BolliToucher_003

BolliToucher_003

Gimmebar.mq4: A Non-Technical Explanation

Overview

The Gimmebar.mq4 script is a custom indicator used in MetaTrader 4 (MT4) to help traders identify potential entry and exit points for trades based on Bollinger Bands. The concept of "Gimme Bars" refers to price bars that touch or breach these bands, suggesting possible market movements.

Key Features

Bollinger Bands

  • Bands Calculation: The script uses two Bollinger Bands, one upper and one lower, calculated over a specified period (BobaPeriod) with a set number of standard deviations (BobaDeviations).
  • Purpose: These bands help identify volatility in the market. When prices touch or breach these bands, it may indicate potential trading opportunities.

Indicator Settings

  • Buffers: The script uses six buffers to store data for drawing lines and arrows on the chart.
    • Two buffers for Bollinger Bands (BufferBand1, BufferBand2).
    • Two buffers for marking "Gimme Bars" (BufferSell, BufferBuy).
    • Two buffers for potential entry points (BufferSellEntry, BufferBuyEntry).

Visual Indicators

  • Arrows:
    • Upward arrows indicate a potential buying opportunity when prices touch the lower band.
    • Downward arrows suggest a selling opportunity when prices reach the upper band.

Alerts

  • Sound Notifications: If enabled, the script can alert traders with sound notifications when certain conditions are met, such as when a "Gimme Bar" is identified.

Logic Flow

  1. Initialization:

    • Sets up the indicator's appearance and parameters.
    • Configures buffers for storing calculated values.
  2. Data Processing:

    • Iterates through historical price data to calculate Bollinger Bands.
    • Identifies "Gimme Bars" where prices touch or breach these bands.
  3. Marking Opportunities:

    • Places visual markers (arrows) on the chart to indicate potential buy or sell signals based on the identified "Gimme Bars".
  4. Alerts:

    • Triggers alerts for traders when specific conditions are met, helping them make informed trading decisions.

Conclusion

The Gimmebar.mq4 script is a tool designed to assist traders by visually identifying potential market movements using Bollinger Bands and marking these opportunities on the chart. It combines data analysis with visual cues and optional alerts to enhance trading strategies in MT4.

Indicators Used
Bollinger bands indicator
Miscellaneous
Implements a curve of type %1It issuies visual alerts to the screen
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BolliToucher_003
//+------------------------------------------------------------------+
//|                                                     Gimmebar.mq4 |
//| See Joe Ross Trading Manual on Gimme-Bars (e.g. from the         |
//| library on www.trading-naked.com)  
//|Bolllitouch - yet another perky mod                                |
//+------------------------------------------------------------------+
#property  copyright "by Shimodax, 2005"
#property  link      "http://www.strategybuilder.com"


//---- indicator settings
#property  indicator_chart_window
#property  indicator_buffers 6
#property  indicator_color1  SlateBlue
#property  indicator_color2  SlateBlue
#property  indicator_color3  Pink
#property  indicator_color4  LightBlue
#property  indicator_color5  Pink
#property  indicator_color6  LightBlue


//---- indicator parameters
extern int BobaPeriod= 20;
extern int BobaDeviations= 2;
extern bool Use_Sound=true;
double alertBar;

//---- indicator buffers
double     BufferBand1[];
double     BufferBand2[];
double     BufferSell[];
double     BufferBuy[];
double     BufferSellEntry[];
double     BufferBuyEntry[];
string UD="";



//+------------------------------------------------------------------+
//|                                                                  |
//+------------------------------------------------------------------+
int init()
{
   //---- 2 additional buffers are used for counting.
   
