!_EA_Vegas_1hr_v1

Author: Mr.Bah

Professional Description of the Vegas.mq4 Script Logic

Overview

The script "Vegas.mq4" is a custom indicator developed for MetaTrader, designed to assist traders in analyzing market trends using Exponential Moving Averages (EMAs) and Fibonacci retracement levels. The script provides visual cues on trading charts to help identify potential buy or sell signals based on predefined risk models.

Key Components

Exponential Moving Averages (EMAs):
- The script calculates two EMAs: one with a period of 144 bars (EMA144) and another with a period of 169 bars (EMA169). These averages help smooth out price data to identify the direction of the trend.
Risk Models:
- Four different risk models are available, each using specific Fibonacci retracement levels (34, 55, 89, 144, 233, 377) to determine potential support and resistance zones.
- Users can select a risk model by setting the RiskModel parameter from 1 to 4:
  - Model #1: Uses levels 34, 55, 89 above (F+) and below (F-) the EMA169.
  - Model #2: Uses levels 55, 89, 144 above and below the EMA169.
  - Model #3: Uses levels 89, 144, 233 above and below the EMA169.
  - Model #4: Uses levels 144, 233, 377 above and below the EMA169.
Visual Indicators:
- The script uses eight buffers to plot lines on the chart for each of the calculated EMAs and Fibonacci levels:
  - ExtMapBuffer1 and ExtMapBuffer2: Represent EMA144 and EMA169.
  - ExtMapBuffer3, ExtMapBuffer4, ExtMapBuffer5: Represent the upper Fibonacci retracement levels (F+).
  - ExtMapBuffer6, ExtMapBuffer7, ExtMapBuffer8: Represent the lower Fibonacci retracement levels (F-).
Alerts:
- If enabled, alerts notify traders when the closing price touches any of the plotted lines or EMAs.
- Alerts are accompanied by a sound notification to draw immediate attention.
Comment Section:
- The script dynamically updates a comment section on the chart with the latest values for each EMA and Fibonacci level, providing quick reference information directly on the trading platform.

Usage

Traders can customize the script by adjusting the RiskModel parameter to fit their trading strategy.
Alerts can be toggled on or off using the Alerts setting, allowing traders to choose whether they want auditory notifications.
The script is designed for flexibility across different time frames and symbols, making it adaptable to various trading styles.

Conclusion

"Vegas.mq4" serves as a versatile tool for traders seeking to enhance their technical analysis with EMAs and Fibonacci retracement levels. By providing clear visual indicators and alerts, the script aids in identifying potential entry and exit points based on market trends.

Indicators Used

Miscellaneous

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!_EA_Vegas_1hr_v1

/*-----------------------------+
|			       |
| Shared by www.Aptrafx.com    |
|			       |
+------------------------------*/

//+------------------------------------------------------------------+
//|                                                        Vegas.mq4 |
//|                                                           Mr.Bah |
//|                                                                  |
//+------------------------------------------------------------------+
#property copyright "Mr.Bah"
#property link      ""

#property indicator_chart_window
#property indicator_buffers 8
#property indicator_color1 Green
#property indicator_color2 Blue
#property indicator_color3 Red
#property indicator_color4 Red
#property indicator_color5 Red
#property indicator_color6 Red
#property indicator_color7 Red
#property indicator_color8 Red
//---- input parameters
extern bool      Alerts=true;
extern int       RiskModel=1;
extern int       MA1=144;
extern int       MA2=169;
//---- buffers
double ExtMapBuffer1[];
double ExtMapBuffer2[];
double ExtMapBuffer3[];
double ExtMapBuffer4[];
double ExtMapBuffer5[];
double ExtMapBuffer6[];
double ExtMapBuffer7[];
double ExtMapBuffer8[];

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
//---- indicators
   SetIndexStyle(0,DRAW_LINE);
   SetIndexBuffer(0,ExtMapBuffer1);
   SetIndexStyle(1,DRAW_LINE);
   SetIndexBuffer(1,ExtMapBuffer2);
   SetIndexStyle(2,DRAW_LINE);
   SetIndexBuffer(2,ExtMapBuffer3);
   SetIndexStyle(3,DRAW_LINE);
   SetIndexBuffer(3,ExtMapBuffer4);
   SetIndexStyle(4,DRAW_LINE);
   SetIndexBuffer(4,ExtMapBuffer5);
   SetIndexStyle(5,DRAW_LINE);
   SetIndexBuffer(5,ExtMapBuffer6);
   SetIndexStyle(6,DRAW_LINE);
   SetIndexBuffer(6,ExtMapBuffer7);
   SetIndexStyle(7,DRAW_LINE);
   SetIndexBuffer(7,ExtMapBuffer8);
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//---- 
   
