MBKAsctrend3times_v1
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This script is a technical analysis tool designed for the MetaTrader platform to help traders identify market trends and potential entry points. It functions by analyzing price movements over different timeframes simultaneously to filter out "noise" and confirm stronger directional moves in the market.
Core Logic Overview
The indicator operates on a weighted multi-period system. Instead of looking at just one set of data, it combines three different perspectives of market momentum (specifically using the Williams Percent Range calculation). By blending these three perspectives, the tool aims to provide a more stable and reliable signal than any single indicator could offer alone.
How it Works
To determine the current market trend, the script performs the following steps:
- Weighted Multi-Perspective Analysis: The script looks at three different "lengths" of historical data. It assigns specific importance (weights) to each length. For example, one timeframe might be used for quick reactions, while another provides a heavier weight to represent the broader market direction.
- Momentum Calculation: It transforms standard momentum values into a positive scale. By calculating these across three different periods and applying the pre-defined weights, it generates a "composite" value that represents the overall strength of the current trend.
- Trend Filtering: The logic doesn't just look at the composite value in isolation. It also checks a long-term trend component. A signal is only confirmed if both the composite momentum and the long-term trend align with a specific threshold (the "Risk" and "Offset" parameters).
- Dynamic Range Detection: The script calculates the average price range (volatility) over a recent window of bars. This allows it to place its visual markers at a mathematically appropriate distance from the candles, ensuring they are visible but not intrusive.
Visual Signals
The indicator translates these complex calculations into simple visual cues on your chart:
- Buy Signals: When the script detects a confirmed shift into an upward trend based on the weighted momentum and long-term filters, it places a blue arrow below the candle.
- Sell Signals: When the script detects a confirmed shift into a downward trend, it places a red arrow above the candle.
Summary for the User
Essentially, this tool acts as a "filter." It looks at multiple layers of price history at once and only gives you a signal when those layers agree that a trend change is occurring. This helps in identifying higher-probability movements while attempting to ignore minor fluctuations that occur during sideways markets.
Indicators Used
Miscellaneous
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MBKAsctrend3times_v1
//+------------------------------------------------------------------+
//| MBKAsctrend3times.mq4
//+------------------------------------------------------------------+
#property copyright "MBKAsctrend3times matt kennel"
#property link "http://www.metatrader.org"
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_color1 Blue
#property indicator_color2 Red
//---- input parameters
//
//
// Modified by MBK: now have three different timescales (bar lengths)
// to combine for final WPR indicator, with further long-term trend indicator.
//
// try on H1 chart with these parameters.
//
extern int RISK=3;
//extern int CountBars=2000;
extern int NumberofAlerts=0;
extern int WPRLength1=9,WPRLength2=33, WPRLength3=77;
extern int LToffset = -5;
extern double w1=1.0, w2=3.0, w3 = 1.0; // relative weights
int counter=0;
//---- buffers
double val1[];
double val2[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
string short_name;
//---- indicator line
IndicatorBuffers(2);
SetIndexStyle(0,DRAW_ARROW);
SetIndexArrow(0,233);
SetIndexStyle(1,DRAW_ARROW);
SetIndexArrow(1,234);
SetIndexBuffer(0,val1);
SetIndexBuffer(1,val2);
//----
return(0);
}
//+------------------------------------------------------------------+
//| SilverTrend_Signal |
//+------------------------------------------------------------------+
int start() {
//if (CountBars>=Bars) CountBars=Bars;
//SetIndexDrawBegin(0,Bars-CountBars+SSP);
//SetIndexDrawBegin(1,Bars-CountBars+SSP);
int i1,i2,K;
double Range,AvgRange,smin,smax,SsMax,SsMin,price;
double wprvalue;
static bool uptrend,old;
bool flag1, flag2;
int i,shift,counted_bars=IndicatorCounted();
///----
//if(Bars<=SSP+1) return(0);
//---- initial zero
//if(counted_bars<SSP+1)
// {
// for(i=1;i<=SSP;i++) val2[CountBars-i]=0.0;
// }
////----
K=33-RISK;
// wprlength = 3+RISK*2;
uptrend=false;
old = false;
double sumweights = w1+w2+w3;
w1 /= sumweights;
w2 /= sumweights;
w3 /= sumweights;
int SSP = 10;
for (shift = Bars-SSP; shift>=0; shift--) {
Range=0;
AvgRange=0;
for (i1=shift; i1<=shift+SSP; i1++)
{AvgRange=AvgRange+MathAbs(High[i1]-Low[i1]);
}
Range=AvgRange/(SSP+1);
double wprval1 = (100-MathAbs(iWPR(Symbol(),Period(),WPRLength1,shift)));
double wprval2 = (100-MathAbs(iWPR(Symbol(),Period(),WPRLength2,shift)));
double wprval3 = (100-MathAbs(iWPR(Symbol(),Period(),WPRLength3,shift)));
wprvalue = w1*wprval1 + w2*wprval2 + w3*wprval3;
// MathPow(wprval1*wprval2*wprval3,1.0/3.0);
double wprlong = wprval3;
if ((wprvalue < 33-RISK) && (wprlong < 50-LToffset)) {
uptrend = false;
}
if ((wprvalue > 67+RISK) && (wprlong >= 50+LToffset)) {
uptrend = true;
}
if (uptrend!=old && uptrend==true) {
val1[shift]=Low[shift]-Range*0.8; // lower range
counter=0;
if (shift==0 && counter<=NumberofAlerts) {
// Alert("MBKAsctrend ",Period()," ",Symbol()," BUY");
counter=counter+1;
}
}
if (uptrend!=old && uptrend==false) {
counter=0;
val2[shift]=High[shift]+Range*0.8;
if (shift==0 && counter<=NumberofAlerts) {
// Alert("Silver Trend ",Period()," ",Symbol()," SELL");
counter=counter+1;
}
}
Comment(shift);
old=uptrend;
}
return(0);
}
//+------------------------------------------------------------------+
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