in&out_001
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This script is designed as a visual trading tool that identifies specific price action behaviors on a financial chart. Its primary purpose is to highlight "In" and "Out" patterns, which are based on how the current price candle relates to the previous one in terms of its height (highs) and depth (lows).
Core Logic and Functionality
The tool scans the historical data of a chart to identify two specific types of price movements:
1. The "Out" Pattern The script identifies an "Out" pattern when the current candle is larger than the previous one in both directions. Specifically, if the current candle's high is higher than the previous high AND its low is lower than the previous low, it signifies a expansion of price movement. When this occurs, the tool places a visual marker on the chart.
2. The "In" Pattern Conversely, the script identifies an "In" pattern when the current candle is smaller and contained within the range of the previous candle. This happens if the current candle's high is lower than the previous high AND its low is higher than the previous low. These markers help visualize moments where price volatility appears to be contracting or "pulling back" into a previous range.
Key Features
- Visual Mapping: The script draws histograms on your chart to clearly mark where these patterns occur. You can choose whether you want to see these markings for both types of patterns or just one, depending on your trading preferences.
- Automated Alerts: To ensure you don't have to watch the charts constantly, the tool includes an alert system. It can notify you immediately when a new "In" or "Out" pattern is detected in real-time.
- Timeframe Awareness: The logic is designed to work across various timeframes (from 1-minute charts up to monthly charts), automatically adjusting its observation based on the period you are currently viewing.
- Historical Analysis: Rather than just looking at the current moment, the script processes historical bars to provide a complete visual history of where these patterns have appeared in the past, allowing for better trend analysis.
//+------------------------------------------------------------------+
//| inout.mq4 |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2006, free84"
#property link "free84@laposte.net"
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_color1 Blue
#property indicator_color2 Red
extern bool Show_Alert = true;
extern bool Display_Out = true;
extern bool Display_In = true;
//---- buffers
double val1[];
double val2[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicator line
IndicatorBuffers(3);
SetIndexStyle(0,DRAW_HISTOGRAM,0,1);
SetIndexStyle(1,DRAW_HISTOGRAM,0,1);
SetIndexBuffer(0,val1);
SetIndexBuffer(1,val2);
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars=IndicatorCounted();
//----
double Range, AvgRange;
int counter, setalert;
static datetime prevtime = 0;
int shift;
int shift1;
int shift2;
int shift3;
string pattern, period;
int setPattern = 0;
int alert = 0;
double O, O1, C, C1, L, L1, H, H1;
if(prevtime == Time[0]) {
return(0);
}
prevtime = Time[0];
switch (Period()) {
case 1:
period = "M1";
break;
case 5:
period = "M5";
break;
case 15:
period = "M15";
break;
case 30:
period = "M30";
break;
case 60:
period = "H1";
break;
case 240:
period = "H4";
break;
case 1440:
period = "D1";
break;
case 10080:
period = "W1";
break;
case 43200:
period = "MN";
break;
}
for (int j = 0; j < Bars; j++) {
}
for (shift = 0; shift < Bars; shift++) {
setalert = 0;
counter=shift;
Range=0;
AvgRange=0;
for (counter=shift ;counter<=shift+9;counter++) {
AvgRange=AvgRange+MathAbs(High[counter]-Low[counter]);
}
Range=AvgRange/9;
shift1 = shift ;
shift2 = shift + 1;
O = Open[shift1];
O1 = Open[shift2];
H = High[shift1];
H1 = High[shift2];
L = Low[shift1];
L1 = Low[shift2];
C = Close[shift1];
C1 = Close[shift2];
// Check for Out pattern
if ((H>H1)&&(L<L1)) {
if (Display_Out == true)
{
val1[shift]=Low[shift]; val2[shift]=High[shift];
}
if (setalert == 0 && Show_Alert == true) {
pattern = "Out";
setalert = 1;
}
}
// Check for In pattern
if ((H<H1)&&(L>L1)) {
if (Display_In == true) {
{
val1[shift]=High[shift]; val2[shift]=Low[shift];
}
if (setalert == 0 && Show_Alert == true) {
pattern="In";
setalert = 1;
}
}
}
} // End of for loop
//----
return(0);
}
//+------------------------------------------------------------------+
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