This script is designed to assist traders in identifying potential market entries by combining two primary technical analysis concepts: Moving Average Crossovers and Dynamic Price Ranges. It functions as a visual tool on a trading chart that automatically highlights specific price points when certain momentum shifts occur.
Core Trading Logic
The script operates by monitoring the relationship between two moving averages: a "Fast" average (representing short-term price sentiment) and a "Slow" average (representing long-term price sentiment).
1. Trend Detection The system continuously tracks which moving average is on top of the other.
- When the Fast moving average is above the Slow moving average, the script identifies an upward trend.
- When the Fast moving average is below the Slow moving average, it identifies a downward trend.
2. Entry Signal Generation (The Crossover) The script triggers a specific action only when a "crossover" occurs—the exact moment the Fast line crosses over the Slow line.
- Buy Signal: Triggered when the Fast moving average moves from below to above the Slow moving average.
- Sell Signal: Triggered when the Fast moving average moves from above to below the Slow moving average.
Visual Execution and Feedback
When a crossover is detected, the script performs several automated actions to help the trader visualize the trade structure:
- Visual Mapping: It automatically identifies the most recent significant price peak (for Sell signals) or valley (for Buy signals) relative to the crossover point.
- On-Chart Drawing: The script draws three distinct visual elements on your chart:
- Point A & Point B Markers: These represent the starting and ending coordinates of the move.
- Trend Line: It draws a solid line connecting these points, providing a clear visual representation of the price path to monitor.
- Color Coding: To ensure clarity, Buy signals are highlighted in Blue, while Sell signals are displayed in Red.
- Alert System: If enabled, the script will provide a pop-up notification on your screen whenever a new crossover occurs, identifying whether it is a Buy or Sell opportunity and at what price.
Summary for the User
In simple terms, this tool filters out market "noise" by waiting for significant momentum shifts. Instead of requiring you to guess when a trend is changing, it waits for the moving averages to cross, then automatically draws the relevant price levels on your screen and alerts you to the change in direction.
Indicators Used
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MACFibo v1.1
//+------------------------------------------------------------------+
//| MACFibo.mq4 |
//| Dinesh Yadav |
//| dineshydv@gmail.com |
//+------------------------------------------------------------------+
#property copyright "Dinesh Yadav"
#property link "dineshydv@gmail.com"
// based on MAC-Fibo system
#property indicator_chart_window
extern string MA_Mode_Types="0=SMA; 1=EMA; 2=SMMA; 3=LWMA;";
extern int Fast_MA=5;
extern int Fast_Mode=1;
//extern int MidMA=8;
extern int Slow_MA=20;
extern int Slow_Mode=0;
extern color Long_Entry_Clr=Blue;
extern color Shrt_Entry_Clr=Red;
extern bool Alerts=true;
int bars_snc_dn_strtd=0,bars_snc_up_strtd=0;
double POINT_A, POINT_B, P_200, P_161_8, P_78_6, P_61_8, P_50, P_32_2;
