This script is an automated technical analysis tool designed for the MetaTrader platform to identify significant price movements and project potential future price targets based on market structure.
Core Logic and Market Analysis
The script works by scanning historical price data to identify "swings"—which are essentially the local highs and lows of a market trend. It looks at a specific look-back period to determine if a new peak or valley has been formed. By tracking these pivots, the tool builds a map of the market's recent momentum.
Structural Identification
The logic follows a sequence of identifying structural points:
- Swing Detection: The script monitors price action to find significant turning points. When it detects a shift in direction (e.g., moving from an upward trend to a downward one), it records these specific coordinates.
- Signal Alerts: The tool includes an alert system that triggers when the price crosses through identified structural levels. This provides real-time notification for traders when the market enters a new "zone."
Dynamic Target Projection
Once the script identifies a sequence of three major structural points (referred to as Point A, B, and C), it uses mathematical proportions to forecast where the price might go next:
- Fibonacci-Style Targets: It calculates specific targets (Target 1, 2, and 3) based on the distance between these historical points. It utilizes common market ratios (such as 0.618 and 1.618) to estimate likely reversal or expansion levels.
- Entry and Exit Levels: The logic calculates a "Start" point for potential trades and a "Stop" point to manage risk. These values are adjusted dynamically based on whether the current price action is bullish (moving up) or bearish (moving down).
Visual Interface
The tool provides a high-visibility visual experience on the trading chart:
- Dynamic Lines: It automatically draws several horizontal lines representing your calculated entry point, stop loss, and three different profit targets.
- Real-Time Updates: As new price data arrives, these lines move and update in real-time to reflect the most current mathematical projections based on the latest market structure.
- Visual Distinction: Each target is assigned a unique color (e.g., Yellow, PaleTurquoise, LightSkyBlue) to help the user quickly distinguish between different profit zones at a glance.
Miscellaneous
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//+------------------------------------------------------------------+
//| DinapoliTargets.mq4 |
//| mishanya_fx@yahoo.com |
//| |
//+------------------------------------------------------------------+
#property copyright "mishanya"
#property link "mishanya_fx@yahoo.com"
#property indicator_chart_window
#property indicator_buffers 1
#property indicator_color1 PowderBlue
#property indicator_width1 5
//---- input parameters
extern int barn=300;
extern int Length=30;// was 19
double prev;
double last;
double alertBar;
extern int SoundAlertMode = 1;
extern int Soundonly = 1;
extern bool targets = false;
//---- buffers
double ExtMapBuffer1[];
//double ExtMapBuffer2[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
SetIndexEmptyValue(0,0.0);
SetIndexDrawBegin(0, barn);
SetIndexStyle(0,DRAW_SECTION);
SetIndexBuffer(0,ExtMapBuffer1);
IndicatorShortName("DIN");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
ObjectDelete("Start line");
ObjectDelete("Stop line");
ObjectDelete("Target1 line");
ObjectDelete("Target2 line");
ObjectDelete("Target3 line");
ObjectDelete("info0");
ObjectDelete("info1");
ObjectDelete("info2");
ObjectDelete("info3");
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars=IndicatorCounted();
int shift,Swing,Swing_n,uzl,i,zu,zd,mv;
double PointA,PointB,PointC,Target1,Target2,Target3,Fantnsy,CrazyDream,Start,Stop;
double LL,HH,BH,BL,NH,NL;
double Uzel[10000][3];