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {
   int limit;
   int    counted_bars=IndicatorCounted();
  //---- check for possible errors
   if(counted_bars<0) return(-1);
  //---- last counted bar will be recounted
   if(counted_bars>0) counted_bars--;
   limit=Bars-counted_bars;
  //---- main loop
     for(int i=0; i<limit; i++)
       {
        //---- ma_shift set to 0 because SetIndexShift called abowe
         ExtMapBuffer1[i]=iMA(NULL,0,144,0,MODE_EMA,PRICE_CLOSE,i);
         ExtMapBuffer2[i]=iMA(NULL,0,169,0,MODE_EMA,PRICE_CLOSE,i);
         
         //Model #1 34,55,89
         if(RiskModel==1)
         {
            ExtMapBuffer3[i]=ExtMapBuffer2[i]+34*Point;
            ExtMapBuffer4[i]=ExtMapBuffer2[i]+55*Point;
            ExtMapBuffer5[i]=ExtMapBuffer2[i]+89*Point;
            
            ExtMapBuffer6[i]=ExtMapBuffer2[i]-34*Point;
            ExtMapBuffer7[i]=ExtMapBuffer2[i]-55*Point;
            ExtMapBuffer8[i]=ExtMapBuffer2[i]-89*Point;    
         }
         
         //Model #2 55,89,144
         if(RiskModel==2)
         {
            ExtMapBuffer3[i]=ExtMapBuffer2[i]+55*Point;
            ExtMapBuffer4[i]=ExtMapBuffer2[i]+89*Point;
            ExtMapBuffer5[i]=ExtMapBuffer2[i]+144*Point;
            
            ExtMapBuffer6[i]=ExtMapBuffer2[i]-55*Point;
            ExtMapBuffer7[i]=ExtMapBuffer2[i]-88*Point;
            ExtMapBuffer8[i]=ExtMapBuffer2[i]-144*Point;    
         }
         
          //Model #3 89,144,233
         if(RiskModel==3)
         {
            ExtMapBuffer3[i]=ExtMapBuffer2[i]+89*Point;
            ExtMapBuffer4[i]=ExtMapBuffer2[i]+144*Point;
            ExtMapBuffer5[i]=ExtMapBuffer2[i]+233*Point;
            
            ExtMapBuffer6[i]=ExtMapBuffer2[i]-89*Point;
            ExtMapBuffer7[i]=ExtMapBuffer2[i]-144*Point;
            ExtMapBuffer8[i]=ExtMapBuffer2[i]-233*Point;    
         }
         
          //Model #4 144,233,377
         if(RiskModel==4)
         {
            ExtMapBuffer3[i]=ExtMapBuffer2[i]+144*Point;
            ExtMapBuffer4[i]=ExtMapBuffer2[i]+233*Point;
            ExtMapBuffer5[i]=ExtMapBuffer2[i]+377*Point;
            
            ExtMapBuffer6[i]=ExtMapBuffer2[i]-144*Point;
            ExtMapBuffer7[i]=ExtMapBuffer2[i]-233*Point;
            ExtMapBuffer8[i]=ExtMapBuffer2[i]-377*Point;    
         }
         
         Comment("\nRISK MODEL #",RiskModel," (1-4)\n\nEMA144 - ",ExtMapBuffer1[limit],"\nEMA169 - ",ExtMapBuffer2[limit], 
         "\n\nF+1 - ",ExtMapBuffer3[limit],"\nF+2 - ",ExtMapBuffer4[limit],
         "\nF+3 - ",ExtMapBuffer5[limit],"\n\nF-1 - ",ExtMapBuffer6[limit],
         "\nF-2 - ",ExtMapBuffer7[limit],"\nF-3 - ",ExtMapBuffer8[limit]);
       }
       
       //+--------------------------------------------------------------------------+
       //-                          ALERTS    PlaySound("alert.wav");               -
       //+--------------------------------------------------------------------------+
      if(Alerts)
      {
         if(Close[i]==ExtMapBuffer1[i] || Close[i]==ExtMapBuffer2[i])
         {
            PlaySound("alert.wav"); 
            
            Alert("Fib or Channel signal triggered for "+Symbol()+" on the "+Period()+" minute chart.");         
            
            
         }
         if(Close[i]==ExtMapBuffer3[i] || Close[i]==ExtMapBuffer4[i] || Close[i]==ExtMapBuffer5[i])
         {
            PlaySound("alert.wav");
            
            Alert("Fib or Channel signal triggered for "+Symbol()+" on the "+Period()+" minute chart.");      
         }
         if(Close[i]==ExtMapBuffer6[i] || Close[i]==ExtMapBuffer7[i] || Close[i]==ExtMapBuffer8[i])
         {
            PlaySound("alert.wav");
            
            Alert("Fib or Channel signal triggered for "+Symbol()+" on the "+Period()+" minute chart.");      
         }
      }
         
  //---- done

//---- 
   
//----
   return(0);
  }
//+------------------------------------------------------------------+

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!_EA_Vegas_1hr_v1

Professional Description of the Vegas.mq4 Script Logic

Overview

Key Components

Usage

Conclusion

Similar scripts

Comments

Markdown Formatting Guide