This script is designed to provide traders with a clear visual representation of key price boundaries across different timeframes. By automatically identifying and plotting the historical highs and lows for specific periods, it helps users understand the "range" in which the market has been moving.
Core Functionality
The primary purpose of this tool is to track and display three specific types of price channels on your trading chart:
- Daily Boundaries: Identifies the highest and lowest prices reached during a single trading day.
- Weekly Boundaries: Identifies the highest and lowest prices reached throughout a full week.
- Monthly Boundaries: Identifies the highest and lowest prices reached over a full calendar month.
How the Logic Works
The script functions by scanning the market history and organizing data based on time transitions (midnight, the start of a new week, or the start of a new month). Here is the step-by-step process it follows:
- Data Scanning: The tool looks back through the price history bar by bar to detect when a new day, week, or month begins.
- Timeframe Detection: Whenever the script detects a "reset" point (such as moving from one day to the next), it isolates that specific block of time.
- Peak and Trough Identification: For each identified block (e.g., a specific week), the script searches for the absolute highest price (the "High") and the absolute lowest price (the "Low") achieved during that timeframe.
- Visual Mapping: Once it finds these two extreme points, it projects them as flat lines across that entire time period. This creates a "channel" effect where you can see exactly how high or low the price traveled for that specific period.
Visual Organization
To ensure the chart remains easy to read, the script uses a color-coded system to differentiate the various timeframes:
- Red Lines: Represent the Daily Highs and Lows.
- Green Lines: Represent the Weekly Highs and Lows.
- Blue Lines: Represent the Monthly Highs and Lows.
Practical Application
By providing these visual boundaries, the script allows you to see "support" and "resistance" levels more clearly. It helps a trader quickly identify if the current price is approaching a previous daily, weekly, or monthly peak, allowing for better-informed decisions on where the market might encounter friction or trend reversals.
Price Data Components
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DWMChannels
//+------------------------------------------------------------------+
//| DWMChannels.mq4 |
//| Copyright 2016, MetaQuotes Software Corp. |
//| https://www.mql5.com |
//+------------------------------------------------------------------+
#property copyright "Copyright 2016, MetaQuotes Software Corp."
#property link "https://www.mql5.com"
#property version "1.00"
#property strict
#property indicator_chart_window
#property indicator_buffers 6
#property indicator_plots 6
//--- plot Daily High
#property indicator_label1 "Daily High"
#property indicator_type1 DRAW_LINE
#property indicator_color1 clrRed
#property indicator_style1 STYLE_SOLID
#property indicator_width1 1
//--- plot Daily Low
#property indicator_label2 "Daily Low"
#property indicator_type2 DRAW_LINE
#property indicator_color2 clrRed
#property indicator_style2 STYLE_SOLID
#property indicator_width2 1
//--- plot Weekly High
#property indicator_label3 "Weekly High"
#property indicator_type3 DRAW_LINE
#property indicator_color3 clrGreen
#property indicator_style3 STYLE_SOLID
#property indicator_width3 1
//--- plot Weekly Low
#property indicator_label4 "Weekly Low"
#property indicator_type4 DRAW_LINE
#property indicator_color4 clrGreen
#property indicator_style4 STYLE_SOLID
#property indicator_width4 1
//--- plot Monthly High
#property indicator_label5 "Monthly High"