string text;
// loop from first bar to current bar (with shift=0)
Swing_n=0;Swing=0;uzl=0;
BH =High[barn];BL=Low[barn];zu=barn;zd=barn;
for (shift=barn;shift>=0;shift--) {
LL=10000000;HH=-100000000;
for (i=shift+Length;i>=shift+1;i--) {
if (Low[i]< LL) {LL=Low[i];}
if (High[i]>HH) {HH=High[i];}
}
if (Low[shift]<LL && High[shift]>HH){
Swing=2;
if (Swing_n==1) {zu=shift+1;}
if (Swing_n==-1) {zd=shift+1;}
} else {
if (Low[shift]<LL) {Swing=-1;}
if (High[shift]>HH) {Swing=1;}
}
if (Swing!=Swing_n && Swing_n!=0) {
if (Swing==2) {
Swing=-Swing_n;BH = High[shift];BL = Low[shift];
}
uzl=uzl+1;
if (Swing==1) {
Uzel[uzl][1]=zd;
Uzel[uzl][2]=BL;
}
if (Swing==-1) {
Uzel[uzl][1]=zu;
Uzel[uzl][2]=BH;
}
BH = High[shift];
BL = Low[shift];
}
if (Swing==1) {
if (High[shift]>=BH) {BH=High[shift];zu=shift;}}
if (Swing==-1) {
if (Low[shift]<=BL) {BL=Low[shift]; zd=shift;}}
Swing_n=Swing;
}
for (i=1;i<=uzl;i++) {
//text=DoubleToStr(Uzel[i][1],0);
//text=;
mv=StrToInteger(DoubleToStr(Uzel[i][1],0));
if(prev > Uzel[i][2] && ExtMapBuffer1[mv]!=Uzel[i][2] && SoundAlertMode > 0 && Bars>alertBar) {Alert("ZZ Signal",Symbol()," Period ",Period());alertBar = Bars;}
if(prev < Uzel[i][2] && ExtMapBuffer1[mv]!=Uzel[i][2] && SoundAlertMode > 0 && Bars>alertBar) {Alert("ZZ Signal",Symbol()," Period ",Period());alertBar = Bars;}
// if(prev > Uzel[i][2] && ExtMapBuffer1[mv]!=Uzel[i][2] && Bars>alertBar) {PlaySound("mailworf.wav");alertBar = Bars;}
// if(prev < Uzel[i][2] && ExtMapBuffer1[mv]!=Uzel[i][2] && Bars>alertBar) {PlaySound("subspace.wav");alertBar = Bars;}
ExtMapBuffer1[mv]=Uzel[i][2];
prev=Uzel[i][2];
}
PointA = Uzel[uzl-2][2];
PointB = Uzel[uzl-1][2];
PointC = Uzel[uzl][2];
Target1=NormalizeDouble((PointB-PointA)*0.618+PointC,4);
Target2=PointB-PointA+PointC;
Target3=NormalizeDouble((PointB-PointA)*1.618+PointC,4);
Fantnsy=NormalizeDouble((PointB-PointA)*2.618+PointC,4);
CrazyDream=NormalizeDouble((PointB-PointA)*4.618+PointC,4);
if (PointB<PointC)
{
Start= NormalizeDouble((PointB-PointA)*0.318+PointC,4)-(Ask-Bid);
Stop=PointC+2*(Ask-Bid);
}
if (PointB>PointC)
{
Start= NormalizeDouble((PointB-PointA)*0.318+PointC,4)+(Ask-Bid);
Stop=PointC-2*(Ask-Bid);
}
if (ObjectFind("Start Line") != 0 && targets == true)
{
ObjectCreate("Start line",OBJ_HLINE,0,Time[0],Start);
ObjectSet("Start line",OBJPROP_COLOR,Bisque);
ObjectSet("Start line",OBJPROP_WIDTH,3);
ObjectSet("Start line",OBJPROP_STYLE,STYLE_DOT);
}
else
{
ObjectMove("Start line", 0,Time[0],Start);
}
if (ObjectFind("Stop Line") != 0 && targets == true)
{
ObjectCreate("Stop line",OBJ_HLINE,0,Time[0],Stop);
ObjectSet("Stop line",OBJPROP_COLOR,Red);
ObjectSet("Stop line",OBJPROP_WIDTH,3);
ObjectSet("Stop line",OBJPROP_STYLE,STYLE_DOT);
}
else
{
ObjectMove("Stop line", 0,Time[0],Stop);
}
if (ObjectFind("Target1 Line") != 0 && targets == true)
{
ObjectCreate("Target1 line",OBJ_HLINE,0,Time[0],Target1);
ObjectSet("Target1 line",OBJPROP_COLOR,Yellow);
ObjectSet("Target1 line",OBJPROP_WIDTH,3);
ObjectSet("Target1 line",OBJPROP_STYLE,STYLE_DOT);
}
else
{
ObjectMove("Target1 line", 0,Time[0],Target1);
}
if (ObjectFind("Target2 Line") != 0 && targets == true)
{
ObjectCreate("Target2 line",OBJ_HLINE,0,Time[0],Target2);
ObjectSet("Target2 line",OBJPROP_COLOR,PaleTurquoise);
ObjectSet("Target2 line",OBJPROP_WIDTH,3);
ObjectSet("Target2 line",OBJPROP_STYLE,STYLE_DOT);
}
else
{
ObjectMove("Target2 line", 0,Time[0],Target2);
}
if (ObjectFind("Target3 Line") != 0 && targets == true)
{
ObjectCreate("Target3 line",OBJ_HLINE,0,Time[0],Target3);
ObjectSet("Target3 line",OBJPROP_COLOR,LightSkyBlue);
ObjectSet("Target3 line",OBJPROP_WIDTH,3);
ObjectSet("Target3 line",OBJPROP_STYLE,STYLE_DOT);
}
else
{
ObjectMove("Target3 line", 0,Time[0],Target3);
}
return(0);
}
//+------------------------------------------------------------------+
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