#MTF_shi_channel_1

Author: Alex_Bugalter

This script is a visual trading tool designed to identify market trends and potential price boundaries using a dynamic channel system. Instead of relying on simple moving averages or static lines, it looks for significant structural points in the market (fractals) to construct a "channel" that helps traders visualize the current flow of price.

Core Logic and Functionality

1. Structural Point Identification (Fractals) The tool begins by scanning historical price data to find "fractals"—which are essentially local highs and lows where the price peaked or bottomed out compared to the bars surrounding it. The script automatically adjusts its sensitivity based on the specific timeframe you are viewing (e.g., it looks for broader structures on daily charts and tighter ones on 1-minute charts).

2. Dynamic Channel Construction Once two significant points are identified, the script calculates a "step" or slope. This represents the rate at which the market is moving between those two points. It then projects this movement forward to create a geometric channel. This channel consists of:

Upper and Lower Boundaries: Two parallel lines that define the outer limits of the current price trend.
A Midline: A dotted center line that represents the "fair value" or equilibrium point of the trend.

3. Trend Analysis and Filtering The script doesn't just draw lines; it interprets them to determine market conditions:

Trend Direction: It determines if the channel is sloping upward or downward to identify the prevailing trend.
Flat Market Detection: The tool uses a volatility filter (based on Average True Range). If the price movement is too narrow or compressed, it identifies the market as "flat." This helps distinguish between a true trend and sideways consolidation.

4. Interactive Visual Cues The script provides real-time visual labels on the chart to assist in decision-making:

Buy/Sell Signals: When the market is moving clearly, the script places "Buy" or "Sell" labels based on whether the price is interacting with the boundaries of the channel.
Take Labels: In trending markets, it can provide "Take" markers to signify areas where the trend is established, helping users identify where the price might be heading next.

5. Auto-Updating Graphics The script is designed to be "live." As new candles form and new fractal points appear, the lines automatically update their positions, lengths, and labels. This ensures that the channel stays relevant to current market conditions without requiring the user to manually redraw any elements.

Price Data Components

Indicators Used

Miscellaneous

7 Views

0 Downloads

0 Favorites

#MTF_shi_channel_1

//+------------------------------------------------------------------+ 
//| SHI_Channel 2.mq4                                                  | 
//|Alex_Bugalter                                                     |
//+------------------------------------------------------------------+ 
#property copyright "Alex_Bugalter" 
#property link "Alex_Bugalter@treide.ru"  

#property indicator_chart_window 
#property indicator_buffers 1 
#property indicator_color1 Red 
double ExtMapBuffer1[]; 
//---- input parameters 
extern int TimeFrame=15;
extern int AllBars=240; 
extern int BarsForFract=0; 
extern double flatCriteria=0.25;
extern color collor=Lime;

int CurrentBar=0; 
double Step=0; 
int B1=-1,B2=-1; 
int UpDown=0; 
double P1=0,P2=0,PP=0; 
int i=0,AB=300,BFF=0; 
int ishift=0; 
double iprice=0; 
datetime T1,T2; 
int trend,flat;
//+------------------------------------------------------------------+ 
//| Custom indicator initialization function | 
//+------------------------------------------------------------------+ 
int init() 
   { 
   //---- indicators 
   SetIndexStyle(0,DRAW_ARROW); 
   SetIndexArrow(0,164); 
   SetIndexBuffer(0,ExtMapBuffer1); 
   SetIndexEmptyValue(0,0.0); 
   //---- 

 

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

//---- 
return(0); 
} 

void DelObj() 
{ 

ObjectDelete("TL1"+TimeFrame); 
ObjectDelete("TL2"+TimeFrame); 
ObjectDelete("MIDL"+TimeFrame); 
} 

