Okay, here's a description of what the MQL4 script does, explained in plain language for someone who isn't a programmer:
Overall Purpose:
This script is designed to visually represent the progress of different timeframes (like 1-minute, 5-minute, 15-minute, 30-minute, and 1-hour charts) all on a single chart. It also gives some information about the price movement (range) within each of those timeframes.
How it Works:
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Visual Display:
- It creates a set of buttons and progress bars in a separate window of your trading chart.
- Each row represents a different timeframe (M1, M5, M15, M30, H1).
- Each row shows a progress bar indicating how far along the current candle is in that timeframe. For example, if it's halfway through the current 5-minute candle, the "M5" progress bar will be 50% full.
- The script displays the progress for each timeframe in percentage and time format.
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Price Range Information:
- Alongside the progress bar, each row includes:
- The current price range for that specific timeframe?s current candle. It shows the difference between the open and close price, as well as the total range of the candle (from the lowest to highest price).
- Up/Down indicators of price to show price movements.
- Alongside the progress bar, each row includes:
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Technical Indicator (Stochastic Oscillator):
- The script can use a Stochastic Oscillator to determine the values if a setting is selected to do so.
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Customization:
- The script has a number of adjustable settings (inputs). These include colors for the buttons, the font size, button height, maximum candle width, indicator parameters for iBands and Stochastic Oscillator.
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Underlying Calculations:
- Time Tracking: The script constantly calculates how much time has passed in the current candle for each timeframe.
- Percentage Completion: It converts the elapsed time into a percentage to fill the progress bars.
- Price Range Calculation: It determines the high, low, open, and close prices for the current candle of each timeframe.
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Event Handling:
- The script reacts to mouse clicks on the created buttons. It is set to work for Stochastics data, and restores chart data according to selections.
In essence, this script provides a quick way to visualize how different timeframes are progressing and what the price action has been within those timeframes, all in one place.
Price Data Components
Indicators Used
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