Silver-channels+_v1
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The Silver-channels indicator is designed to provide traders with a visual framework for identifying key price levels and zones on a trading chart. Rather than simply showing historical data, it uses specific mathematical logic to project "channels"—essentially corridors of price action—based on significant past price movements.
How the Logic Works
The core of this script relies on identifying the highest high and the lowest low within a specific timeframe (defined by your settings). Once these two extreme points are identified, the indicator calculates the vertical distance between them to establish a range. From this range, it projects four distinct types of channels:
1. The Primary Channels (Silver, Sky, and Zen) The script takes the price range established by the highest high and lowest low and applies specific percentages to create boundaries:
- Zen-channel: These represent the absolute "floor" and "ceiling" of the recent price action (the 0% marks).
- Silver & Sky Channels: These are intermediate levels calculated using specific percentage offsets (such as 38.2% or 23.6%). They act as dynamic support and resistance lines, helping you see where the price might react or consolidate within the current trend.
2. The Future Projections Unique to this script is the "Future-channel" logic. While the other channels stay within the boundaries of known price action, the Future-channels are designed to project outward. They calculate a trajectory based on the established range and extend beyond the current high and low points. This helps traders visualize potential expansion zones for the market.
Key Features for Traders
- Dynamic Updating: The script continuously scans the price history to find new highs and lows. As new data enters the chart, the channels automatically shift and recalculate to reflect the most recent market structure.
- Multi-Layered Perspective: By providing multiple sets of lines (Silver, Sky, Zen, and Future) simultaneously, the indicator allows you to see different "layers" of potential price targets at a single glance.
- Customizable Sensitivity: You can adjust the lookback periods (the amount of historical data the script "reads") and the specific percentage levels. This allows you to tailor the indicator to different styles of trading, whether you prefer following tight price action or broader market swings.
In summary, this tool translates raw market volatility into a structured map, highlighting where price has been, where it is currently positioned relative to historical extremes, and where it might be headed next.
/*-----------------------------+
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| Shared by www.Aptrafx.com |
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//+------------------------------------------------------------------+
//| Silver-channels.mq4 |
//| Copyright © 2004, AlexSilver |
//| http://viac.ru/ |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2004, AlexSilver"
#property link "http://viac.ru/"
#property indicator_chart_window
#property indicator_buffers 8
#property indicator_color1 Silver
#property indicator_color2 Silver
#property indicator_color3 SkyBlue
#property indicator_color4 SkyBlue
#property indicator_color5 YellowGreen
#property indicator_color6 YellowGreen
#property indicator_color7 Magenta
#property indicator_color8 Magenta
