_FibBreakout1[1].2
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This script is designed as a technical analysis tool for MetaTrader 4 that monitors price momentum by calculating two different versions of the Stochastic Oscillator simultaneously. Its primary purpose is to identify specific overbought or oversold conditions and provide real-time notifications when those levels are breached.
Core Functionality
Dual Oscillator Tracking The script calculates two independent Stochastic Oscillators on a single chart window.
- Fast Oscillator: Configured with shorter periods (defaulting to a K-period of 5), it reacts quickly to immediate price fluctuations.
- Slow Oscillator: Configured with longer periods (defaulting to a K-period of 14), it provides a broader view of the current trend, filtering out some of the "noise" found in shorter timeframes.
By displaying both at once, the tool allows traders to see whether short-term momentum is aligning with long-term trends or if there is a divergence between the two.
Visual Reference Levels The indicator automatically plots several key horizontal levels on the chart:
- Upper Bounds: 76.4%, 61.8%
- Middle Neutral: 50.0%
- Lower Bounds: 38.2%, 23.6%
These levels serve as visual cues for identifying high-pressure (overbought) and low-pressure (oversold) zones in the market.
Automated Alert System
The script includes a notification engine that monitors price action every time a new candle is formed. Rather than sending constant notifications, it is programmed to trigger alerts only once per bar to avoid overwhelming the user. The logic focuses on two specific "breakout" thresholds:
-
Overbought Alerts (Upper Threshold): The script monitors if either (or both) of the oscillators cross above the 76.4% level. It will distinguish between a "Double Cross" (both indicators high) or a "Single Cross" (only one indicator high), notifying the user specifically which one triggered the event.
-
Oversold Alerts (Lower Threshold): Similarly, the script monitors if either (or both) of the oscillators drop below the 23.6% level. It provides specific alerts for "Both Stochs cross down" or identifies which individual oscillator has crossed the line first.
User Interface and Identification
To ensure clarity during active trading, the script dynamically updates its label based on the current chart timeframe (e.g., M1, H1, D1). It also provides a clear naming convention in the data window that includes the specific settings for both oscillators, making it easy to distinguish between different setups on a complex workspace.
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_FibBreakout1[1].2
//+--------------------------------------------------------------------+
//| FibBreakout1.2.mq4 |
//| version 1.2 |
//| Copyright © 2004-07, MetaQuotes Software Corp. |
//| http://www.metaquotes.net/ |
//| http://www.forexfactory.com/showthread.php?t=30109 |
//| based on Spud's MTF FIB Breakout System |
//| This indicator will display the K% line of the Stochastic only |
//| You can turn the Alert on or off and it'll alert only once per bar |
//| version 1.1: 2 stochs are combined into 1 indicator |
//| version 1.2: changed alerts according to new rules |
//+--------------------------------------------------------------------+
//+--------------------------------------------------------------------+
//| Stochastic.mq4 |
//| Copyright © 2004-07, MetaQuotes Software Corp. |
//| http://www.metaquotes.net/ |
//+--------------------------------------------------------------------+
#property copyright "Copyright © 2004-07, MetaQuotes Software Corp."
