BolliToucher1
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This script, known as the "Gimmebar" indicator, is designed to help traders identify specific price action signals based on Bollinger Bands. It acts as a visual scouting tool that highlights moments where the market price interacts with its upper and lower volatility boundaries.
Core Logic Overview
The primary function of this script is to scan historical and real-time price data to detect "touches" on the Bollinger Bands. It automatically plots visual markers on your chart to distinguish between potential selling opportunities (at the top) and potential buying opportunities (at the bottom).
How it Works
The indicator operates through a three-step observation process:
1. Boundary Calculation The script constantly calculates two moving boundary lines (the Upper and Lower Bands) based on settings you provide, such as the look-back period and the deviation levels. These bands represent the "normal" volatility of the price.
2. Touch Detection The script then monitors every new price candle to see if it breaks or touches these boundaries:
- Upper Band Touches: If the high of a price bar reaches or exceeds the Upper Band, the script identifies this as a potential "Sell" signal. It places a specific marker above that candle on your chart.
- Lower Band Touches: If the low of a price bar reaches or falls below the Lower Band, the script identifies this as a potential "Buy" signal. It places a corresponding marker below that candle.
3. Real-Time Alerts Beyond just drawing shapes on the chart, the script is equipped with an automated notification system. When it detects a new touch in real-time:
- It triggers an audible sound alert.
- It generates a pop-up message on your screen to notify you immediately of the "Top" or "Bottom" touch.
- It includes a logic check to ensure that alerts only fire once per candle, preventing the system from spamming multiple sounds for a single price movement.
Visual Representation
To make it easy for the user to read, the script uses different colors and symbols:
- Lines: It draws the two Bollinger Bands directly on your chart window.
- Markers: It uses distinct arrow-style icons to mark exactly where the price touched the extremes, allowing you to see historical "Gimme" bars at a glance.
In summary, this tool simplifies market analysis by automatically highlighting the exact moments when price action hits extreme volatility limits, helping traders quickly identify potential reversal zones without having to manually monitor the bands every second.
//+------------------------------------------------------------------+
//| 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;
//---- 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= 32; // 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 Top";
DoAlert(UD);
}
}
if (Low[i]<=band2) {
buybuf[i]= Low[i] - markerdist*Point;
if (i < 2 )
{
UD="m Bottom.";
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;
PlaySound ("Alert2");
Alert (Symbol()," ",Period(),"m Boll Touch at ",UD);
}
bool NewBar()
{
static datetime dt = 0;
if (dt != Time[0])
{
dt = Time[0];
return(true);
}
}
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