fxnewsbolttun_v1
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This tool is designed to identify and highlight key structural price points on a trading chart by automatically locating significant "supply" (resistance) and "demand" (support) zones. Rather than cluttering the screen with every minor price movement, the script filters through historical data to pinpoint specific peaks and valleys that meet predefined criteria.
How the Logic Works
The indicator operates by scanning the price history to identify two primary types of market turning points:
1. Identification of Supply Points (Resistance) The script looks for "peaks" where the price has reached a local high. For a point to be recognized as a significant supply level, it must satisfy several conditions:
- Relative Height: The high of the current bar must be greater than the highs of the bars immediately preceding and following it.
- Price Action Confirmation: The high must also be higher than the closing price of a previous period, ensuring it represents a genuine peak rather than a momentary spike.
- New High Filtering: It specifically tracks points that are higher than previously identified peaks within the recent timeframe, helping to isolate the most prominent resistance levels.
2. Identification of Demand Points (Support) Similarly, the script scans for "valleys" where the price has reached a local low. To qualify as a significant demand level, the price must:
- Relative Depth: The low of the current bar must be lower than the lows of the bars immediately preceding and following it.
- Price Action Confirmation: The low must be lower than the closing prices of previous periods to confirm a structural "floor."
- New Low Filtering: It captures the deepest points reached, ensuring that the most significant support levels are prioritized for the user.
Key Features for the Trader
- Dynamic Scanning: The script automatically handles both standard bars and those with flat highs or lows, ensuring it doesn't miss structural data during periods of consolidation.
- Timeframe Awareness: It monitors the current chart period to ensure that the calculations remain accurate as you switch between different timeframes (e.g., moving from a 1-hour chart to a 4-hour chart).
- Visual Organization: By filtering for these specific "highest highs" and "lowest lows," the tool helps traders visually organize the market structure, making it easier to identify where the price might face future opposition or potential reversal zones.
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fxnewsbolttun_v1
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
#property indicator_chart_window
extern int StepBack=0;
extern bool Qw1=True;
extern bool Qw2=True;
extern bool Qw3=True;
extern color UpLineColor = Blue;
extern int UpLnWidth = 1;
extern color DnLineColor = Red;
extern int DnLnWidth = 1;
extern color MarkColor = Blue;
extern int MarkNumber = 217;
int i=1,NP=0,D=0,
iB_Up=0,iB_Dn=0,
S1=0,
S2=0,
UpLev=0,
DownLev=0,
iP_Up=0,
iP_Dn=0,
value=0,
CurPeriod=0,
shift=0;
datetime nTime=0;
double UpV=0,
DownV=0,
iP=0,
target = 0,
UpP[2]={0,0},
DownP[2]={0,0},
PP1=0,PP2=0,PP3=0;
int DownBT[2]={0,0}, // Bar Time
UpBT[2]={0,0},
UpB[2]={0,0}, // Bar Num
DownB[2]={0,0};
string buff_str = "";
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//---- TODO: add your code here
Comment(" ");
ObjectsDeleteAll();
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int Target_Style[4] = {STYLE_DASH,STYLE_DASH,STYLE_DASH,STYLE_SOLID},
Target_LW[4] = { 1, 1, 1, 2 },
i=0,ic=0;
color Target_Color[4] = {DimGray,MediumSpringGreen,SeaGreen,Blue},
Target_Up_Color[4] = {DimGray,MediumSpringGreen,SeaGreen,Blue},
Target_Dn_Color[4] = {Magenta,Orange,Yellow,Red};
double target[4];
//---- TODO: add your code here
if ( (nTime!=Time[0]) || (CurPeriod!=Period()) ) {
UpP[0] = 0;
UpP[1] = 0;
}
//=================================================
//******** Ïîèñê îïîðíûõ òî÷åê ïðåäëîæåíèÿ ********
//=================================================
for(i=2+StepBack,D=2,NP=0; (NP<D)&&(i<Bars); i++) {//Begin
if (High[i]!= High[i+1]) {
if( (High[i]>High[i+1] && High[i]>High[i-1] && High[i]>Close[i+2] )
&& High[i]> UpP[0] ) {
UpB[NP] = i;
UpBT[NP] = Time[i];
UpP[NP] = High[i];
NP++;
}
}
if (High[i]== High[i+1]) {
if ( (High[i]>High[i+2] && High[i]>High[i-1] && High[i]>Close[i+3] ) && High[i]> UpP[0] ) {
UpB[NP] = i;
UpBT[NP] = Time[i];
UpP[NP] = High[i];
NP++;
}
}
if(i == (Bars-2) ) {
UpB[NP] = i;
UpBT[NP] = Time[i];
UpP[NP] = High[i];
break;
}
}//for(i=2+StepBack,D=2,NP=0; NP<D; ) {//End;
//=================================================
//********** Ïîèñê îïîðíûõ òî÷åê ñïðîñà ***********
//=================================================
DownP[0] = 1000000000;
DownP[1] = 1000000000;
for(i=2+StepBack,D=2,NP=0; (NP<D)&&(i<Bars); i++) {//Begin
if (Low[i]!= Low[i+1]) {
if ( (Low[i]<Low[i+1] && Low[i]<Low[i-1] && Low[i]<Close[i+2] ) && Low[i]< DownP[0] ){
DownB[NP] = i;
DownBT[NP]= Time[i];
DownP[NP] = Low[i];
NP++;
}
//i++;
}
if (Low[i]== Low[i+1]) {
if ( (Low[i]<Low[i+2] && Low[i]<Low[i-1] && Low[i]<Close[i+3] ) && Low[i]< DownP[0] ){
DownB[NP] = i;
DownBT[NP]= Time[i];
DownP[NP] = Low[i];
NP++;
}
//i++;
}
if (i == (Bars-2) ) {
DownB[NP] = i;
DownBT[NP]= Time[i];
DownP[NP] = Low[i];
break;
}
}
}
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