Indicator_Strength

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Author: DesORegan
Indicator_Strength

Indicator Logic Overview

This tool is designed to measure and visualize the "strength" or momentum behind price movements. Rather than showing traditional price lines, it produces a histogram that highlights the intensity of market trends based on three different technical analysis methods. You can choose to use any one of these three modes at a time: Moving Averages, MACD, or Stochastic oscillators.

Core Functionality

The script calculates the mathematical difference between two specific data points within your chosen indicator. By looking at the gap between these values, the tool identifies how much "power" is behind a trend:

  • Moving Average Mode: It compares a fast-moving average against a slower one.
  • MACD Mode: It compares the main MACD line against its signal line.
  • Stochastic Mode: It compares the main stochastic line against its signal line.

Visual Representation

The results are displayed in a dedicated window as a vertical histogram:

  • Positive Strength: When the calculated difference is above zero, the histogram rises upward (typically colored green). This represents bullish momentum or upward pressure.
  • Negative Strength: When the difference falls below zero, the histogram extends downward (typically colored red). This represents bearish momentum or downward pressure.

Key Features

  • Dynamic Scaling: The tool includes an "Average Level" feature. If enabled, it automatically calculates and displays horizontal lines representing the average positive and negative strength over a specific historical period. This helps traders see if the current move is stronger or weaker than the recent average behavior.
  • Customizable Inputs: Users can adjust the specific periods and settings for each indicator (e.g., making an MA faster or slower) to fine-tune how "sensitive" the strength measurement is to price changes.
  • History Limit: The script allows you to define how far back into the past the tool should analyze data to calculate its averages and history.

Summary for the User

Essentially, this indicator acts as a momentum gauge. Instead of telling you where the price is, it tells you how hard the price is pushing in a specific direction. By observing the height of the histogram bars compared to the average level lines, you can better identify high-conviction trends versus weak, exhausted movements.

Indicators Used
Moving average indicatorMACD HistogramStochastic oscillator
Miscellaneous
It issuies visual alerts to the screenImplements a curve of type %1
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Indicator_Strength 
//+------------------------------------------------------------------+
//|                                           Indicator_Strength.mq4 |
//|                                                       DesO'Regan |
//|                                   mailto: oregan_des@hotmail.com |
//+------------------------------------------------------------------+
// ===================================================================================
// This indicator displays, in histogram form, the difference between either:
//       1. a fast and slow moving average (MA_Power=true)
//       2. main and signal lines of a MACD indicator (MACD_Power=true)
//       3. main and signal lines of a stochastic indicator  (Stochastic_Power=true)
// Only one option can be choosen (default is moving average) at any one time, 
// although another indicator can be opened for another option. 
// This indicator also displays average levels of difference values above and 
// below the zero line. This feature can be disabled (Set_Levels=false).
// This indicator is meant to gauge the power/strength behind a price move.
// ===================================================================================

#property copyright "DesORegan"
#property link      "mailto: oregan_des@hotmail.com"

#property indicator_separate_window
#property indicator_buffers 2    //two buffers, one for above zero line, one for below
#property indicator_color1 Green // above zero line color
#property indicator_color2 Red   // below zero line color


//---- input parameters
extern bool      MA_Power=true;  // MA Indicator Strength ON/OFF
extern bool      MACD_Power=false;  // MACD Indicator Strength ON/OFF
extern bool      Stochastic_Power=false; // Stochastic Indicator Strength ON/OFF
extern int       MA_Fast=13;  // default indicator values
extern int       MA_Slow=21;
extern int       MACD_Fast=12;
extern int       MACD_Slow=26;
extern int       MACD_Signal=9;
extern int       Sto_K=14;
extern int       Sto_D=3;
extern int       Sto_Slowing=3;
extern int       Back_Bars=500;  // history limit
extern bool      Set_Levels=true;   // average pos/neg indicator levels ON/OFF


//---- buffers
double Power_Buffer_Pos[]; // Pos indicator values
double Power_Buffer_Neg[]; // Neg indicator values



