Parabolic_Alert_v1
Download script
This script is designed as a technical analysis tool for the MetaTrader platform. Its primary purpose is to calculate and display a dynamic trailing indicator on a price chart, providing visual and audible signals when the market trend potentially shifts from "up" to "down" or vice versa.
Core Functionality
The logic centers around a Parabolic SAR (Stop and Reverse) calculation. In non-technical terms, this is a method used by traders to identify the current direction of a market trend and determine potential entry or exit points. The script tracks the price movement and projects a series of dots on the chart that "follow" the price at a specific distance.
How the Logic Works
The script processes market data through the following logical steps:
1. Trend Identification The tool constantly monitors the high and low prices of the currency or asset. It determines if the market is currently in an "upward" trend (long) or a "downward" trend (short). It does this by comparing current price movements against the previous highs and lows to establish a baseline for the direction of the market.
2. Dynamic Trailing Calculation As the price moves, the indicator calculates its position based on two main factors:
- Acceleration: The script uses an "Acceleration Factor" (Step) that increases as the trend continues in one direction. This causes the trailing indicator to move closer to the price as momentum builds.
- Maximum Limit: To prevent the indicator from moving too aggressively or creating unrealistic values, it is capped by a "Maximum" threshold.
3. Reversal Detection (The Alert System) The primary utility of this specific script is its ability to detect when the market is reversing. The logic checks for two specific scenarios:
- Bearish Reversal: If the price drops below the current trailing indicator while in an upward trend, the script recognizes a potential "Sell" signal.
- Bullish Reversal: If the price rises above the trailing indicator while in a downward trend, the script recognizes a potential "Buy" signal.
4. User Notifications When a reversal is detected on the most recent piece of market data (the current bar), the script triggers three simultaneous actions to notify the user:
- Audible Alert: It plays a specific sound file (
alert.wav). - On-Screen Text: It displays a text comment on the trading chart indicating whether it is a "Buy Alert" or a "Sell Alert."
- Time Stamping: It provides the exact time of the alert on the screen to help the trader keep track of the signal's timing.
Summary for the User
Essentially, this script acts as an automated "scout." It follows the price movement closely, accelerating its tracking as trends strengthen, and then sounds an alarm and places a visual warning on your screen the moment it detects that the price has broken through the established trend line, suggesting a move in the opposite direction.
Miscellaneous
8
Views
0
Downloads
0
Favorites
Parabolic_Alert_v1
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
//+------------------------------------------------------------------+
//| Parabolic_Alert.mq4 |
//| Original file name: Parabolic.mq4 |
//| Copyright © 2004, MetaQuotes Software Corp. |
//| http://www.metaquotes.net/ |
//| Modified to give audible alarm on reversal |
//| Modified by Jim Arner, Sr. |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2004, MetaQuotes Software Corp."
#property link "http://www.metaquotes.net/"
#property indicator_chart_window
#property indicator_buffers 1
#property indicator_color1 DarkOrange
//---- input parameters
extern double Step=0.05;
extern double Maximum=0.3;
//---- buffers
double SarBuffer[];
//----
int save_lastreverse;
bool save_dirlong, save_dirshort;
double save_start;
double save_last_high;
double save_last_low;
double save_ep;
double save_sar;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
IndicatorDigits(Digits);
SetIndexStyle(0,DRAW_ARROW);
SetIndexArrow(0,158);
SetIndexBuffer(0,SarBuffer);
//----
return(0);
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
void SaveLastReverse(int last,int dir_l,int dir_s,double start,double low,double high,double ep,double sar)
{
save_lastreverse=last;
save_dirlong=dir_l;
save_dirshort=dir_s;
save_start=start;
save_last_low=low;
save_last_high=high;
save_ep=ep;
save_sar=sar;
}
//+------------------------------------------------------------------+
//| Parabolic Sell And Reverse system |
//+------------------------------------------------------------------+
