[i]GordagoElder_v2
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This indicator is designed to provide visual trading signals on a MetaTrader chart by analyzing multiple technical data points simultaneously. Instead of relying on a single metric, it synthesizes information from three primary technical analysis tools—MACD, Stochastic Oscillator, and Price Action—to identify specific market conditions.
How the Logic Works
The script scans historical price data to identify various "states" of the market. When certain conditions are met, it places visual markers (dots) on the chart to alert the trader. These signals are categorized by the following logic:
1. Momentum Analysis (MACD) The indicator monitors the Moving Average Convergence Divergence (MACD). It looks for specific momentum shifts:
- Bullish Potential: It identifies when the MACD is trending upward but remains in negative territory.
- Bearish Potential: It identifies when the MACD is trending downward but remains in positive territory.
2. Overbought and Oversold Conditions (Stochastic Oscillator) The script uses a Stochastic Oscillator to gauge whether a market move has become excessive:
- Oversold Markers: It flags areas where the stochastic value falls below a specific threshold (35), suggesting the price might be stretched downward.
- Overbought Markers: It flags areas where the stochastic value rises above a high threshold (66), suggesting the price might be stretched upward.
- Trend Direction: It also monitors whether the current stochastic value is rising or falling compared to its previous position to determine immediate momentum.
3. Price Action Breakouts The indicator performs a direct comparison between current price levels and historical high/low points:
- Breakout Detection: It checks if the current closing price has successfully moved above the previous candle's high or below the previous candle's low. This helps identify immediate "breakthrough" moments in the market trend.
Visual Representation
When any of these specific mathematical conditions are satisfied, the script places a visual marker on the chart. The positions of these markers are dynamically calculated to appear slightly above or below the price candles, ensuring they remain visible without obstructing the view of the actual price action.
By combining momentum, oscillators, and direct price breakouts into one tool, the script aims to provide a multi-layered view of market activity, highlighting areas where different technical factors align.
//+------------------------------------------------------------------+
//| 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);
}
//+------------------------------------------------------------------+
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