//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
   {
   
   //====================================
   // Checking Inputs & Set Window Labels
   //====================================
   
   if (MA_Power == true && MACD_Power == false && Stochastic_Power == false) 
      {
      IndicatorShortName("Moving Average Strength ("+DoubleToStr(MA_Fast,0)+","+DoubleToStr(MA_Slow,0)+")");
      }
   else if (MA_Power == false && MACD_Power == true && Stochastic_Power == false) 
      {
      IndicatorShortName("MACD Strength ("+DoubleToStr(MACD_Fast,0)+","+DoubleToStr(MACD_Slow,0)+","+DoubleToStr(MACD_Signal,0)+")");
      }
   else if (MA_Power == false && MACD_Power == false && Stochastic_Power == true) 
      {
      IndicatorShortName("Stochastic Strength ("+DoubleToStr(Sto_K,0)+","+DoubleToStr(Sto_D,0)+","+DoubleToStr(Sto_Slowing,0)+")");
      }
   else if (MA_Power == false && MACD_Power == false && Stochastic_Power == false) 
      {
      IndicatorShortName("Invalid Parameters");
      Alert("One Power Indicator must be set to True");
      return;
      }      
   else 
      {
      IndicatorShortName("Invalid Parameters");
      Alert("Only one Power Indicator can be set to True");
      return;
      }
 
   
  
  
   //=================
   // Indicator Setup
   //=================
   SetIndexStyle(0,DRAW_HISTOGRAM,EMPTY,2); // Pos indicator type and width
   SetIndexBuffer(0,Power_Buffer_Pos); //binds buffer to Power_Buffer_Pos
   SetIndexDrawBegin(0, Back_Bars); // not sure if necessary but is used to set starting point of indicator (bars back)
   SetIndexLabel(0, "Positive Strength"); // sets mouse-over label
   SetIndexStyle(1,DRAW_HISTOGRAM,EMPTY,2);  // Neg indicator type and width
   SetIndexBuffer(1,Power_Buffer_Neg); //binds buffer to Power_Buffer_Neg
   SetIndexDrawBegin(1, Back_Bars); // not sure if necessary but is used to set starting point of indicator (bars back)
   SetIndexLabel(1, "Negative Strength"); // sets mouse-over label
   
 

   return(0);
  }
  
  
  
  
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {


   return(0);
  }
  
  
  
  
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
   {
   
   //======================
   // variable declarations
   //======================
   int limit;  // not used!!
   int Bar_Index=0; // bar tracker
   int Pos_Bar_Count=0; // pos bar count  (needed for averaging)
   int Neg_Bar_Count=0; // neg bar count  (needed for averaging)
   double Total_Pos_Power=0;  // stores total pos power/strength value   (needed for averaging)
   double Average_Pos_Power=0;   // current average pos power/strength value   
   double Total_Neg_Power=0;  // stores total neg power/strength value   (needed for averaging)
   double Average_Neg_Power=0;  // current average neg power/strength value
   int counted_bars=IndicatorCounted();   // not used!! (yet)


   for (Bar_Index = Back_Bars; Bar_Index >=0; Bar_Index--) //  MAIN INDICATOR FOR LOOP
      {
      
      //=======================
      // Indicator Calculations
      //=======================
      double MA_Fast1 = iMA(Symbol(),0,MA_Fast,0,MODE_EMA,PRICE_CLOSE,Bar_Index);
      double MA_Slow1 = iMA(Symbol(),0,MA_Slow,0,MODE_EMA,PRICE_CLOSE,Bar_Index);
      double MA_Diff = MA_Fast1 - MA_Slow1;
      double MACD_Main = iMACD(Symbol(),0,MACD_Fast,MACD_Slow,MACD_Signal,PRICE_CLOSE,MODE_MAIN,Bar_Index);
      double MACD_Signal1 = iMACD(Symbol(),0,MACD_Fast,MACD_Slow,MACD_Signal,PRICE_CLOSE,MODE_SIGNAL,Bar_Index);
      double MACD_Diff = MACD_Main - MACD_Signal1;
      double Sto_Main = iStochastic(Symbol(),0,Sto_K,Sto_D,Sto_Slowing,MODE_EMA,0,MODE_MAIN,Bar_Index);    
      double Sto_Signal = iStochastic(Symbol(),0,Sto_K,Sto_D,Sto_Slowing,MODE_EMA,0,MODE_SIGNAL,Bar_Index);
      double Sto_Diff = Sto_Main - Sto_Signal;         
      