int start()
{
static bool first=true;
bool dirlong, dirshort;
double start,last_high,last_low;
double ep,sar,price_low,price_high,price;
int i,counted_bars=IndicatorCounted();
string TradeTime;
//----
if(Bars<3) return(0);
//---- initial settings
i=Bars-2;
if(counted_bars==0 || first)
{
first=false;
dirlong=true;
dirshort=false;
start=Step;
last_high=-10000000.0;
last_low=10000000.0;
while(i>0)
{
save_lastreverse=i;
price_low=Low[i];
if(last_low>price_low) last_low=price_low;
price_high=High[i];
if(last_high<price_high) last_high=price_high;
if(price_high>High[i+1] && price_low>Low[i+1]) break;
if(price_high<High[i+1] && price_low<Low[i+1]) { dirlong=false; break; }
i--;
}
//---- initial zero
int k=i;
while(k<Bars)
{
SarBuffer[k]=0.0;
k++;
}
//---- check further
if(dirlong) { SarBuffer[i]=Low[i+1]; ep=High[i]; }
if(dirshort) { SarBuffer[i]=High[i+1]; ep=Low[i]; }
i--;
}
else
{
i=save_lastreverse+1;
start=save_start;
dirlong=save_dirlong;
dirshort=save_dirshort;
last_high=save_last_high;
last_low=save_last_low;
ep=save_ep;
sar=save_sar;
}
//----
while(i>=0)
{
price_low=Low[i];
price_high=High[i];
//--- check for reverse
if(dirlong==true && price_low<SarBuffer[i+1])
{
// Print("Section 1 Code executing"," I= ",i," DirLong= ",dirlong," DirShort= ",dirshort);
SaveLastReverse(i,true,false,start,price_low,last_high,ep,sar);
start=Step; dirlong=false; dirshort=true;
// Comment("I= ",i);
if (i==0)
{
PlaySound("alert.wav");
TradeTime = TimeToStr(CurTime(),TIME_SECONDS);
Comment("\nSell Alert","\nChart Time= ", TradeTime);
}
ep=price_low; last_low=price_low;
SarBuffer[i]=last_high;
i--;
continue;
}
if(dirshort==true && price_high>SarBuffer[i+1])
{
// Print("Section 2 Code executing"," I= ",i," DirLong= ",dirlong," DirShort= ",dirshort);
SaveLastReverse(i,false,true,start,last_low,price_high,ep,sar);
start=Step; dirlong=true; dirshort=false;
// Comment("I= ",i);
if (i==0)
{
PlaySound("alert.wav");
TradeTime = TimeToStr(CurTime(),TIME_SECONDS);
Comment("\nBuy Alert","\nChart Time= ", TradeTime);
}
ep=price_high; last_high=price_high;
SarBuffer[i]=last_low;
i--;
continue;
}
//---
price=SarBuffer[i+1];
sar=price+start*(ep-price);
if(dirlong)
{
/*
Comment("DirLong","\nI= ",i,"\nDirL ",dirlong,"\nDirS ",dirshort,
"\nStart= ",start,"\nLow= ",last_low,"\nHigh= ",last_high,
"\nEP= ",ep,"\nSAR= ",sar,"\nMinute= ",Minute());
*/
// Print("Section 3 Code executing"," I= ",i," DirLong= ",dirlong," DirShort= ",dirshort);
if(ep<price_high && (start+Step)<=Maximum) start+=Step;
if(price_high<High[i+1] && i==Bars-2) sar=SarBuffer[i+1];
price=Low[i+1];
if(sar>price) sar=price;
price=Low[i+2];
if(sar>price) sar=price;
if(sar>price_low)
{
SaveLastReverse(i,true,false,start,price_low,last_high,ep,sar);
start=Step; dirlong=false; dirshort=true; ep=price_low;
last_low=price_low;
SarBuffer[i]=last_high;
i--;
/*
if (i == 0)
{
Print("Section 3a Code executing"," I= ",i," DirLong= ",dirlong," DirShort= ",dirshort);
}
*/
if (dirshort && i == 0)
{
PlaySound("alert.wav");
TradeTime = TimeToStr(CurTime(),TIME_SECONDS);
Comment("\nSell Alert","\nChart Time= ", TradeTime);
}
continue;
}
if(ep<price_high) { last_high=price_high; ep=price_high; }
}
if(dirshort)
{
/*
Comment("DirShort","\nI= ",i,"\nDirL ",dirlong,"\nDirS ",dirshort,
"\nStart= ",start,"\nLow= ",last_low,"\nHigh= ",last_high,
"\nEP= ",ep,"\nSAR= ",sar,"\nMinute= ",Minute());
*/
// Print("Section 4 Code executing"," I= ",i," DirLong= ",dirlong," DirShort= ",dirshort);
if(ep>price_low && (start+Step)<=Maximum) start+=Step;
if(price_low<Low[i+1] && i==Bars-2) sar=SarBuffer[i+1];
price=High[i+1];
if(sar<price) sar=price;
price=High[i+2];
if(sar<price) sar=price;
if(sar<price_high)
{
SaveLastReverse(i,false,true,start,last_low,price_high,ep,sar);
start=Step; dirlong=true; dirshort=false; ep=price_high;
last_high=price_high;
SarBuffer[i]=last_low;
i--;
/*
if (i == 0)
{
Print("Section 4a Code executing"," I= ",i," DirLong= ",dirlong," DirShort= ",dirshort);
}
*/
if (dirlong && i == 0)
{
PlaySound("alert.wav");
TradeTime = TimeToStr(CurTime(),TIME_SECONDS);
Comment("\nBuy Alert","\nChart Time= ", TradeTime);
}
continue;
}
if(ep>price_low) { last_low=price_low; ep=price_low; }
}
SarBuffer[i]=sar;
i--;
}
// sar=SarBuffer[0];
// price=iSAR(NULL,0,Step,Maximum,0);
// if(sar!=price) Print("custom=",sar," SAR=",price," counted=",counted_bars);
// if(sar==price) Print("custom=",sar," SAR=",price," counted=",counted_bars);
//----
return(0);
}
//+------------------------------------------------------------------+
Comments