eSignal
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This script is designed as a visual momentum and trend indicator for trading platforms. Its primary purpose is to categorize the current market movement into three distinct states by analyzing two different technical indicators simultaneously: an Exponential Moving Average (EMA) and a Moving Average Convergence Divergence (MACD) system.
Core Logic and Visual Representation
The tool displays these market states as a histogram in a separate window. By comparing the current values of these indicators against their previous values, the script determines the "direction" of the price action and assigns a specific color to the display:
- Bearish Momentum (Red): This signal occurs when both the EMA and the MACD are moving downward simultaneously. When the script detects that both indicators have dropped compared to their previous step, it identifies a prevailing downward trend or "selling pressure."
- Bullish Momentum (Green): This signal occurs when both the EMA and the MACD are moving upward at the same time. If both indicators show an increase compared to their previous step, the script identifies an upward trend or "buying pressure."
- Neutral / Mixed Action (DeepSkyBlue): This state is triggered whenever the indicators do not agree with each other (e.g., one is moving up while the other is moving down) or when they are moving sideways. This suggests a period of consolidation, indecision, or high volatility where there is no clear dominant trend.
Key Features
- Multi-Timeframe Analysis: The script allows users to view data from different timeframes (ranging from 1-minute charts to monthly charts) regardless of which timeframe the main chart is currently displaying.
- Customizable Parameters: Users can adjust the sensitivity of the logic by changing the periods for the Moving Average and the MACD settings, allowing the indicator to react more quickly or slowly to price changes depending on their trading style.
- Simplified Visuals: By condensing complex mathematical calculations into three distinct colors, the tool aims to provide a "snapshot" of market sentiment, making it easier for a trader to identify whether the current environment is favorable for buying, selling, or staying neutral.
Indicators Used
Miscellaneous
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eSignal
//+------------------------------------------------------------------+
//| eSignal.mq4 |
//| Copyright © 2007, Hartono Setiono |
//| http://www.mitrakom.com |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2007, Hartono Setiono"
#property link "http://www.mitrakom.com"
#property indicator_separate_window
#property indicator_buffers 3
#property indicator_color1 Red
#property indicator_width1 3
#property indicator_color2 Green
#property indicator_width2 3
#property indicator_color3 DeepSkyBlue
#property indicator_width3 3
//---- input parameters
extern int TimeFrame=0;
extern int EMA_Period=13;
extern int MACD_FastPeriod=12;
extern int MACD_SlowPeriod=26;
extern int MACD_SignalPeriod=9;
//---- buffers
double ExtMapBuffer1[];
double ExtMapBuffer2[];
double ExtMapBuffer3[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
string short_name;
//---- indicators
SetIndexStyle(0,DRAW_HISTOGRAM);
//SetIndexArrow(0,110);
SetIndexBuffer(0,ExtMapBuffer1);
SetIndexStyle(1,DRAW_HISTOGRAM);
//SetIndexArrow(1,110);
SetIndexBuffer(1,ExtMapBuffer2);
SetIndexStyle(2,DRAW_HISTOGRAM);
//SetIndexArrow(2,110);
SetIndexBuffer(2,ExtMapBuffer3);
switch(TimeFrame)
{
case 1 : short_name="Period_M1"; break;
case 5 : short_name="Period_M5"; break;
case 15 : short_name="Period_M15"; break;
case 30 : short_name="Period_M30"; break;
case 60 : short_name="Period_H1"; break;
case 240 : short_name="Period_H4"; break;
case 1440 : short_name="Period_D1"; break;
case 10080 : short_name="Period_W1"; break;
case 43200 : short_name="Period_MN1"; break;
default : {short_name="Current Timeframe"; TimeFrame=0;}
}
short_name="Impulse Indicator("+short_name+", "+EMA_Period+":"+MACD_FastPeriod+","+MACD_SlowPeriod+","+MACD_SignalPeriod+")";
IndicatorShortName(short_name);
SetIndexLabel(1,NULL);
SetIndexLabel(2,NULL);
SetIndexLabel(3,NULL);
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int i,limit,y=0,counted_bars=IndicatorCounted();
double ema1, main1, signal1, ema0, main0, signal0;
limit=Bars-counted_bars;
for(i=0,y=0;i<limit;i++)
{
y = iBarShift(NULL,TimeFrame,Time[i]);
ema0=iMA(NULL,TimeFrame,EMA_Period,0,MODE_EMA,PRICE_CLOSE,y);
ema1=iMA(NULL,TimeFrame,EMA_Period,0,MODE_EMA,PRICE_CLOSE,y+1);
main0=iMACD(NULL, TimeFrame, MACD_FastPeriod, MACD_SlowPeriod, MACD_SignalPeriod, PRICE_CLOSE,0,y);
main1=iMACD(NULL, TimeFrame, MACD_FastPeriod, MACD_SlowPeriod, MACD_SignalPeriod, PRICE_CLOSE,0,y+1);
signal0=iMACD(NULL, TimeFrame, MACD_FastPeriod, MACD_SlowPeriod, MACD_SignalPeriod, PRICE_CLOSE,1,y);
signal1=iMACD(NULL, TimeFrame, MACD_FastPeriod, MACD_SlowPeriod, MACD_SignalPeriod, PRICE_CLOSE,1,y+1);
if(ema0<ema1 && main0<main1) //both down
{
ExtMapBuffer1[i]=1;
ExtMapBuffer2[i]=0;
ExtMapBuffer3[i]=0;
} else
if(ema0>ema1 && main0>main1) //both up
{
ExtMapBuffer1[i]=0;
ExtMapBuffer2[i]=1;
ExtMapBuffer3[i]=0;
} else //otherwise
{
ExtMapBuffer1[i]=0;
ExtMapBuffer2[i]=0;
ExtMapBuffer3[i]=1;
}
}
return(0);
}
//+------------------------------------------------------------------+
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