string TRADE;
datetime LastTradeBarTime;
//double upper[], lower[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init() { return(0); }
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit() { ObjectsDeleteAll(); return(0); }
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int i, counter;
double MA5_prv1, MA20_prv1, MA5_prv2, MA20_prv2, MA5_now, MA20_now;
double Range, AvgRange;
int counted_bars=IndicatorCounted();
//---- check for possible errors
if(counted_bars<0) return(-1);
//---- last counted bar will be recounted
if(counted_bars>0) counted_bars--;
int limit=Bars-counted_bars;
double this_trnd_low=99999, this_trnd_high=0;
for(i=limit; i>=0; i--)
{
counter=i; Range=0; AvgRange=0;
for (counter=i ;counter<=i+9;counter++)
{ AvgRange=AvgRange+MathAbs(High[counter]-Low[counter]); }
Range=AvgRange/10;
MA5_prv1 = iMA(NULL, 0, Fast_MA, 0, Fast_Mode, PRICE_CLOSE, i+1); // i+1
MA5_prv2 = iMA(NULL, 0, Fast_MA, 0, Fast_Mode, PRICE_CLOSE, i+2); // I+2
MA5_now = iMA(NULL, 0, Fast_MA, 0, Fast_Mode, PRICE_CLOSE, i); // i
MA20_prv1 = iMA(NULL, 0, Slow_MA, 0, Slow_Mode, PRICE_CLOSE, i+1); // i+1
MA20_prv2 = iMA(NULL, 0, Slow_MA, 0, Slow_Mode, PRICE_CLOSE, i+2); // i+2
MA20_now = iMA(NULL, 0, Slow_MA, 0, Slow_Mode, PRICE_CLOSE, i); // i
// 5EMA cross above 20SMA UP
if((MA5_prv1 > MA20_prv1) && (MA5_prv2 < MA20_prv2) && (MA5_now > MA20_now))
{
TRADE="BUY";
int low_bar_shft=iLowest(NULL,0,MODE_LOW,bars_snc_dn_strtd,i);
POINT_A=Close[i+1];
POINT_B=Low[low_bar_shft];
DrawObjects("MACFIBO-A "+i+1, i+2, POINT_A, i, POINT_A, Long_Entry_Clr, 3 );
DrawObjects("MACFIBO-B "+i+1, low_bar_shft+1, POINT_B, low_bar_shft-1, POINT_B, Long_Entry_Clr, 3 );
DrawObjects("MACFIBO-Line "+i+1, low_bar_shft, POINT_B, i+1, POINT_A, Long_Entry_Clr, 3 );
if( Alerts && LastTradeBarTime != Time[i] )
{ Alert("MAC-Fibo BUY Alert on "+Symbol()+" at "+POINT_A); LastTradeBarTime = Time[i];
}
}
// 5EMA cross below 20SMA DN
else if ((MA5_prv1 < MA20_prv1) && (MA5_prv2 > MA20_prv2) && (MA5_now < MA20_now))
{
TRADE="SELL";
int High_bar_shft=iHighest(NULL,0,MODE_HIGH,bars_snc_up_strtd,i);
POINT_A=Close[i+1];
POINT_B=High[High_bar_shft];
DrawObjects("MACFIBO-A "+i+1, i+2, POINT_A, i, POINT_A, Shrt_Entry_Clr, 3 );
DrawObjects("MACFIBO-B "+i+1, High_bar_shft+1, POINT_B, High_bar_shft-1, POINT_B, Shrt_Entry_Clr, 3 );
DrawObjects("MACFIBO-Line "+i+1, High_bar_shft, POINT_B, i+1, POINT_A, Shrt_Entry_Clr, 3 );
if( Alerts && LastTradeBarTime != Time[i] )
{ Alert("MAC-Fibo SELL Alert on "+Symbol()+" at "+POINT_A); LastTradeBarTime = Time[i];
}
}
else { TRADE="NA"; }
if( MA5_prv1 < MA20_prv1 ) // Trend is DN
{ bars_snc_up_strtd=0; bars_snc_dn_strtd++; }
else if( MA5_prv1 > MA20_prv1 ) // Trend is UP
{ bars_snc_up_strtd++; bars_snc_dn_strtd=0; }
}
return(0);
}
void DrawObjects(string ObjName, int shft_bgn, double Price_Bgn, int shft_end, double Price_End, color clr, int wdth)
{
ObjectDelete(ObjName);
ObjectCreate(ObjName, OBJ_TREND, 0, Time[shft_bgn], Price_Bgn, Time[shft_end], Price_End );
ObjectSet(ObjName, OBJPROP_WIDTH, wdth);
ObjectSet(ObjName,OBJPROP_RAY,false);
ObjectSet(ObjName,OBJPROP_STYLE,STYLE_SOLID);
ObjectSet(ObjName,OBJPROP_COLOR,clr);
}
//+------------------------------------------------------------------+
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