) up=false;
if(!up)
{
ExtBuffer2[i]=current;
ExtBuffer1[i]=0.0;
}
else
{
ExtBuffer1[i]=current;
ExtBuffer2[i]=0.0;
}
}
//---- done
return(0);
}
//+------------------------------------------------------------------+
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