This script is a specialized trading indicator designed to provide visual signals on your charts, helping traders identify potential bullish and bearish price movements. It operates by analyzing price action trends and historical data to pinpoint specific moments where the market sentiment might be shifting.
Core Logic and Functionality
The primary objective of this tool is to filter out market noise and highlight clear trend directions using two distinct types of analysis:
1. Trend Detection and Smoothing The script looks at a specific number of past candles (defined by a "Lookback" setting) to determine the average price behavior. It calculates a moving average based on the highest and lowest prices reached during that period. By comparing the current closing price against these averages, the tool determines if the market is currently exhibiting bullish momentum (closing near the highs) or bearish momentum (closing near the lows).
2. Multi-Timeframe Awareness One of the key features of this logic is its ability to communicate across different timeframes. The script can analyze data from higher time periods (such as Hourly or Daily charts) and project those findings onto your current active chart. This ensures that a trader can see the "bigger picture" of the market while looking at smaller, more immediate price movements.
3. Visual Signaling Instead of just providing raw numbers, the script translates its logic into clear visual markers on the chart:
- Bullish Signals: When the criteria for upward momentum are met, the script places a specific marker (represented as a green arrow) to alert the user to potential buying interest.
- Bearish Signals: Conversely, when the data suggests downward pressure, it places a red marker to indicate potential selling interest.
How It Works for the User
The logic follows a "if-then" workflow:
- Step 1: It scans the historical data based on your chosen lookback period.
- Step 2: It checks if the current price is breaking above the recent high average or below the recent low average.
- Step 3: It confirms these signals against the higher timeframe trends to ensure the move is significant.
- Step 4: It displays a visual cue on your screen, allowing you to see at a glance whether the current trend leans toward "Buy" or "Sell."
In summary, this tool acts as a trend-tracking assistant that simplifies complex price history into clear, actionable visual signals, helping you stay aligned with the prevailing market direction.
//+------------------------------------------------------------------+
//| Hamyar.mq4 |
//| Copyright © 2010, Farshad |
//| http://www.vizhish.com |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2010, Farshad Saremifar"
#property link "farshad.saremifar@gmail.com"
#property indicator_separate_window
#property indicator_minimum 0.0
#property indicator_maximum 20.0
#property indicator_buffers 2
#property indicator_color1 Lime
#property indicator_color2 Red
#property indicator_width1 5
#property indicator_width2 5
extern int Lookback = 25;
int BarLevel = 10;
int TimeFrame = 0;
double g_ibuf_96[];
double g_ibuf_100[];
double g_ibuf_104[];
string gs_108;
int init() {
string ls_0;
if (TimeFrame < Period()) TimeFrame = Period();
switch (TimeFrame) {
case 1:
ls_0 = "M1";
break;
case 5:
ls_0 = "M5";
break;
case 15:
ls_0 = "M15";
break;
case 30:
ls_0 = "M30";
break;
case 60:
ls_0 = "H1";
break;
case 240:
ls_0 = "H4";
break;
case 1440:
ls_0 = "D1";
break;
case 10080:
ls_0 = "W1";
break;
case 43200:
ls_0 = "MN1";
break;
default:
ls_0 = "TF0";
}
IndicatorBuffers(3);
SetIndexBuffer(0, g_ibuf_96);
SetIndexStyle(0, DRAW_ARROW);
SetIndexArrow(0, 167);
SetIndexLabel(0, "Bullish " + Lookback + " [" + TimeFrame + "]");
SetIndexBuffer(1, g_ibuf_100);
SetIndexStyle(1, DRAW_ARROW);
SetIndexArrow(1, 167);
SetIndexLabel(1, "Bearish " + Lookback + " [" + TimeFrame + "]");
SetIndexBuffer(2, g_ibuf_104);
IndicatorShortName("IntraDay Forecast:Copyright © 2010, Farshad Saremifar " );
gs_108 = WindowExpertName();
return (0);
}
int deinit() {
return (0);
}
int start() {
int l_index_4;
int lia_12[];
int l_index_16;
int li_0 = IndicatorCounted();
if (li_0 < 0) return (-1);
if (li_0 > 0) li_0--;
int li_8 = Bars - li_0;
if (TimeFrame != Period()) {
li_8 = MathMax(li_8, TimeFrame / Period());
ArrayCopySeries(lia_12, 5, NULL, TimeFrame);
l_index_4 = 0;
l_index_16 = 0;
while (l_index_4 < li_8) {
if (Time[l_index_4] < lia_12[l_index_16]) l_index_16++;
g_ibuf_96[l_index_4] = iCustom(NULL, TimeFrame, gs_108, Lookback, BarLevel, 0, l_index_16);
g_ibuf_100[l_index_4] = iCustom(NULL, TimeFrame, gs_108, Lookback, BarLevel, 1, l_index_16);
l_index_4++;
}
return (0);
}
for (l_index_4 = li_8; l_index_4 >= 0; l_index_4--) {
g_ibuf_104[l_index_4] = g_ibuf_104[l_index_4 + 1];
if (Close[l_index_4] > iMA(Symbol(), 0, Lookback, 0, MODE_SMA, PRICE_HIGH, l_index_4 + 1)) g_ibuf_104[l_index_4] = 1;
if (Close[l_index_4] < iMA(Symbol(), 0, Lookback, 0, MODE_SMA, PRICE_LOW, l_index_4 + 1)) g_ibuf_104[l_index_4] = -1;
if (g_ibuf_104[l_index_4] == -1.0) {
g_ibuf_100[l_index_4] = BarLevel;
g_ibuf_96[l_index_4] = EMPTY_VALUE;
} else {
g_ibuf_100[l_index_4] = EMPTY_VALUE;
g_ibuf_96[l_index_4] = BarLevel;
}
}
return (0);
}
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