SAR Color Bar
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This tool is designed to provide a visual representation of market momentum by transforming standard price action data into a color-coded histogram. Instead of showing complex lines or overlapping figures, it simplifies market sentiment into two distinct visual states: upward potential and downward potential.
How the Logic Works
The core functionality relies on a mathematical calculation known as the Parabolic SAR (Stop and Reverse). In standard trading, this is often viewed as a "trailing" indicator that identifies potential turning points. This specific script takes that data and applies a binary logic to it to determine the visual output:
- Market Sentiment Detection: The script constantly monitors the current price relative to the calculated Parabolic SAR value.
- The "Up" Condition: If the calculated value is found to be at or above the highest price reached during a specific period, the script identifies this as an upward channel. It then highlights the data in Red.
- The "Down" Condition: Conversely, if the calculated value falls below the high price of that period, the script recognizes a downward trend and reflects this by highlighting the data in Green.
Visual Representation
By using these two states, the tool creates a "Color Bar" effect in a separate window on your trading platform. Rather than cluttering your main price chart, it provides a dedicated space where you can see the progression of market trends:
- Red Bars: Indicate periods where the logic identifies upward pressure or specific resistance levels.
- Green Bars: Indicate periods where the logic identifies downward pressure or support levels.
Key Parameters
To ensure the tool aligns with your specific trading style, the script utilizes three primary settings:
- Step: Controls the acceleration of the calculation (how quickly the indicator reacts to new price changes).
- Maximum: Sets a limit on that acceleration to prevent the indicator from moving too erratically during high volatility.
- Precision: Determines how many decimal places are used for the calculations, ensuring the data is smoothed and accurate according to your currency or asset's pricing.
In summary, this tool acts as a visual filter, stripping away market noise to show you at a glance whether the current momentum leans toward an upward or downward direction based on historical price highs.
//+------------------------------------------------------------------+
//| SAR Color Bar.mq4 |
//+------------------------------------------------------------------+
#property copyright "Kalenzo Code adapted by cja"
#property link "http://www.foreksik.prv.pl"
#property indicator_color1 Red
#property indicator_color2 Green
#property indicator_width1 3
#property indicator_width2 3
#property indicator_separate_window
#property indicator_buffers 2
#property indicator_maximum 1
#property indicator_minimum 0
double sarUp[],sarDn[];//buffers
extern double Step = 0.013;
extern double Maximum = 0.2;
extern int Precision = 5;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
SetIndexStyle(0,DRAW_HISTOGRAM);
SetIndexStyle(1,DRAW_HISTOGRAM);
SetIndexBuffer(0,sarUp);
SetIndexBuffer(1,sarDn);
IndicatorShortName("SAR COLORED Bar");
SetIndexLabel(0,"SAR Up Channel");
SetIndexLabel(1,"SAR Down Channel");
SetIndexDrawBegin(0,2);
SetIndexDrawBegin(1,2);
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int limit;
int counted_bars=IndicatorCounted();
if(counted_bars<0) counted_bars=0;
if(counted_bars>0) counted_bars--;
limit=Bars-counted_bars;
//----
for(int i = 0; i<limit ;i++)
{
double sar = NormalizeDouble(iSAR(Symbol(),0,Step,Maximum,i),Precision);
if(sar >= iHigh(Symbol(),0,i))
{
sarUp[i] = sar;
sarDn[i] = 0;
}
else
{
sarUp[i] = 0;
sarDn[i] = sar;
}
}
//----
return(0);
}
//+------------------------------------------------------------------+//+------------------------------------------------------------------+
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