      
      //=================
      // MA Strength
      //=================
      if (MA_Power == true && MA_Diff > 0)
         {
         Power_Buffer_Pos[Bar_Index] = MA_Diff; // pos indicator value
         Power_Buffer_Neg[Bar_Index] = 0; // neg indicator value
         Pos_Bar_Count = Pos_Bar_Count + 1;
         Total_Pos_Power = Total_Pos_Power + MA_Diff;
         }
      else if (MA_Power == true && MA_Diff < 0)
         {
         Power_Buffer_Pos[Bar_Index] = 0; // pos indicator value
         Power_Buffer_Neg[Bar_Index] = MA_Diff; // neg indicator value
         Neg_Bar_Count = Neg_Bar_Count + 1;
         Total_Neg_Power = Total_Neg_Power + MA_Diff;        
         }   
      else if (MA_Power == true && MA_Diff == 0)
         {
         Power_Buffer_Pos[Bar_Index] = 0;
         Power_Buffer_Neg[Bar_Index] = 0;
         }            
         
      //=================
      // MACD Strength
      //=================         
      if (MACD_Power == true && MACD_Diff > 0) 
         {
         Power_Buffer_Pos[Bar_Index] = MACD_Diff;  // pos indicator value
         Power_Buffer_Neg[Bar_Index] = 0; // neg indicator value
         Pos_Bar_Count = Pos_Bar_Count + 1;
         Total_Pos_Power = Total_Pos_Power +  MACD_Diff;
         }
      else if (MACD_Power == true && MACD_Diff < 0)    
         {
         Power_Buffer_Pos[Bar_Index] = 0; // pos indicator value
         Power_Buffer_Neg[Bar_Index] = MACD_Diff;  // neg indicator value
         Neg_Bar_Count = Neg_Bar_Count + 1;
         Total_Neg_Power = Total_Neg_Power + MACD_Diff;
         }
      else if (MACD_Power == true && MACD_Diff == 0)    
         {
         Power_Buffer_Pos[Bar_Index] = 0;
         Power_Buffer_Neg[Bar_Index] = 0;
         }         
         
      //====================
      // Stochastic Strength
      //====================      
      if (Stochastic_Power == true && Sto_Diff > 0) 
         {
         Power_Buffer_Neg[Bar_Index] = 0; // neg indicator value
         Power_Buffer_Pos[Bar_Index] = Sto_Diff;   // pos indicator value
         Pos_Bar_Count = Pos_Bar_Count + 1;
         Total_Pos_Power = Total_Pos_Power + Sto_Diff;
         }
      else if (Stochastic_Power == true && Sto_Diff < 0)
         {   
         Power_Buffer_Pos[Bar_Index] = 0; // pos indicator value
         Power_Buffer_Neg[Bar_Index] = Sto_Diff;   // neg indicator value
         Neg_Bar_Count = Neg_Bar_Count + 1;         
         Total_Neg_Power = Total_Neg_Power + Sto_Diff;
         }
      else if (Stochastic_Power == true && Sto_Diff == 0)
         {   
         Power_Buffer_Neg[Bar_Index] = 0;
         Power_Buffer_Pos[Bar_Index] = 0;
         }      
         
         
      } // CLOSE OF FOR LOOP
      
      
   //==============================
   // Average Strength Calculations
   //==============================   
   Average_Pos_Power = Total_Pos_Power/Pos_Bar_Count;
   Average_Neg_Power = Total_Neg_Power/Neg_Bar_Count;
   
   
   //=======================
   // Setting Average Levels
   //=======================
   if (Set_Levels == true) // displaying levels 
      {
      SetLevelStyle( EMPTY, 1, Blue) ;      
      SetLevelValue(1, Average_Pos_Power);
      SetLevelValue(2, Average_Neg_Power);
      }
   else if (Set_Levels == false) // needed to erase old levels if setting Set_Levels to False  
      {
      SetLevelStyle( EMPTY, 1, Gray) ;
      SetLevelValue(1, 0);
      SetLevelValue(2, 0);
      }      
   
   
   return(0);
   }
//+------------------------------------------------------------------+

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