   IndicatorDigits(MarketInfo(Symbol(),MODE_DIGITS)+2);
   
   // two bollies
   SetIndexBuffer(0,BufferBand1);
   SetIndexStyle(0,DRAW_LINE);
   SetIndexDrawBegin(0,BobaPeriod);

   SetIndexBuffer(1,BufferBand2);
   SetIndexStyle(1,DRAW_LINE);
   SetIndexDrawBegin(1,BobaPeriod);

   // marks for gimmees
   SetIndexBuffer(2,BufferSell);
   SetIndexStyle(2,DRAW_ARROW);
   SetIndexDrawBegin(2,BobaPeriod);
   SetIndexArrow(2, 167);
   SetIndexEmptyValue(2, 0);

   SetIndexBuffer(3,BufferBuy);  
   SetIndexStyle(3,DRAW_ARROW);
   SetIndexDrawBegin(3,BobaPeriod);
   SetIndexArrow(3, 167);
   SetIndexEmptyValue(3, 0);
   
   // marks for entries
   SetIndexBuffer(4,BufferSellEntry);
   SetIndexStyle(4,DRAW_ARROW);
   SetIndexDrawBegin(4,BobaPeriod);
   SetIndexArrow(4, 238);
   SetIndexEmptyValue(4, 0);

   SetIndexBuffer(5,BufferBuyEntry);  
   SetIndexStyle(5,DRAW_ARROW);
   SetIndexDrawBegin(5,BobaPeriod);
   SetIndexArrow(5, 236);
   SetIndexEmptyValue(5, 0);

   
    
   //---- name for DataWindow and indicator subwindow label
   // IndicatorShortName("GimmeBar ");
   
   //---- initialization done
   return(0);
}



//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
{
   int counted_bars= IndicatorCounted(),
         lastbar;
     
   if (counted_bars>0)
      counted_bars--;
      
   lastbar= Bars - counted_bars;
   
   GimmeeBar(0, lastbar, BufferSell, BufferBuy, BufferSellEntry, BufferBuyEntry, BufferBand1, BufferBand2, BobaPeriod, BobaDeviations);

   return (0);
}   




//+------------------------------------------------------------------+
//| Mark Gimmee-Bars and mark possible entries for deals              |
//+------------------------------------------------------------------+
double GimmeeBar(int offset, int lastbar, double &sellbuf[], double &buybuf[], double &sellbuf2[], double &buybuf2[], 
                  double &band1buf[], double&band2buf[], int period, int deviation)
{
   double band1, band2;
   int markerdist= 5;   // distance between bars and marker dots
   
   lastbar= MathMin(Bars-period, lastbar);   

   //---- main loop
   for(int i= lastbar; i>=offset; i--){
   
      sellbuf[i]= 0;
      buybuf[i]=0;
      sellbuf2[i]= 0;
      buybuf2[i]=0;

      band1= iBands(NULL,0, period, deviation, 0, PRICE_CLOSE, MODE_UPPER, i);
      band2= iBands(NULL,0, period, deviation, 0, PRICE_CLOSE, MODE_LOWER, i);

      band1buf[i]= band1; 
      band2buf[i]= band2;
      
     
      // 1. Prices were rising.
      // 2. Prices touched the upper band.
      // 3. The price bar closed lower than it
      // opened when prices were previously rising.
      // or vice versa
      
      if (High[i]>=band1)  {
         sellbuf[i]= High[i] + markerdist*Point;
         if (i < 2 )
	
	{
	   UD="m Down";
		DoAlert(UD);
	}
      }
      
      
    
      if (Low[i]<=band2)  {
         buybuf[i]= Low[i] - markerdist*Point;
         if (i < 2 )
	
	{
	   UD="m Up.";
		DoAlert(UD);
	}
     
      }


      // Should such a price bar occur, a sell short order is to be executed
      // one tick below the low of the Gimmee bar.

     // if (sellbuf[i+1]!=0 && Low[i]<Low[i+1]-1*Point) {
      //   sellbuf2[i]= Low[i+1]-1*Point;
     // }
      
     // if (buybuf[i+1]!=0 && High[i]>High[i+1]+1*Point) {
     //    buybuf2[i]= High[i+1]+1*Point;
     // }
      
   }

   /*
   if (DebugLogger)
      Print(TimeOffset(offset), "BG-GimmeBar ", "");
   */
   
   return (0); 
}

//+------------------------------------------------------------------+
void DoAlert(string UD)
{
   if (!NewBar() || !Use_Sound)
      return;
    if(Bars>alertBar) {Alert("BolliToucher Alert Signal ",Symbol()," Period ",Period());alertBar = Bars;}
}


  bool NewBar()
{
   static datetime dt  = 0;
   if (dt != Time[0])
   {
      dt = Time[0];
      return(true);
   }
}

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