ForexOffTrend_Alert
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This tool is designed as a visual trend-following indicator for trading platforms, specifically engineered to identify shifts in market momentum by analyzing price extremes over a specific period. Instead of following every minor fluctuation, it focuses on identifying significant "highs" and "lows" to determine the prevailing direction of the market.
Core Logic and Methodology
The script operates by scanning a defined number of recent candles (controlled by the user) to establish a mathematical boundary for price action. It looks at two primary components:
- Price Extremes: The tool identifies the highest high and the lowest low within a rolling window of time. This creates a visual "range" of the current market activity.
- Dynamic Thresholds: Rather than using fixed prices, the script calculates percentage-based boundaries (Minimum and Maximum) based on those highs and lows. These thresholds act as dynamic support and resistance levels that adjust automatically as the market moves.
Signal Generation
The visual output consists of two distinct lines that represent these calculated boundaries. The logic for generating alerts is based on the interaction between these two moving markers:
- Buy Signals: When the primary calculation for the upward trend surpasses a specific threshold relative to its recent history, the tool identifies a bullish bias. If this occurs and hasn't been flagged recently, the system triggers a "Buy" notification.
- Sell Signals: Conversely, when the downward trend boundary is breached or takes precedence in the calculation, the tool identifies a bearish bias, triggering a "Sell" notification.
Key Features for Traders
- Trend Filtering: By calculating thresholds based on price ranges rather than raw averages, the indicator aims to filter out market "noise," focusing only on substantial shifts in trend.
- Smart Alert System: To prevent a constant stream of notifications during a single trend move, the logic includes a "memory" feature. It ensures that you are only notified once when a new signal is first detected, and will not alert again until the market trend actually reverses.
- Visual Feedback: In addition to audible alerts, the script provides real-time text comments on the chart display, clearly stating the current sentiment (Buy or Sell) and the specific price level associated with that signal.
In summary, this script functions as a momentum tracker that monitors price volatility to define trend boundaries, alerting the user only when the market moves significantly enough to suggest a change in direction.
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ForexOffTrend_Alert
//+------------------------------------------------------------------+
//| Filename changed to ForexOFFTrend.mq4 by CrazyChart |
//| SilverTrend .mq4 |
//| SilverTrend rewritten by CrazyChart |
//| http://viac.ru/ |
//+------------------------------------------------------------------+
#property copyright "SilverTrend rewritten by CrazyChart"
#property link "http://viac.ru/ "
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_color1 Blue
#property indicator_color2 Red
//---- input parameters
extern int CountBars=400;
extern int SSP=7;
extern double Kmin=1.6;
extern double Kmax=50.6;
extern bool gAlert=True; // Switch to allow alerts
//---- buffers
double ExtMapBuffer1[];
double ExtMapBuffer2[];
bool gSellAlertGiven=false; // Used to stop constant alerts
bool gBuyAlertGiven=false; // Used to stop constant alerts
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
IndicatorBuffers(2);
SetIndexStyle(0,DRAW_LINE,0,2,Blue);
SetIndexBuffer(0,ExtMapBuffer1);
SetIndexStyle(1,DRAW_LINE,0,2,Red);
SetIndexBuffer(1,ExtMapBuffer2);
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int i,
i2,
loopbegin,
counted_bars=IndicatorCounted();
double SsMax,
SsMin,
K,
val1,
val2,
smin,
smax,
price;
if (CountBars>=Bars){
CountBars=Bars;
}
SetIndexDrawBegin(0,Bars-CountBars+SSP);
SetIndexDrawBegin(1,Bars-CountBars+SSP);
if(Bars<=SSP+1){
return(0);
}
if(Bars<=SSP+1){
return(0);
}
//---- initial zero
if(counted_bars<SSP+1){
for(i=1;i<=SSP;i++) ExtMapBuffer1[CountBars-i]=0.0;
for(i=1;i<=SSP;i++) ExtMapBuffer2[CountBars-i]=0.0;
}
//+++++++-SSP
for(i=CountBars-SSP;i>=0;i--) {
SsMax = High[Highest(NULL,0,MODE_HIGH,SSP,i-SSP+1)];
SsMin = Low[Lowest(NULL,0,MODE_LOW,SSP,i-SSP+1)];
smin = SsMin-(SsMax-SsMin)*Kmin/100;
smax = SsMax-(SsMax-SsMin)*Kmax/100;
ExtMapBuffer1[i-SSP+6]=smax;
ExtMapBuffer2[i-SSP-1]=smax;
val1 = ExtMapBuffer1[0];
val2 = ExtMapBuffer2[0];
if (val1 > val2){
Comment("ïîêóïêà buy ",val1);
if( gAlert==true && gBuyAlertGiven==false){
PlaySound("alert.wav");
Alert("Buy signal at " + DoubleToStr(val1, 4) + " on " + Period() + " minute chart");
gBuyAlertGiven=true;
gSellAlertGiven=false;
}
}
if (val1 < val2){
Comment("ïðîäàæà sell ",val2);
if(gAlert==true && gSellAlertGiven==false){
PlaySound("alert.wav");
Alert("Sell signal at " + DoubleToStr(val2, 4) + " on " + Period()+ " minute chart");
gBuyAlertGiven=false;
gSellAlertGiven=true;
}
}
}
return(0);
}
/////////////////////////////////////////////////////////////////////////////
// History
/////////////////////////////////////////////////////////////////////////////
/*
22 September 2005 by Varus
variables added:
gAlert External switch to allow alerts.
gBuyAlertGiven Global to stop the alerts being displayed more than once.
gSellAlertGiven Global to stop the alerts being displayed more than once.
An alert was added to alert the trader when the indicator changes from a long signal
to a short or the other way round.
The value of CountBars was changed to 400 from 300 to give a longer display of previous
performance on the price chart.
Version number v1.01 added to filename.
*/
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