#property link "http://www.metaquotes.net/"
#property indicator_separate_window
#property indicator_minimum 0
#property indicator_maximum 100
#property indicator_buffers 2
#property indicator_color1 Blue //Stoch 5,3,3
#property indicator_color2 Red //Stoch 14,3,3
#property indicator_style2 STYLE_DOT //Stoch 14,3,3
#property indicator_level1 76.4
#property indicator_level2 61.8
#property indicator_level3 50.0
#property indicator_level4 38.2
#property indicator_level5 23.6
//+-- input parameters -----------------------------------------------+
extern string note1 = "First Stochastic";
extern int KPeriod1=5;
extern int DPeriod1=3;
extern int Slowing1=3;
extern string note2 = "Second Stochastic";
extern int KPeriod2=14;
extern int DPeriod2=3;
extern int Slowing2=3;
extern string note5 = "turn on Alert = true; turn off = false";
extern bool AlertOn = true;
//+-- buffers -------------------------------------------------------+
double MainBuffer1[];
double HighesBuffer1[];
double LowesBuffer1[];
double MainBuffer2[];
double HighesBuffer2[];
double LowesBuffer2[];
int draw_begin1=0;
int draw_begin2=0;
int draw_begin3=0;
int draw_begin4=0;
//+-- Show regular timeframe string (HCY) ---------------------------+
string AlertPrefix;
string GetTimeFrameStr() {
switch(Period())
{
case 1 : string TimeFrameStr="M1"; break;
case 5 : TimeFrameStr="M5"; break;
case 15 : TimeFrameStr="M15"; break;
case 30 : TimeFrameStr="M30"; break;
case 60 : TimeFrameStr="H1"; break;
case 240 : TimeFrameStr="H4"; break;
case 1440 : TimeFrameStr="D1"; break;
case 10080 : TimeFrameStr="W1"; break;
case 43200 : TimeFrameStr="MN1"; break;
default : TimeFrameStr="CUR";
}
return (TimeFrameStr);
} //string GetTimeFrameStr()
//+------------------------------------------------------------------+
int deinit() {
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
string short_name;
//+-- 6 additional buffers are used for counting.
IndicatorBuffers(6);
SetIndexStyle(0,DRAW_LINE);
SetIndexBuffer(0, MainBuffer1);
SetIndexStyle(1,DRAW_LINE);
SetIndexBuffer(1, MainBuffer2);
SetIndexBuffer(2, HighesBuffer1);
SetIndexBuffer(3, LowesBuffer1);
SetIndexBuffer(4, HighesBuffer2);
SetIndexBuffer(5, LowesBuffer2);
//+-- name for DataWindow and indicator subwindow label
switch(Period())
{
case 1 : string TimeFrameStr2=",M1:"; break;
case 5 : TimeFrameStr2=",M5:"; break;
case 15 : TimeFrameStr2=",M15:"; break;
case 30 : TimeFrameStr2=",M30:"; break;
case 60 : TimeFrameStr2=",H1:"; break;
case 240 : TimeFrameStr2=",H4"; break;
case 1440 : TimeFrameStr2=",D1:"; break;
case 10080 : TimeFrameStr2=",W1:"; break;
case 43200 : TimeFrameStr2=",MN1:"; break;
default : TimeFrameStr2=",Current Timeframe:";
}
short_name=Symbol()+TimeFrameStr2+" Stoch("+KPeriod1+","+DPeriod1+","+Slowing1+")" + " Stoch("+KPeriod2+","+DPeriod2+","+Slowing2+")";
IndicatorShortName(short_name);
SetIndexLabel(0,short_name);
SetIndexLabel(1,"Signal");
//+--
draw_begin1=KPeriod1+Slowing1;
draw_begin2=draw_begin1+DPeriod1;
SetIndexDrawBegin(0,draw_begin1);
SetIndexDrawBegin(1,draw_begin2);
draw_begin3=KPeriod2+Slowing2;
draw_begin4=draw_begin3+DPeriod2;
SetIndexDrawBegin(2,draw_begin3);
SetIndexDrawBegin(3,draw_begin4);
//+--
// Show regular timeframe string (HCY)
AlertPrefix=Symbol()+" ("+GetTimeFrameStr()+"): ";
return(0);
}