//+------------------------------------------------------------------+ 
//| Custom indicator iteration function | 
//+------------------------------------------------------------------+ 
int start() 
   { 
 
   int    i,limit,y=0;
   int counted_bars=IndicatorCounted();  
 
      limit=Bars-counted_bars;
 
   int X = (Ask-P1);
   int X2 = (Bid-P2);
   //---- 
 
    if ((AllBars==0) || (Bars<AllBars)) AB=Bars; else AB=AllBars; //AB-êîëè÷åñòâî îáñ÷èòûâàåìûõ áàðîâ 
//    string TimeFrame;
 
   if (BarsForFract>0) 
      BFF=BarsForFract; 
   else 
      { 
      switch (TimeFrame) 
      { 
      case 1: BFF=12;  break; 
      case 5: BFF=48; break; 
      case 15: BFF=24; break; 
      case 30: BFF=24; break; 
      case 60: BFF=12; break; 
      case 240: BFF=15; break; 
      case 1440: BFF=10; break; 
      case 10080: BFF=6; break; 
      default: DelObj(); return(-1); break; 
      X = P1;
      } 
   } 
   
    
   
   
   CurrentBar=2; //ñ÷èòàåì ñ òðåòüåãî áàðà, ÷òîáû ôðàêòàë "çàêðåïèëñÿ 
   B1=y-1; B2=y-1; UpDown=0; 
   while(((B1==-1) || (B2==-1)) && (CurrentBar<AB)) 
      { 

      //UpDown=1 çíà÷èò ïåðâûé ôðàêòàë íàéäåí ñâåðõó, UpDown=-1 çíà÷èò ïåðâûé ôðàêòàë 
      //íàéäåí ñíèçó, UpDown=0 çíà÷èò ôðàêòàë åù¸ íå íàéäåí. 
      //Â1 è Â2 - íîìåðà áàðîâ ñ ôðàêòàëàìè, ÷åðåç íèõ ñòðîèì îïîðíóþ ëèíèþ. 
      //Ð1 è Ð2 - ñîîòâåòñòâåííî öåíû ÷åðåç êîòîðûå áóäåì ëèíèþ ïðîâîäèòü 

      if((UpDown<1) && (CurrentBar==Lowest(Symbol(),TimeFrame,MODE_LOW,BFF*2+1,CurrentBar-BFF))) 
         { 
         if(UpDown==0) 
            {
            UpDown=-1; B1=CurrentBar; P1=iLow(Symbol(),TimeFrame,B1); 
            } 
         else 
            { 
            B2=CurrentBar; P2=iLow(Symbol(),TimeFrame,B2);
            } 
         } 
      if((UpDown>-1) && (CurrentBar==Highest(Symbol(),TimeFrame,MODE_HIGH,BFF*2+1,CurrentBar-BFF)))
         { 
         if(UpDown==0) 
            { 
            UpDown=1; B1=CurrentBar; P1=iHigh(Symbol(),TimeFrame,B1); 
            } 
         else 
            { 
            B2=CurrentBar; P2=iHigh(Symbol(),TimeFrame,B2); 
            } 
         } 
      CurrentBar++; 
      } 
   if((B1==-1) || (B2==-1)) 
      {
      DelObj(); 
      return(-1);
      } // Çíà÷èò íå íàøëè ôðàêòàëîâ ñðåäè 300 áàðîâ  
   Step=(P2-P1)/(B2-B1);//Âû÷èñëèëè øàã, åñëè îí ïîëîæèòåëüíûé, òî êàíàë íèñõîäÿùèé 
   P1=P1-B1*Step; B1=0;//ïåðåñòàâëÿåì öåíó è ïåðâûé áàð ê íóëþ 
   //À òåïåðü îïîðíóþ òî÷êó ïðîòèâîïîëîæíîé ëèíèè êàíàëà. 
   ishift=0; iprice=0; 
   if(UpDown==1) 
      { 
      PP=iLow(Symbol(),TimeFrame,2)-2*Step; 
      for(i=3;i<=B2;i++) 
         { 
         if(iLow(Symbol(),TimeFrame,i)<PP+Step*i) 
            { 
            PP=iLow(Symbol(),TimeFrame,i)-i*Step; 
            } 
         } 
      if(iLow(Symbol(),TimeFrame,0)<PP) 
         {
         ishift=0; 
         iprice=PP;
         } 
      if(iLow(Symbol(),TimeFrame,1)<PP+Step) 
         {
         ishift=1; 
         iprice=PP+Step;
         } 
      if(iHigh(Symbol(),TimeFrame,0)>P1) 
         {
         ishift=0; 
         iprice=P1;
         } 
      if(iHigh(Symbol(),TimeFrame,1)>P1+Step) 
         {
         ishift=1; 
         iprice=P1+Step;
         } 
      } 
   else 
      { 
      PP=iHigh(Symbol(),TimeFrame,2)-2*Step; 
      for(i=3;i<=B2;i++) 
         { 
         if(iHigh(Symbol(),TimeFrame,i)>PP+Step*i) 
            { 
            PP=iHigh(Symbol(),TimeFrame,i)-i*Step;
            } 
         } 
      if(iLow(Symbol(),TimeFrame,0)<P1) 
         {
         ishift=0; 
         iprice=P1;
         } 
      if(iLow(Symbol(),TimeFrame,1)<P1+Step) 
         {
         ishift=1; 
         iprice=P1+Step;
         } 
      if(iHigh(Symbol(),TimeFrame,0)>PP) 
         {
         ishift=0; 
         iprice=PP;
         } 
      if(iHigh(Symbol(),TimeFrame,1)>PP+Step) 
         {
         ishift=1; 
         iprice=PP+Step;
         } 
      } 
      
