[i]GordagoElder_v1
Download script![[i]GordagoElder_v1](/img/12156)
This script is designed as a specialized technical analysis tool for the MetaTrader platform. Its primary purpose is to monitor live market price action and automatically identify specific momentum and trend shifts by calculating four distinct sets of trading signals simultaneously.
Rather than relying on a single indicator, the logic combines multiple mathematical models—specifically MACD (Moving Average Convergence Divergence), Stochastic Oscillators, and Price Action Breakouts—to provide a comprehensive view of market behavior.
How the Logic Works
The script scans historical and real-time price data to check for four specific conditions. When these conditions are met, the tool places visual markers (dots) on your chart to alert you to potential opportunities:
- Momentum Reversals (MACD): The logic looks for instances where the MACD momentum is shifting from negative to positive or vice versa while staying within specific zones. This helps identify when a downward trend is losing steam or an upward trend is beginning to exhaust.
- Overbought and Oversold Zones (Stochastic): The script constantly monitors "oscillator" levels. It identifies when the market becomes "oversold" (priced too low) or "overbought" (priced too high), signaling that a corrective move might be coming soon.
- Trend Directionality: By comparing the current Stochastic values against their previous values, the script determines whether the immediate momentum is moving up or down, helping to confirm the strength of a trend.
- Price Action Breakouts: The logic compares recent closing prices against the high and low points of previous candles. This is designed to catch "breakouts," where the price moves aggressively beyond a previous structural boundary.
Visual Output
The script is programmed to display these findings as distinct visual markers directly on your trading chart:
- Entry/Exit Signals: The tool differentiates between "Buy" tendencies (placed below the candle) and "Sell" tendencies (placed above the candle).
- Dynamic Positioning: To ensure the markers do not overlap with the price candles, the script intelligently offsets the dots slightly above or below the high/low prices based on the asset's specific point value.
By synthesizing these four different types of analysis into a single visual interface, the script aims to help traders filter out market "noise" and focus on high-probability turning points where momentum, oscillator levels, and price action all align.
Price Data Components
Miscellaneous
10
Views
0
Downloads
0
Favorites
[i]GordagoElder_v1
//+------------------------------------------------------------------+
//| 5 Min RSI 12-period qual INDICATOR |
//+------------------------------------------------------------------+
#property copyright "Ron T"
#property link "http://www.lightpatch.com"
#property indicator_chart_window
#property indicator_buffers 5
#property indicator_color1 Red
#property indicator_color2 White
#property indicator_color3 Aqua
#property indicator_color4 LightGreen
#property indicator_color5 DodgerBlue
//---- buffers
double Buffer0[];
double Buffer1[];
double Buffer2[];
double Buffer3[];
double Buffer4[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//|------------------------------------------------------------------|
int init()
{
// 233 up arrow
// 234 down arrow
// 159 big dot
// 158 little dot
// 168 open square
// 120 box with X
SetIndexStyle(0,DRAW_ARROW);
SetIndexBuffer(0, Buffer0);
SetIndexArrow(0,159);
SetIndexStyle(1,DRAW_ARROW);
SetIndexBuffer(1, Buffer1);
SetIndexArrow(1,159);
SetIndexStyle(2,DRAW_ARROW);
SetIndexBuffer(2, Buffer2);
SetIndexArrow(2,159);
SetIndexStyle(3,DRAW_ARROW);
SetIndexBuffer(3, Buffer3);
SetIndexArrow(3,159);
SetIndexStyle(4,DRAW_ARROW);
SetIndexBuffer(4, Buffer4);
SetIndexArrow(4,159);
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
int i;
for( i=0; i<Bars; i++ ) Buffer0[i]=0;
for( i=0; i<Bars; i++ ) Buffer1[i]=0;
for( i=0; i<Bars; i++ ) Buffer2[i]=0;
for( i=0; i<Bars; i++ ) Buffer3[i]=0;
for( i=0; i<Bars; i++ ) Buffer4[i]=0;
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int pos=Bars-100; // leave room for moving average periods
int ctr=0;
double diMACD0;
double diMACD1;
double diStochastic0;
double diStochastic1;
double diClose7;
double diHigh8;
double diLow17;
double p=Point();
while(pos>=0)
{
diMACD0=iMACD(Symbol(),60,13,30,0,PRICE_CLOSE,MODE_MAIN,0);
diMACD1=iMACD(Symbol(),60,13,30,0,PRICE_CLOSE,MODE_MAIN,1);
diStochastic0=iStochastic(Symbol(),15,2,0,3,MODE_EMA,PRICE_CLOSE,MODE_MAIN,0);
diStochastic1=iStochastic(Symbol(),15,2,0,3,MODE_EMA,PRICE_CLOSE,MODE_MAIN,1);
diClose7=iClose(Symbol(),1,0);
diHigh8=iHigh(Symbol(),1,1);
diLow17=iLow(Symbol(),1,1);
// double diMACD0=iMACD(NULL,60,13,30,0,PRICE_CLOSE,MODE_MAIN,0);
// double diMACD1=iMACD(NULL,60,13,30,0,PRICE_CLOSE,MODE_MAIN,1);
// double diMACD2=iMACD(NULL,60,13,30,0,PRICE_CLOSE,MODE_MAIN,1);
// double diStochastic3=iStochastic(NULL,15,2,0,3,MODE_EMA,PRICE_CLOSE,MODE_MAIN,0);
// double d4=(36);
// double diStochastic5=iStochastic(NULL,15,2,0,3,MODE_EMA,PRICE_CLOSE,MODE_MAIN,0);
// double diStochastic6=iStochastic(NULL,15,2,0,3,MODE_EMA,PRICE_CLOSE,MODE_MAIN,1);
// double diClose7=iClose(NULL,1,0);
// double diHigh8=iHigh(NULL,1,1);
// double diMACD9=iMACD(NULL,60,14,56,0,PRICE_CLOSE,MODE_MAIN,0);
// double diMACD10=iMACD(NULL,60,14,56,0,PRICE_CLOSE,MODE_MAIN,1);
// double diMACD11=iMACD(NULL,60,14,56,0,PRICE_CLOSE,MODE_MAIN,1);
// double diStochastic12=iStochastic(NULL,15,1,0,3,MODE_EMA,PRICE_CLOSE,MODE_MAIN,0);
// double d13=(66);
// double diStochastic14=iStochastic(NULL,15,1,0,3,MODE_EMA,PRICE_CLOSE,MODE_MAIN,0);
// double diStochastic15=iStochastic(NULL,15,1,0,3,MODE_EMA,PRICE_CLOSE,MODE_MAIN,1);
// double diClose16=iClose(NULL,1,0);
// double diLow17=iLow(NULL,1,1);
if (diMACD0>diMACD1 && diMACD1<0)
{
Buffer4[pos]=Low[pos]+(5*p);
}
if (diStochastic0<35)
{
Buffer3[pos]=Low[pos]+(10*p);
}
if (diStochastic0>diStochastic1 )
{
Buffer2[pos]=Low[pos]+(15*p);
}
if (diClose7>diHigh8 )
{
Buffer1[pos]=Low[pos]+(20*p);
}
if (diMACD0<diMACD1 && diMACD1>0)
{
Buffer4[pos]=High[pos]+(5*p);
}
if (diStochastic0>66 )
{
Buffer3[pos]=High[pos]+(10*p);
}
if (diStochastic0<diStochastic1 )
{
Buffer2[pos]=High[pos]+(15*p);
}
if (diClose7<diLow17)
{
Buffer1[pos]=High[pos]+(20*p);
}
pos--;
}
return(0);
}
//+------------------------------------------------------------------+
Comments