//+------------------------------------------------------------------+
bool NewBar()
{
static datetime lastbar;
datetime curbar = Time[0];
if(lastbar!=curbar)
{
lastbar=curbar;
return (true);
}
else
{
return(false);
}
}
//+------------------------------------------------------------------+
//| Stochastic oscillator |
//+------------------------------------------------------------------+
int start()
{
int i,k;
int counted_bars=IndicatorCounted();
double price;
if((Bars<=draw_begin2) || (Bars<=draw_begin4)) return(0);
//+-- initial zero
if(counted_bars<1)
{
for(i=1;i<=draw_begin1;i++) MainBuffer1[Bars-i]=0;
for(i=1;i<=draw_begin3;i++) MainBuffer2[Bars-i]=0;
}
//+-- minimums counting
i=Bars-KPeriod1;
if(counted_bars>KPeriod1) i=Bars-counted_bars-1;
while(i>=0)
{
double min=1000000;
k=i+KPeriod1-1;
while(k>=i)
{
price=Low[k];
if(min>price) min=price;
k--;
}
LowesBuffer1[i]=min;
i--;
}
i=Bars-KPeriod2;
if(counted_bars>KPeriod2) i=Bars-counted_bars-1;
while(i>=0)
{
min=1000000;
k=i+KPeriod2-1;
while(k>=i)
{
price=Low[k];
if(min>price) min=price;
k--;
}
LowesBuffer2[i]=min;
i--;
}
//+-- maximums counting
i=Bars-KPeriod1;
if(counted_bars>KPeriod1) i=Bars-counted_bars-1;
while(i>=0)
{
double max=-1000000;
k=i+KPeriod1-1;
while(k>=i)
{
price=High[k];
if(max<price) max=price;
k--;
}
HighesBuffer1[i]=max;
i--;
}
i=Bars-KPeriod2;
if(counted_bars>KPeriod2) i=Bars-counted_bars-1;
while(i>=0)
{
max=-1000000;
k=i+KPeriod2-1;
while(k>=i)
{
price=High[k];
if(max<price) max=price;
k--;
}
HighesBuffer2[i]=max;
i--;
}
//+-- %K line
i=Bars-draw_begin1;
if(counted_bars>draw_begin1) i=Bars-counted_bars-1;
while(i>=0)
{
double sumlow=0.0;
double sumhigh=0.0;
for(k=(i+Slowing1-1);k>=i;k--)
{
sumlow+=Close[k]-LowesBuffer1[k];
sumhigh+=HighesBuffer1[k]-LowesBuffer1[k];
}
if(sumhigh==0.0) MainBuffer1[i]=100.0;
else MainBuffer1[i]=sumlow/sumhigh*100;
i--;
}
i=Bars-draw_begin3;
if(counted_bars>draw_begin3) i=Bars-counted_bars-1;
while(i>=0)
{
sumlow=0.0;
sumhigh=0.0;
for(k=(i+Slowing2-1);k>=i;k--)
{
sumlow+=Close[k]-LowesBuffer2[k];
sumhigh+=HighesBuffer2[k]-LowesBuffer2[k];
}
if(sumhigh==0.0) MainBuffer2[i]=100.0;
else MainBuffer2[i]=sumlow/sumhigh*100;
i--;
}
//+-- last counted bar will be recounted
if(counted_bars>0) counted_bars--;
int limit=Bars-counted_bars;
//+-- Alerts
if(AlertOn && NewBar()){
if((MainBuffer1[0] >= indicator_level1) && (MainBuffer2[0] >= indicator_level1))
{
Alert(AlertPrefix+"Both Stochs cross up 76.4%");
}
else
{
if(MainBuffer1[0] >= indicator_level1)
{
Alert(AlertPrefix+"Only Stoch("+KPeriod1+","+DPeriod1+","+Slowing1+") crosses up 76.4%");
}
if(MainBuffer2[0] >= indicator_level1)
{
Alert(AlertPrefix+"Only Stoch("+KPeriod2+","+DPeriod2+","+Slowing2+") crosses up 76.4%");
}
}
if((MainBuffer1[0] <= indicator_level5) && (MainBuffer2[0] <= indicator_level5))
{
Alert(AlertPrefix+"Both Stochs cross down 23.6%");
}
else
{
if(MainBuffer1[0] <= indicator_level5)
{
Alert(AlertPrefix+"Only Stoch("+KPeriod1+","+DPeriod1+","+Slowing1+") crosses down 23.6%");
}
if(MainBuffer2[0] <= indicator_level5)
{
Alert(AlertPrefix+"Only Stoch("+KPeriod2+","+DPeriod2+","+Slowing2+") crosses down 23.6%");
}
}
}
//+-- Alert Ends
return(0);
}
//+------------------------------------------------------------------+
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