   //Òåïåðü ïåðåñòàâèì êîíå÷íóþ öåíó è áàð íà ÀÂ, ÷òîáû ëèíèè êàíàëà ðèñîâàëèñü ïîäëèííåå 
   P2=P1+AB*Step; 
    T1=Time[iBarShift(Symbol(),0,iTime(Symbol(),TimeFrame,B1))]; 
    T2=Time[iBarShift(Symbol(),0,iTime(Symbol(),TimeFrame,AB))]; 
   //Print("P1=",P1,"  P2=",P2);

   //Åñëè íå áûëî ïåðåñå÷åíèÿ êàíàëà, òî 0, èíà÷å ñòàâèì ïñèñó. 
   if(iprice!=0) ExtMapBuffer1[ishift]=iprice; 

   //DelObj(); 

   if (Step>0) trend=-1; else trend=1;

   if (MathAbs(Step*20)>=2*iATR(Symbol(),TimeFrame,40,0)*flatCriteria) flat=0; else flat=1;
   
   if (ObjectFind("TL1"+TimeFrame)==-1)   
      {
      ObjectCreate("TL1"+TimeFrame,OBJ_TREND,0,T2,PP+Step*AB,T1,PP); 
      ObjectSet("TL1"+TimeFrame,OBJPROP_COLOR,collor); 
		ObjectSet("TL1"+TimeFrame,OBJPROP_WIDTH,2); 
      }
   else
      {
      ObjectSet("TL1"+TimeFrame, OBJPROP_TIME1,T2);       
      ObjectSet("TL1"+TimeFrame, OBJPROP_PRICE1,PP+Step*AB);       
      ObjectSet("TL1"+TimeFrame, OBJPROP_TIME2,T1);       
      ObjectSet("TL1"+TimeFrame, OBJPROP_PRICE2,PP); 
      ObjectSet("TL1"+TimeFrame,OBJPROP_COLOR,collor); 
		ObjectSet("TL1"+TimeFrame,OBJPROP_WIDTH,2);       
      }   
/*
   ObjectSet("TL1",OBJPROP_COLOR,ForestGreen); 
   ObjectSet("TL1",OBJPROP_WIDTH,2); 
   ObjectSet("TL1",OBJPROP_STYLE,STYLE_SOLID);
*/
   if (ObjectFind("TL2"+TimeFrame)==-1) 
      {
      ObjectCreate("TL2"+TimeFrame,OBJ_TREND,0,T2,P2,T1,P1); 
      ObjectSet("TL2"+TimeFrame,OBJPROP_COLOR,collor); 
		ObjectSet("TL2"+TimeFrame,OBJPROP_WIDTH,2); 
      }
   else
      {
      ObjectSet("TL2"+TimeFrame, OBJPROP_TIME1,T2);       
      ObjectSet("TL2"+TimeFrame, OBJPROP_PRICE1,P2);       
      ObjectSet("TL2"+TimeFrame, OBJPROP_TIME2,T1);       
      ObjectSet("TL2"+TimeFrame, OBJPROP_PRICE2,P1);   
     	ObjectSet("TL2"+TimeFrame,OBJPROP_COLOR,collor); 
		ObjectSet("TL2"+TimeFrame,OBJPROP_WIDTH,2);     
      }   
/*
   ObjectSet("TL2",OBJPROP_COLOR,ForestGreen); 
   ObjectSet("TL2",OBJPROP_WIDTH,2); 
   ObjectSet("TL2",OBJPROP_STYLE,STYLE_SOLID); 
*/
   if (ObjectFind("MIDL"+TimeFrame)==-1)  
      {
      ObjectCreate("MIDL"+TimeFrame,OBJ_TREND,0,T2,(P2+PP+Step*AB)/2,T1,(P1+PP)/2); 
     	ObjectSet("MIDL"+TimeFrame,OBJPROP_COLOR,collor); 
		ObjectSet("MIDL"+TimeFrame,OBJPROP_WIDTH,1); 