#property indicator_type5 DRAW_LINE
#property indicator_color5 clrBlue
#property indicator_style5 STYLE_SOLID
#property indicator_width5 1
//--- plot Monthly Low
#property indicator_label6 "Monthly Low"
#property indicator_type6 DRAW_LINE
#property indicator_color6 clrBlue
#property indicator_style6 STYLE_SOLID
#property indicator_width6 1
//--- input parameters
//--- indicator buffers
double DailyHighBuffer[];
double DailyLowBuffer[];
double WeeklyHighBuffer[];
double WeeklyLowBuffer[];
double MonthlyHighBuffer[];
double MonthlyLowBuffer[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int OnInit()
{
//--- indicator buffers mapping
SetIndexBuffer(0,DailyHighBuffer);
SetIndexBuffer(1,DailyLowBuffer);
SetIndexBuffer(2,WeeklyHighBuffer);
SetIndexBuffer(3,WeeklyLowBuffer);
SetIndexBuffer(4,MonthlyHighBuffer);
SetIndexBuffer(5,MonthlyLowBuffer);
//---
return(INIT_SUCCEEDED);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int OnCalculate(const int rates_total,
const int prev_calculated,
const datetime &time[],
const double &open[],
const double &high[],
const double &low[],
const double &close[],
const long &tick_volume[],
const long &volume[],
const int &spread[])
{
int i,limit;
//--- Get the number of bars available for the current symbol and chart period
int bars=Bars(Symbol(),0);
Print("Bars = ",bars,", rates_total = ",rates_total,", prev_calculated = ",prev_calculated);
Print("time[0] = ",time[0]," time[rates_total-1] = ",time[rates_total-1]);
//--- last counted bar will be recounted
limit=rates_total-prev_calculated;
int startDayShfit=limit -1,endDayShfit=limit -1;
int startWeekShfit=limit -1,endWeekShfit=limit -1;
int startMonthShfit=limit -1,endMonthShfit=limit -1;
for(i=limit-1; i>=0;i--)
{
datetime shiftDateTime=time[i];
int shiftDay=TimeDay(shiftDateTime);
int shiftWeak=TimeDayOfWeek(shiftDateTime);
string ShiftTimeString=TimeToString(shiftDateTime,TIME_MINUTES|TIME_SECONDS);
if(ShiftTimeString=="00:00:00")
{
endDayShfit=i+1;
if(startDayShfit>endDayShfit)
DailyChannels(startDayShfit,endDayShfit);
startDayShfit=i;
}
if(ShiftTimeString=="00:00:00" && shiftWeak==5)
{
endWeekShfit=i+1;
if(startWeekShfit>endWeekShfit)
WeeklyChannels(startWeekShfit,endWeekShfit);
startWeekShfit=i;
}
if(ShiftTimeString=="00:00:00" && shiftDay==1)
{
endMonthShfit=i+1;
if(startMonthShfit>endMonthShfit)
MonthlyChannels(startMonthShfit,endMonthShfit);
startMonthShfit=i;
}
}
//--- return value of prev_calculated for next call
return(rates_total);
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
void DailyChannels(int start,int end)
{
int highIndex=iHighest(NULL,NULL,MODE_HIGH,start-end+1,end);
double highValue=iHigh(NULL,NULL,highIndex);
int lowIndex=iLowest(NULL,NULL,MODE_LOW,start-end+1,end);
double lowValue=iLow(NULL,NULL,lowIndex);
for(int i=start;i>=end;i--)
{
DailyHighBuffer[i]= highValue;
DailyLowBuffer[i] = lowValue;
}
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
void WeeklyChannels(int start,int end)
{
int highIndex=iHighest(NULL,NULL,MODE_HIGH,start-end+1,end);
double highValue=iHigh(NULL,NULL,highIndex);
int lowIndex=iLowest(NULL,NULL,MODE_LOW,start-end+1,end);
double lowValue=iLow(NULL,NULL,lowIndex);
for(int i=start;i>=end;i--)
{
WeeklyHighBuffer[i]= highValue;
WeeklyLowBuffer[i] = lowValue;
}
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
void MonthlyChannels(int start,int end)
{
int highIndex=iHighest(NULL,NULL,MODE_HIGH,start-end+1,end);
double highValue=iHigh(NULL,NULL,highIndex);
int lowIndex=iLowest(NULL,NULL,MODE_LOW,start-end+1,end);
double lowValue=iLow(NULL,NULL,lowIndex);
for(int i=start;i>=end;i--)
{
MonthlyHighBuffer[i]=highValue;
MonthlyLowBuffer[i]=lowValue;
}
}
//+------------------------------------------------------------------+
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