awesome_v2
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This script functions as a specialized visual momentum indicator designed to help traders identify the strength and direction of price movements in the financial markets. By analyzing historical price data, it creates a distinct visual representation that distinguishes between bullish (upward) and bearish (downward) trends.
Core Analytical Logic
The logic operates in two primary stages: calculation and visualization.
1. Momentum Calculation The foundation of the tool relies on comparing two different types of moving averages. It looks at the "median price" over two specific timeframes: a short-term period (5 bars) and a longer-term period (34 bars).
- By subtracting the longer-term average from the shorter-term average, the script determines the current momentum of the market.
- If the result is positive, it suggests that recent price action is stronger than the historical average.
- If the result is negative, it indicates that the current price movement is weaker than the historical trend.
2. Directional Filtering and Visualization Once the raw momentum value is calculated, the script processes these figures to create a clear visual "histogram" for the user:
- Trend Tracking: The script continuously monitors whether the momentum value is increasing or decreasing compared to the previous data point.
- Dynamic Assignment: Based on this comparison, the script assigns values to two different visual buffers (represented as green and red colors).
- Visual Output: When the momentum is trending in a specific direction, it populates one color; when the trend shifts, it switches to the other. This creates a clear, alternating histogram that allows traders to see not just the magnitude of price movement, but also the exact point where the sentiment shifted from positive to negative (or vice versa).
Summary for Traders
Instead of showing a messy line of data, this script simplifies complex market math into a clean visual signal. It effectively "filters" the noise of the market to show you whether the current momentum is accelerating upward or pulling downward, making it easier to identify potential trend reversals and sustained movements at a glance.
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
//+------------------------------------------------------------------+
//| Awesome.mq4 |
//| Copyright © 2004, MetaQuotes Software Corp. |
//| http://www.metaquotes.net/ |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2004, MetaQuotes Software Corp."
#property link "http://www.metaquotes.net/"
//---- indicator settings
#property indicator_separate_window
#property indicator_buffers 2
#property indicator_color1 Green
#property indicator_color2 Red
//---- indicator buffers
double ind_buffer1[];
double ind_buffer2[];
double ind_buffer3[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- 1 additional buffer used for counting.
IndicatorBuffers(3);
//---- drawing settings
SetIndexStyle(0,DRAW_HISTOGRAM,STYLE_SOLID,3);
SetIndexStyle(1,DRAW_HISTOGRAM,STYLE_SOLID,3);
IndicatorDigits(MarketInfo(Symbol(),MODE_DIGITS)+1);
SetIndexDrawBegin(0,34);
SetIndexDrawBegin(1,34);
//---- 3 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("AO");
//---- initialization done
return(0);
}
//+------------------------------------------------------------------+
//| Awesome Oscillator |
//+------------------------------------------------------------------+
int start()
{
int limit;
int counted_bars=IndicatorCounted();
double prev,current;
//---- check for possible errors
if(counted_bars<0) return(-1);
//---- last counted bar will be recounted
if(counted_bars>0) counted_bars--;
limit=Bars-counted_bars;
//---- macd counted in the 1-st additional buffer
for(int i=0; i<limit; i++)
ind_buffer3[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=ind_buffer3[i];
prev=ind_buffer3[i+1];
if(current>prev) up=true;
if(current<prev) up=false;
if(!up)
{
ind_buffer2[i]=current;
ind_buffer1[i]=0.0;
}
else
{
ind_buffer1[i]=current;
ind_buffer2[i]=0.0;
}
}
//---- done
return(0);
}
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