BreakOut-EAGLE_indicator
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This script is designed for the MetaTrader 4 platform to provide visual assistance for traders who focus on specific price action patterns, particularly "breakout" opportunities. It automatically identifies and draws geometric boxes on your chart to represent key price levels over a historical period.
Core Functionality
The primary purpose of this tool is to automatically map out the high and low price points that occurred during a specific time window each day. By visually identifying these boundaries, traders can more easily see where "breakouts" might occur in subsequent trading sessions.
How the Logic Works
1. Time Frame Analysis The script looks back at a user-defined number of days (defaulting to 55). For each of those days, it scans a specific time range (for example, between 06:55 and 12:00). It focuses only on the price movement that happened within this window.
2. Data Identification For every day in the history, the script automatically calculates two critical values:
- The Highest Price: The peak price reached during that specific time window.
- The Lowest Price: The minimum price reached during that same window.
3. Visual Mapping (The "Boxes") Once the high and low prices are identified, the script draws four distinct types of rectangles on your chart for each day:
- High-Low Range: A box that connects the highest and lowest prices to show the total volatility of that period.
- Upper Breakout Level: A small marker at the very top of the range to signify the "resistance" point.
- Lower Breakout Level: A small marker at the very bottom of the range to signify the "support" point.
- Period Box: A box that visually highlights the entire time duration analyzed, helping you see the context of the price movement.
4. Smart Navigation The script includes built-in logic to handle the calendar correctly as it looks backward in time. It is designed to skip weekends (Saturdays and Sundays) and properly account for different month lengths and leap years, ensuring that the historical data remains accurate and aligned with the correct dates.
User Benefits
- Automation: You don't have to manually measure highs and lows; the script does this instantly for dozens of days of history.
- Clarity: By placing these boxes on the chart, it creates a "map" of historical price action, making it easier to spot recurring patterns.
- Customization: It allows for adjustable offsets and colors, ensuring the visual data is easy to read and fits your specific trading style.
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BreakOut-EAGLE_indicator
//+------------------------------------------------------------------+
//| BreakOut-EAGLE.mq4 |
//| hapalkos |
//| 2007.02.11 |
//| ++ modified so that rectangles do not overlay |
//| ++ this makes color selection more versatile |
//| ++ code consolidated |
//+------------------------------------------------------------------+
#property copyright "hapalkos"
#property link ""
#property indicator_chart_window
extern int NumberOfDays = 55;
extern string periodBegin = "06:55";
extern string periodEnd = "12:00";
extern string BoxEnd = "12:00";
extern int BoxBreakOut_Offset = 0;
extern color BoxHLColor = Black;
extern color BoxBreakOutColor = Black;
extern color BoxPeriodColor = Gold;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
void init() {
DeleteObjects();
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
void deinit() {
DeleteObjects();
return(0);
}
//+------------------------------------------------------------------+
//| Remove all Rectangles |
//+------------------------------------------------------------------+
void DeleteObjects() {
ObjectsDeleteAll(0,OBJ_RECTANGLE);
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
void start() {
datetime dtTradeDate=TimeCurrent();
for (int i=0; i<NumberOfDays; i++) {
DrawObjects(dtTradeDate, "BoxHL " + TimeToStr(dtTradeDate,TIME_DATE), periodBegin, periodEnd, BoxEnd, BoxHLColor, 0, 1);
