This tool is designed to assist traders by automatically identifying and visualizing key price zones on a trading chart. It simplifies market analysis by projecting specific horizontal levels based on a moving average, helping users identify potential areas of support or resistance more efficiently.
Core Logic Overview
The script functions by calculating a central baseline using a Simple Moving Average (SMA). From this moving average, it projects ten distinct price levels: five positioned above the average and five positioned below it. These positions are determined by specific numerical offsets—modeled after common Fibonacci-style increments—which create a balanced "zone" around the current market trend.
How It Works
- Baseline Calculation: The tool first determines the value of a Simple Moving Average over a customizable period. This acts as the anchor point for all other calculations.
- Zone Projection: The script then calculates five upper price points and five lower price points by adding or subtracting specific values from that baseline.
- Dynamic Visualization: These ten levels are automatically drawn on your chart as horizontal dashed lines. As the market moves and the moving average updates, the script dynamically shifts these lines in real-time to remain consistent with the current price action.
Visual Experience
To ensure the data is easy to read at a glance, each of the five upper and lower levels is assigned a unique color. This allows traders to distinguish between different "tiers" of price zones instantly. Because the lines are horizontal and persistent, they provide a clear visual roadmap of where significant price interaction might occur relative to the long-term average.
Key Features for Traders
- Automatic Updates: You do not need to manually redraw lines; the script handles all repositioning automatically as new candles form.
- Customizable Parameters: The tool allows you to adjust the period of the moving average and the specific distances of the zones to suit different trading styles (e.g., scalping vs. swing trading).
- Clean Chart Management: The script is programmed to clean up and remove its drawn objects automatically when you remove it from the chart, ensuring your workspace stays organized.
Indicators Used
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Critical Points_v1
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
//+------------------------------------------------------------------+
//| Critical Points.mq4 |
//| emsjoflo |
//| automaticforex.invisionzone.com |
//+------------------------------------------------------------------+
#property copyright "emsjoflo"
#property link "automaticforex.invisionzone.com"
#property indicator_chart_window
#property indicator_buffers 1
#property indicator_color1 Red
//---- input parameters
extern int SMAPeriod=157;
extern int Fib1=23;
extern int Fib2=38;
extern int Fib3=50;
extern int Fib4=61;
extern int Fib5=100;
extern color Color1=Khaki;
extern color Color2=LightGreen;
extern color Color3=LightSkyBlue;
extern color Color4=Plum;
extern color Color5=LightSalmon;
double Line1,Line_1,Line2,Line_2,Line3,Line_3,Line4,Line_4,Line5,Line_5,MAVal,MAValOld;
//---- buffers
double ExtMapBuffer1[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
SetIndexStyle(0,DRAW_LINE);
SetIndexBuffer(0,ExtMapBuffer1);
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
ObjectDelete("cp1");
ObjectDelete("cp2");
ObjectDelete("cp3");
ObjectDelete("cp4");
ObjectDelete("cp5");
ObjectDelete("cp_1");
ObjectDelete("cp_2");
ObjectDelete("cp_3");
ObjectDelete("cp_4");
ObjectDelete("cp_5");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars=IndicatorCounted();
//----
MAVal=iMA(NULL,0,SMAPeriod,0,MODE_SMA,0,1);
Line1=MAVal+Fib1*Point;
Line2=MAVal+Fib2*Point;
Line3=MAVal+Fib3*Point;
Line4=MAVal+Fib4*Point;
Line5=MAVal+Fib5*Point;
Line_1=MAVal-Fib1*Point;
Line_2=MAVal-Fib2*Point;
Line_3=MAVal-Fib3*Point;
Line_4=MAVal-Fib4*Point;
Line_5=MAVal-Fib5*Point;
if(ObjectFind("cp1") != 0)
{
ObjectCreate("cp1", OBJ_HLINE, 0, Time[20], Line1);
ObjectSet("cp1", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp1", OBJPROP_COLOR, Color1);
}
else
{
ObjectMove("cp1", 0, Time[20], Line1);
}
if(ObjectFind("cp2") != 0)
{
ObjectCreate("cp2", OBJ_HLINE, 0, Time[20], Line2);
ObjectSet("cp2", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp2", OBJPROP_COLOR, Color2);
}
else
{
ObjectMove("cp2", 0, Time[20], Line2);
}
if(ObjectFind("cp3") != 0)
{
ObjectCreate("cp3", OBJ_HLINE, 0, Time[20], Line3);
ObjectSet("cp3", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp3", OBJPROP_COLOR, Color3);
}
else
{
ObjectMove("cp3", 0, Time[20], Line3);
}
if(ObjectFind("cp4") != 0)
{
ObjectCreate("cp4", OBJ_HLINE, 0, Time[20], Line4);
ObjectSet("cp4", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp4", OBJPROP_COLOR, Color4);
}
else
{
ObjectMove("cp4", 0, Time[20], Line4);
}
if(ObjectFind("cp5") != 0)
{
ObjectCreate("cp5", OBJ_HLINE, 0, Time[20], Line5);
ObjectSet("cp5", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp5", OBJPROP_COLOR, Color5);
}
else
{
ObjectMove("cp5", 0, Time[20], Line5);
}
if(ObjectFind("cp_1") != 0)
{
ObjectCreate("cp_1", OBJ_HLINE, 0, Time[20], Line_1);
ObjectSet("cp_1", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp_1", OBJPROP_COLOR, Color1);
}
else
{
ObjectMove("cp_1", 0, Time[20], Line_1);
}
if(ObjectFind("cp_2") != 0)
{
ObjectCreate("cp_2", OBJ_HLINE, 0, Time[20], Line_2);
ObjectSet("cp_2", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp_2", OBJPROP_COLOR, Color2);
}
else
{
ObjectMove("cp_2", 0, Time[20], Line_2);
}
if(ObjectFind("cp_3") != 0)
{
ObjectCreate("cp_3", OBJ_HLINE, 0, Time[20], Line_3);
ObjectSet("cp_3", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp_3", OBJPROP_COLOR, Color3);
}
else ObjectMove("cp_3", 0, Time[20], Line_3);
if(ObjectFind("cp_4") != 0)
{
ObjectCreate("cp_4", OBJ_HLINE, 0, Time[20], Line_4);
ObjectSet("cp_4", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp_4", OBJPROP_COLOR, Color4);
}
else ObjectMove("cp_4", 0, Time[20], Line_4);
if(ObjectFind("cp_5") != 0)
{
ObjectCreate("cp_5", OBJ_HLINE, 0, Time[20], Line_5);
ObjectSet("cp_5", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp_5", OBJPROP_COLOR, Color5);
}
else
{
ObjectMove("cp_5", 0, Time[20], Line_5);
}
//----
return(0);
}
//+------------------------------------------------------------------+
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