//---- input parameters
extern int Shift=3;
extern int TSP=9;
extern int SSP=26;
extern double SilvCh=38.2;
extern double SkyCh=23.6;
extern double ZenCh=0;
extern double FutCh=61.8;
//---- buffers
double SCH_BufferH[];
double SCH_BufferL[];
double Sky_BufferH[];
double Sky_BufferL[];
double Zen_BufferH[];
double Zen_BufferL[];
double Fut_BufferL[];
double Fut_BufferH[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//----
SetIndexStyle(0,DRAW_LINE);
SetIndexBuffer(0,SCH_BufferH);
SetIndexDrawBegin(0,SSP+Shift-1);
SetIndexShift(0,Shift);
SetIndexLabel(0,"Silver-channel High");
//----
SetIndexStyle(1,DRAW_LINE);
SetIndexBuffer(1,SCH_BufferL);
SetIndexDrawBegin(1,SSP+Shift-1);
SetIndexShift(1,Shift);
SetIndexLabel(1,"Silver-channel Low");
//----
SetIndexStyle(2,DRAW_LINE);
SetIndexBuffer(2,Sky_BufferH);
SetIndexDrawBegin(2,SSP+Shift-1);
SetIndexShift(2,Shift);
SetIndexLabel(2,"Sky-channel High");
//----
SetIndexStyle(3,DRAW_LINE);
SetIndexBuffer(3,Sky_BufferL);
SetIndexDrawBegin(3,SSP+Shift-1);
SetIndexShift(3,Shift);
SetIndexLabel(3,"Sky-channel Low");
//----
SetIndexStyle(4,DRAW_LINE);
SetIndexBuffer(4,Zen_BufferH);
SetIndexDrawBegin(4,SSP+Shift-1);
SetIndexShift(4,Shift);
SetIndexLabel(4,"Zen-channel High");
//----
SetIndexStyle(5,DRAW_LINE);
SetIndexBuffer(5,Zen_BufferL);
SetIndexDrawBegin(5,SSP+Shift-1);
SetIndexShift(5,Shift);
SetIndexLabel(5,"Zen-channel Low");
//----
SetIndexStyle(6,DRAW_LINE);
SetIndexBuffer(6,Fut_BufferL);
SetIndexDrawBegin(6,SSP+TSP-1);
SetIndexShift(6,TSP);
SetIndexLabel(6,"Future-channel Low");
//----
SetIndexStyle(7,DRAW_LINE);
SetIndexBuffer(7,Fut_BufferH);
SetIndexDrawBegin(7,SSP+TSP-1);
SetIndexShift(7,TSP);
SetIndexLabel(7,"Future-channel High");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Silver-channels |
//+------------------------------------------------------------------+
int start()
{
int i,k;
int counted_bars=IndicatorCounted(); // òåêóùèé áàð äëÿ ðàñ÷åòà èíäèêàòîðà
double high,low,price;
//----
if(Bars<=SSP) return(0); // åñëè áàðîâ ìåíüøå Êèäæóí-ïåðèîäà íàôèã
//---- initial zero
if(counted_bars<1) // åñëè òåêóùèé áàð ìåíüøå åäèíèöû - íàôèã ñ ïëÿæà, óñòàíàâëèâàåì âñå â íóëè
{
for(i=1;i<=SSP;i++) SCH_BufferH[Bars-i]=0; SCH_BufferL[Bars-i]=0; Sky_BufferH[Bars-i]=0; Sky_BufferL[Bars-i]=0; Zen_BufferH[Bars-i]=0; Zen_BufferL[Bars-i]=0; Fut_BufferL[Bars-i]=0; Fut_BufferH[Bars-i]=0;
}
//----
i=Bars-SSP;
if(counted_bars>SSP) i=Bars-counted_bars-1;
while(i>=0)
{
high=High[i]; low=Low[i]; k=i-1+SSP;
while(k>=i)
{
price=High[k];
if(high<price) high=price;
price=Low[k];
if(low>price) low=price;
k--;
}
SCH_BufferL[i+Shift]=low+(high-low)*SilvCh/100;
SCH_BufferH[i+Shift]=high-(high-low)*SilvCh/100;
Sky_BufferL[i+Shift]=low+(high-low)*SkyCh/100;
Sky_BufferH[i+Shift]=high-(high-low)*SkyCh/100;
Zen_BufferL[i+Shift]=low;
Zen_BufferH[i+Shift]=high;
Fut_BufferL[i]=low-(high-low)*FutCh/100;
Fut_BufferH[i]=high+(high-low)*FutCh/100;
i--;
} i=Shift-1;
while(i>=0)
{
high=High[0]; low=Low[0]; k=SSP-Shift+i;
while(k>=0)
{
price=High[k];
if(high<price) high=price;
price=Low[k];
if(low>price) low=price;
k--;
}
SCH_BufferL[i]=low+(high-low)*SilvCh/100;
SCH_BufferH[i]=high-(high-low)*SilvCh/100;
Sky_BufferL[i]=low+(high-low)*SkyCh/100;
Sky_BufferH[i]=high-(high-low)*SkyCh/100;
Zen_BufferL[i]=low;
Zen_BufferH[i]=high;
i--;
}
}
//+------------------------------------------------------------------+
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