DrawObjects(dtTradeDate, "BoxBreakOut_High " + TimeToStr(dtTradeDate,TIME_DATE), periodBegin, periodEnd, BoxEnd, BoxBreakOutColor, BoxBreakOut_Offset,2);
DrawObjects(dtTradeDate, "BoxBreakOut_Low " + TimeToStr(dtTradeDate,TIME_DATE), periodBegin, periodEnd, BoxEnd, BoxBreakOutColor, BoxBreakOut_Offset,3);
DrawObjects(dtTradeDate, "BoxPeriod " + TimeToStr(dtTradeDate,TIME_DATE), periodBegin, periodEnd, periodEnd, BoxPeriodColor, BoxBreakOut_Offset,4);
dtTradeDate=decrementTradeDate(dtTradeDate);
while (TimeDayOfWeek(dtTradeDate) > 5) dtTradeDate = decrementTradeDate(dtTradeDate);
}
}
//+------------------------------------------------------------------+
//| Create Rectangles |
//+------------------------------------------------------------------+
void DrawObjects(datetime dtTradeDate, string sObjName, string sTimeBegin, string sTimeEnd, string sTimeObjEnd, color cObjColor, int iOffSet, int iForm) {
datetime dtTimeBegin, dtTimeEnd, dtTimeObjEnd;
double dPriceHigh, dPriceLow;
int iBarBegin, iBarEnd;
dtTimeBegin = StrToTime(TimeToStr(dtTradeDate, TIME_DATE) + " " + sTimeBegin);
dtTimeEnd = StrToTime(TimeToStr(dtTradeDate, TIME_DATE) + " " + sTimeEnd);
dtTimeObjEnd = StrToTime(TimeToStr(dtTradeDate, TIME_DATE) + " " + sTimeObjEnd);
iBarBegin = iBarShift(NULL, 0, dtTimeBegin);
iBarEnd = iBarShift(NULL, 0, dtTimeEnd);
dPriceHigh = High[Highest(NULL, 0, MODE_HIGH, iBarBegin-iBarEnd, iBarEnd)];
dPriceLow = Low [Lowest (NULL, 0, MODE_LOW , iBarBegin-iBarEnd, iBarEnd)];
ObjectCreate(sObjName, OBJ_RECTANGLE, 0, 0, 0, 0, 0);
ObjectSet(sObjName, OBJPROP_TIME1 , dtTimeBegin);
ObjectSet(sObjName, OBJPROP_TIME2 , dtTimeObjEnd);
//---- High-Low Rectangle
if(iForm==1){
ObjectSet(sObjName, OBJPROP_PRICE1, dPriceHigh);
ObjectSet(sObjName, OBJPROP_PRICE2, dPriceLow);
ObjectSet(sObjName, OBJPROP_STYLE, STYLE_SOLID);
ObjectSet(sObjName, OBJPROP_COLOR, cObjColor);
ObjectSet(sObjName, OBJPROP_BACK, False);
}
//---- Upper Rectangle
if(iForm==2){
ObjectSet(sObjName, OBJPROP_PRICE1, dPriceHigh);
ObjectSet(sObjName, OBJPROP_PRICE2, dPriceHigh + iOffSet*Point);
ObjectSet(sObjName, OBJPROP_STYLE, STYLE_SOLID);
ObjectSet(sObjName, OBJPROP_COLOR, cObjColor);
ObjectSet(sObjName, OBJPROP_BACK, False);
}
//---- Lower Rectangle
if(iForm==3){
ObjectSet(sObjName, OBJPROP_PRICE1, dPriceLow - iOffSet*Point);
ObjectSet(sObjName, OBJPROP_PRICE2, dPriceLow);
ObjectSet(sObjName, OBJPROP_STYLE, STYLE_SOLID);
ObjectSet(sObjName, OBJPROP_COLOR, cObjColor);
ObjectSet(sObjName, OBJPROP_BACK, False);
}
//---- Period Rectangle
if(iForm==4){
ObjectSet(sObjName, OBJPROP_PRICE1, dPriceHigh + iOffSet*Point);
ObjectSet(sObjName, OBJPROP_PRICE2, dPriceLow - iOffSet*Point);
ObjectSet(sObjName, OBJPROP_STYLE, STYLE_SOLID );
ObjectSet(sObjName, OBJPROP_COLOR, cObjColor);
ObjectSet(sObjName, OBJPROP_WIDTH, 1);
ObjectSet(sObjName, OBJPROP_BACK, False);
}
string sObjDesc = StringConcatenate("High: ",dPriceHigh," Low: ", dPriceLow, " OffSet: ",iOffSet);
ObjectSetText(sObjName, sObjDesc,10,"Times New Roman",Black);
}
//+------------------------------------------------------------------+
//| Decrement Date to draw objects in the past |
//+------------------------------------------------------------------+
datetime decrementTradeDate (datetime dtTimeDate) {
int iTimeYear=TimeYear(dtTimeDate);
int iTimeMonth=TimeMonth(dtTimeDate);
int iTimeDay=TimeDay(dtTimeDate);
int iTimeHour=TimeHour(dtTimeDate);
int iTimeMinute=TimeMinute(dtTimeDate);
iTimeDay--;
if (iTimeDay==0) {
iTimeMonth--;
if (iTimeMonth==0) {
iTimeYear--;
iTimeMonth=12;
}
// Thirty days hath September...
if (iTimeMonth==4 || iTimeMonth==6 || iTimeMonth==9 || iTimeMonth==11) iTimeDay=30;
// ...all the rest have thirty-one...
if (iTimeMonth==1 || iTimeMonth==3 || iTimeMonth==5 || iTimeMonth==7 || iTimeMonth==8 || iTimeMonth==10 || iTimeMonth==12) iTimeDay=31;
// ...except...
if (iTimeMonth==2) if (MathMod(iTimeYear, 4)==0) iTimeDay=29; else iTimeDay=28;
}
return(StrToTime(iTimeYear + "." + iTimeMonth + "." + iTimeDay + " " + iTimeHour + ":" + iTimeMinute));
}
//+------------------------------------------------------------------+
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