		ObjectSet("MIDL"+TimeFrame,OBJPROP_STYLE,STYLE_DOT); 
      }
   else
      {
      ObjectSet("MIDL"+TimeFrame, OBJPROP_TIME1,T2);       
      ObjectSet("MIDL"+TimeFrame, OBJPROP_PRICE1,(P2+PP+Step*AB)/2);       
      ObjectSet("MIDL"+TimeFrame, OBJPROP_TIME2,T1);       
      ObjectSet("MIDL"+TimeFrame, OBJPROP_PRICE2,(P1+PP)/2);    
      ObjectSet("MIDL"+TimeFrame,OBJPROP_WIDTH,1); 
		ObjectSet("MIDL"+TimeFrame,OBJPROP_STYLE,STYLE_DOT); 
		ObjectSet("MIDL"+TimeFrame,OBJPROP_COLOR,collor);   
      }   
/*
   ObjectSet("MIDL",OBJPROP_COLOR,ForestGreen); 
   ObjectSet("MIDL",OBJPROP_WIDTH,1); 
   ObjectSet("MIDL",OBJPROP_STYLE,STYLE_DOT); 
*/
   if (flat==1)
      {
      //Print("flat=1");
      if(PP+Step*AB>P2)
         { 
         ObjectSetText("TL1"+TimeFrame,"Sell"); 
         ObjectSetText("TL2"+TimeFrame,"Buy"); 
         }
      else
         {
         ObjectSetText("TL2"+TimeFrame,"Sell"); 
         ObjectSetText("TL1"+TimeFrame,"Buy"); 
         }   
      }
   else
      {
      //Print("flat=0");
      if((PP+Step*AB>P2)&&(trend==-1))
         {
         ObjectSetText("TL1"+TimeFrame,"Sell"); 
         ObjectSetText("TL2"+TimeFrame,"Take"); 
         }   
      if((PP+Step*AB>P2)&&(trend==1))
         {
         ObjectSetText("TL1"+TimeFrame,"Take"); 
         ObjectSetText("TL2"+TimeFrame,"Buy"); 
         }
      if((PP+Step*AB<P2)&&(trend==-1))
         {
         ObjectSetText("TL2"+TimeFrame,"Sell"); 
         ObjectSetText("TL1"+TimeFrame,"Take"); 
         }   
      if((PP+Step*AB<P2)&&(trend==1))
         {
         ObjectSetText("TL2"+TimeFrame,"Take"); 
         ObjectSetText("TL1"+TimeFrame,"Buy"); 
         }
      }   
 //}  //---- 
 //  Comment("Âåðõ êàíàëà = ",PP,"\n","Ñåðåäèíà = ",(P1+PP)/2,"\n","Íèç êàíàëà = ",P1,"\n","Øèðèíà = ",(PP-P1),"\n","Êàñàíèå Âåðõà = ",-(PP-Bid)," ïèïñîâ","\n","Êàñàíèå Íèçà = ",(P1-Ask)," ïèïñîâ"); 
   return(0); 
   } 
//+------------------------------------------------------------------+

#MTF_shi_channel_1

Core Logic and Functionality

Similar scripts

Comments

Privacy Settings

Customize Cookie Preferences

Essential Cookies Required

Analytics & Performance

Advertising & Personalization

User Data Collection