_BZ_TL_skylineM_v1

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Author: Skyline,2008
_BZ_TL_skylineM_v1

This tool is designed to provide traders with a clear visual roadmap of potential trading opportunities based on hourly price data. Instead of forcing the user to manually calculate entry points, profit goals, or risk levels, the script automatically projects these key milestones directly onto the chart.

Core Functionality

The primary logic of the script revolves around identifying the "Opening Price" of each new hour. From that specific price point, the tool calculates four distinct horizontal boundaries:

  • Entry Zones: It identifies two potential trigger prices—one above the opening price for potential buy opportunities and one below for sell opportunities. These are set based on a user-defined "Trigger" distance.
  • Profit Targets: The script projects two opposite goals representing the maximum intended gain for both buying and selling positions.
  • Stop-Loss Levels: It calculates safety zones to help manage risk by showing where a trade should be exited if the market moves against the position.

Visual Organization

To keep the chart organized and easy to read, the script performs several automated visual tasks:

  • Time Markers: Whenever a new hour begins, the script draws a vertical line. This acts as a visual "anchor," allowing traders to see exactly where one trading session ends and the next begins.
  • Dynamic Labeling: If the user chooses to enable labels, the script will automatically place text on the chart. These labels identify the current open price, specific entry points, and profit targets in real-time, removing any guesswork regarding which line represents which data point.
  • Automatic Cleanup: The script is designed to be "clean." When it moves from one hour to the next or when the indicator is removed, it systematically deletes old labels and lines so that your chart does not become cluttered with outdated information.

User Control

The logic is highly customizable through external settings, allowing you to tailor the "geometry" of the trade to your specific strategy:

  • You can define exactly how many points away from the open price your Entry Triggers should be.
  • You can set your specific Profit Targets and Stop-Loss distances.
  • You can customize the visual style, including colors and line types (such as dots or solid lines), to ensure the information fits perfectly with your personal charting aesthetic.
Price Data Components
Series array that contains open prices of each barSeries array that contains open prices of each barSeries array that contains close prices for each bar
Miscellaneous
Implements a curve of type %1
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_BZ_TL_skylineM_v1 
//+------------------------------------------------------------------+ 
//|                                                  _BZ_Skyline.mq4 | 
//|                                                    Skyline, 2008 | 
//|                                      http://www.forexpertutti.it | 
//+------------------------------------------------------------------+ 
#property copyright "Skyline,2008"
#property link      "www.forexpertutti.it"
//----
#property indicator_chart_window
#property  indicator_buffers 7
#property  indicator_color1  White
#property  indicator_color2  RoyalBlue
#property  indicator_color3  Red
#property  indicator_color4  LimeGreen
#property  indicator_color5  LimeGreen
#property  indicator_color6  SlateBlue
#property  indicator_color7  SlateBlue
//----
#property  indicator_style1 2
#property  indicator_style2 2
#property  indicator_style3 2
#property  indicator_style4 2
#property  indicator_style5 2
#property  indicator_style6 2
#property  indicator_style7 2
//----
extern double myEntryTrigger  =4;
extern double myProfitTarget  =10;
extern double myStopLoss      =7;
extern int    Shift           =0;
extern color  myHourColor  =DarkGray;
extern int    myStyle      =STYLE_DOT;
extern bool   ShowLables   =false ;
//----
double OpenLine[];
double BuyLine1[];
double BuyLine2[];
double SellLine1[];
double SellLine2[];
double TargetLine1[];
double TargetLine2[];
double StopLossLine1[];
double StopLossLine2[];
//+------------------------------------------------------------------+ 
//| Custom indicator initialization function                         | 
//+------------------------------------------------------------------+ 
int init()
  {
//---- indicators 
   SetIndexStyle(0,DRAW_LINE);
   SetIndexBuffer(0,OpenLine);
   SetIndexStyle(1,DRAW_LINE);
   SetIndexBuffer(1,BuyLine1);
   SetIndexStyle(2,DRAW_LINE);
   SetIndexBuffer(2,SellLine1);
   SetIndexStyle(3,DRAW_LINE);
   SetIndexBuffer(3,TargetLine1);
   SetIndexStyle(4,DRAW_LINE);
   SetIndexBuffer(4,TargetLine2);
   SetIndexStyle(5,DRAW_LINE);
   SetIndexBuffer(5,StopLossLine1);
   SetIndexStyle(6,DRAW_LINE);
   SetIndexBuffer(6,StopLossLine2);
//----
   SetIndexShift(0,Shift);
   SetIndexShift(1,Shift);
   SetIndexShift(2,Shift);
   SetIndexShift(3,Shift);
   SetIndexShift(4,Shift);
   SetIndexShift(5,Shift);
   SetIndexShift(6,Shift);
//---- 
   return(0);
  }
//+------------------------------------------------------------------+ 
//| Custom indicator deinitialization function                       | 
//+------------------------------------------------------------------+ 
int deinit()
  {
//----
   for( int i=ObjectsTotal() - 1; i>=0; i--)
     {
      string name=ObjectName( i );
      if(StringFind( name, "HourStart")>= 0)
         ObjectDelete( name );
      if(StringFind( name, "Hour")>= 0)
         ObjectDelete( name );
      if(StringFind( name,"OpenText")>= 0)
         ObjectDelete( name );
      if(StringFind( name, "SellEntry")>= 0)
         ObjectDelete( name );
      if(StringFind( name, "BuyEntry" )>= 0)
         ObjectDelete( name );
      if(StringFind( name, "ProfitTarget1")>= 0)
         ObjectDelete( name );
      if(StringFind( name, "ProfitTarget2")>= 0)
         ObjectDelete( name );
     }
//----
   return(0);
  }
//+------------------------------------------------------------------+ 
//| Custom indicator iteration function                              | 
//+------------------------------------------------------------------+ 
int start()
  {
   int    counted_bars=IndicatorCounted();
   int limit;
//---- 
   if(TimeHour(Time[0])!= TimeHour(Time[1]))
     {
      double level= (High[1] + Low[1] + Close[1])/3;
      SetTimeLine("HourStart", "Hour", 0, White, level+10*Point); // draw the vertical bars that marks the time span 
     }
//---- last counted bar will be recounted 
   if(counted_bars>0) counted_bars--;
//----
   limit=Bars-counted_bars;
   for(int i=0; i<limit; i++)
     {
      int BarShift  =iBarShift(NULL,PERIOD_H1,Time[i],true);
      double OpenH1 =iOpen(NULL,PERIOD_H1,BarShift);
      OpenLine[i]   =OpenH1;
      BuyLine1[i]   =OpenH1+myEntryTrigger*Point;
      SellLine1[i]  =OpenH1-myEntryTrigger*Point;
      TargetLine1[i]=OpenH1+myProfitTarget*Point;
      TargetLine2[i]=OpenH1-myProfitTarget*Point;
      StopLossLine1[i]=iClose(NULL,0,i)+ myStopLoss*Point;
      StopLossLine2[i]=iClose(NULL,0,i)- myStopLoss*Point;
     }
//---- 
   if (ShowLables)  DisplayText();
//----
   return(0);
  }
//+------------------------------------------------------------------+
//|                                                                  |
//+------------------------------------------------------------------+
void DisplayText()
  {
   double OpenH1=iOpen(NULL,PERIOD_H1,0);
   ObjectDelete("OpenText");
   ObjectDelete("SellEntry");
   ObjectDelete("BuyEntry");
   ObjectDelete("ProfitTarget1");
   ObjectDelete("ProfitTarget2");
   // Text for Open Price 
   ObjectCreate("OpenText",OBJ_TEXT,0,Time[0],OpenH1);
   ObjectSetText("OpenText","Open price",8,"Verdana",White);
   // Text for Sell Entry 
   ObjectCreate("SellEntry",OBJ_TEXT,0,Time[0],OpenH1-myEntryTrigger*Point);
   ObjectSetText("SellEntry","Sell entry",8,"Verdana",Red);
   // Text for Buy Entry 
   ObjectCreate("BuyEntry",OBJ_TEXT,0,Time[0],OpenH1+myEntryTrigger*Point);
   ObjectSetText("BuyEntry","Buy entry",8,"Verdana",Blue);
   // Text for ProfitTarget1 
   ObjectCreate("ProfitTarget1",OBJ_TEXT,0,Time[0],OpenH1+myProfitTarget*Point);
   ObjectSetText("ProfitTarget1","Profit Target (BUY)",8,"Verdana",Green);
   // Text for ProfitTarget2 
   ObjectCreate("ProfitTarget2",OBJ_TEXT,0,Time[0],OpenH1-myProfitTarget*Point);
   ObjectSetText("ProfitTarget2","Profit Target (SELL)",8,"Verdana",Green);
  }
//+------------------------------------------------------------------+
//|                                                                  |
//+------------------------------------------------------------------+
void SetTimeLine(string objname, string text, int idx, color col1, double vleveltext)
  {
   string name= "[PIVOT] " + objname;
   int x= Time[idx];
   ObjectDelete(" Label");
//----
   if (ObjectFind(name)!=0)
      ObjectCreate(name, OBJ_TREND, 0, x, 0, x, 100);
     else 
     {
      ObjectMove(name, 0, x, 0);
      ObjectMove(name, 1, x, 100);
     }
   ObjectSet(name, OBJPROP_STYLE, myStyle);
   ObjectSet(name, OBJPROP_COLOR, myHourColor);
//----
   if (ObjectFind(name + " Label")!=0)
      ObjectCreate(name + " Label", OBJ_TEXT, 0, x, vleveltext);
   else
      ObjectMove(name + " Label", 0, x, vleveltext);
//----
   ObjectSetText(name + " Label", text, 8, "Arial", col1);
  }
//+------------------------------------------------------------------+

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