BullsBearsEyes(28AUG05)

Okay, here's a detailed explanation of the logic within the provided MQL4 script, BullsBearsEyes.mq4. I will focus on the what and how of the code's operation, without attempting to fix or improve it.

Overall Purpose

The script appears to be a custom indicator designed to generate a value (likely representing a "BullsBears Eyes" metric) based on a series of calculations involving bullish and bearish power, and a weighted average. It aims to provide a visual representation of the relative strength of bullish and bearish momentum.

1. Preprocessing and Properties

• Copyright and Link: Standard copyright and link information.
• #property Directives: These directives define the indicator's characteristics:
  • indicator_separate_window: Indicates that the indicator will be displayed in a separate window.
  • indicator_minimum, indicator_maximum: Sets the minimum and maximum values for the indicator's scale.
  • indicator_color1: Sets the color of the indicator line.
  • indicator_level2 - indicator_level6: Defines levels for horizontal lines on the indicator window, likely used for visual reference.
• Input Parameters (Extern Variables):
  • periods: A numerical value used within the iBullsPower and iBearsPower functions. It likely represents the period for calculating the bullish and bearish power.
  • timeperiods: A numerical value, likely related to the time frame used for the power calculations.
  • gamma: A smoothing factor (between 0 and 1). It controls the weight given to the current calculation versus the previous value in the weighted average. A value closer to 0 gives more weight to the current value, while a value closer to 1 gives more weight to the previous value.
  • CountBars: The number of bars to be processed by the indicator. It's limited to the number of bars available in the chart.

2. Variable Declarations

• L0, L1, L2, L3: These variables store intermediate values in a series of weighted averages. They are likely representing different stages of a smoothing process.
• L0A, L1A, L2A, L3A: These variables store the previous values of L0, L1, L2, and L3, respectively. They are used in the weighted average calculations.
• LRSI: Likely stands for "Relative Strength Index" (or a similar concept). It represents the ratio of bullish to bearish power.
• CU: Represents the cumulative difference when L0 is greater than L1, L1 is greater than L2, and L2 is greater than L3.
• CD: Represents the cumulative difference when L1 is greater than L0, L2 is greater than L1, and L3 is greater than L2.
• val1[]: An array that will store the calculated LRSI values for each bar. This array is used to draw the indicator line on the chart.

3. init() Function

• This function is called once when the indicator is initialized.
• SetIndexBuffer(0, val1): This line associates the val1 array with the first index buffer of the indicator. This is necessary for the indicator to draw the data stored in val1 on the chart.
• The function returns 0, indicating successful initialization.

4. deinit() Function

• This function is called once when the indicator is removed from the chart.
• It's currently empty, meaning no specific cleanup is performed.
• The function returns 0, indicating successful deinitialization.

5. start() Function

• This is the core function where the calculations are performed. It's called repeatedly as new data becomes available.
• if (CountBars > Bars) CountBars = Bars;: Ensures that CountBars doesn't exceed the number of bars available on the chart.
• SetIndexDrawBegin(0, Bars - CountBars);: Sets the starting point for drawing the indicator line on the chart. It starts drawing from the bar that is CountBars bars away from the current bar.
• The while loop iterates backward through the bars, starting from CountBars - 1 down to 0.
• Inside the loop:
  • L0A = L0; ... L3A = L3;: Copies the current values of L0 through L3 into their "previous value" counterparts (L0A through L3A).
  • L0 = ((1 - gamma) * (iBullsPower(...) + iBearsPower(...)) + gamma * L0);: This is the core calculation. It calculates L0 as a weighted average of the sum of bullish and bearish power for the current bar and the previous value of L0. iBullsPower and iBearsPower are likely built-in functions that calculate the bullish and bearish power for a given period.
  • Similar weighted average calculations are performed for L1, L2, and L3.
  • CU and CD are calculated by summing the differences between the L variables when the higher L variable is greater than the lower one.
  • LRSI is calculated based on CU and CD.
  • val1[index] = LRSI;: The calculated LRSI value is stored in the val1 array at the appropriate index.

In Summary:

The indicator calculates a series of smoothed values (L0 - L3) based on bullish and bearish power. These smoothed values are then used to calculate a relative strength index (LRSI), which is stored in an array and displayed on the chart. The gamma parameter controls the smoothing effect, and the iBullsPower and iBearsPower functions are crucial for determining the bullish and bearish momentum. The CU and CD variables are used to determine the relative strength of the bullish and bearish momentum.