Today Trend last

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Author: Copyright � 2006, Jason Rivera
Today Trend last

This script is designed to function as a daily trend analysis tool for MetaTrader. It identifies potential trading opportunities (Buy or Sell signals) based on the relationship between the current day's opening price and the price action of the previous trading day.

Core Logic Overview

The indicator operates by analyzing the High, Low, and Close prices of the previous day to establish a framework of "zones." It specifically looks for entries at the start of a new trading day (00:00 hour).

1. Reference Point Calculation

To determine where the market is likely headed, the script calculates several key price levels based on the previous day's data:

  • Pivot Point: A central balance point calculated from the previous high, low, and close.
  • Support (S) and Resistance (R): Boundaries derived from the pivot point to identify where the price might struggle to move higher or lower.
  • Secondary Levels (S2 & R2): Expanded boundaries used for more conservative risk assessment and target identification.

2. Signal Identification (The "Actions")

The script evaluates three distinct types of "actions" to determine the direction of a trade. It prioritizes these actions in a specific sequence:

  • Action 1 (Core Trend): Checks if the current day's open is significantly higher or lower than the previous day's range, but still within specific proximity to the resistance/support lines.
  • Action 2 (Proximity Analysis): Evaluates the price relative to the distance between the open and the primary support/resistance levels. It determines which "side" of the pivot the price is leaning toward.
  • Action 3 (Breakout Analysis): Looks for extreme scenarios where the current day's opening price is outside the previous day’s high or low boundaries.

The script prioritizes these actions: if Action 3 provides a signal, it takes precedence; if not, it looks at Action 2, and finally Action 1.

3. Visual Outputs

Once a signal is identified, the indicator provides three visual elements on the chart:

  • Directional Arrows: Blue arrows appear for "Buy" signals, and Red arrows appear for "Sell" signals.
  • Profit Target Line: A horizontal line showing where the target price is located based on a user-defined profit goal (in points).
  • Stop/Reversal Line: A line indicating a potential reversal point or "safe zone." This is dynamically calculated based on which specific action triggered the signal.

Summary of Operation

In simple terms, the script looks at yesterday's "footprint" and predicts today's direction based on where the price opens relative to those footprints. If the open is favorable, it marks a Buy or Sell signal and automatically projects the expected profit target and the danger zone (reversal point) for that specific trade.

Price Data Components
Series array that contains open time of each barSeries array that contains the highest prices of each barSeries array that contains the lowest prices of each barSeries array that contains close prices for each bar
Miscellaneous
Implements a curve of type %1
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Today Trend last 
//+------------------------------------------------------------------+
//|                                                  Today Trend.mq4 |
//|                                   Copyright © 2006, Jason Rivera |
//|                                      http://www.jasonerivera.com |
//+------------------------------------------------------------------+
//|   
//|   Based on an excel spreadsheet posted by toro55 @
//|   http://www.strategybuilderfx.com/forums/showthread.php?s=&threadid=16130
//|   
//|   Posted for the benefit of those at the StrategyBuilder
//|   community.
//|   
//+------------------------------------------------------------------+
#property copyright "Copyright © 2006, Jason Rivera"
#property link      "http://www.jasonerivera.com"

#property indicator_chart_window
#property indicator_buffers 4
#property indicator_color1 Blue
#property indicator_color2 Red
#property indicator_color3 YellowGreen
#property indicator_color4 Red

//----External Variables
extern int PROFIT_TARGET = 30;
extern bool SHOW_TARGET = true;
extern bool SHOW_REVERSAL = true;

//---- buffers
double UpBuffer[];
double DownBuffer[];
double TargetBuffer[];
double ReversalBuffer[];

//----variables
double H=0, L=0, O=0, C=0, R=0, S=0, Pivot=0, Spread=0, RevRate=0, MaxLoss=0, max=0, draw=0;
double S2,R2;
int action=0, action1=0, action2=0, action3=0;
int Under_Resistance=0;
string res="";
   
//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
//---- indicators
   SetIndexLabel(0,"Go Long");
   SetIndexLabel(1,"Go Short");
   SetIndexLabel(2,"Profit Target Line");
   SetIndexLabel(3,"Stop/Reversal Line");
   SetIndexStyle(0,DRAW_ARROW,STYLE_SOLID,1);
   SetIndexBuffer(0,UpBuffer);
   SetIndexStyle(1,DRAW_ARROW,STYLE_SOLID,1);
   SetIndexBuffer(1,DownBuffer);
   SetIndexStyle(2,DRAW_LINE,STYLE_SOLID,1);
   SetIndexBuffer(2,TargetBuffer);
   SetIndexStyle(3,DRAW_LINE,STYLE_SOLID,1);
   SetIndexBuffer(3,ReversalBuffer);
   
   SetIndexEmptyValue(0,0);
   SetIndexEmptyValue(1,0);
   SetIndexEmptyValue(2,0);
   SetIndexEmptyValue(3,0);
   
   SetIndexArrow(0,236);
   SetIndexArrow(1,238);
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//----
   
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {
   int    counted_bars=IndicatorCounted();
   int pos =0;
   
   int m = 0;
   int d = 0;
   int y = 0;
   string dt = "";
   datetime some_time = 0;
   int shift = 0;
   int tc = 1440;
   int min = 0;
   int hr = 0;
   
   int thour=0, tmin=0;
//---- 
   //script can only be run on daily chart or lower timeframe
   if(Period() > 1440)
   {
      Print("Indicator must be run on Daily chart or lesser timeframe"); 
      return(0);
   }
   
   //---- check for possible errors
   if(counted_bars<0) return(-1);
   //---- last counted bar will be recounted
   if(counted_bars>0) counted_bars--;
   
   pos = Bars-counted_bars;
   
   while(pos>=0)
   {
      m=TimeMonth(Time[pos]);
      d=TimeDay(Time[pos]);
      y=TimeYear(Time[pos]);
      min = TimeMinute(Time[pos]);
      hr = TimeHour(Time[pos]);
      dt = y + "." + m + "." + d + " " + hr + ":" + min;
      some_time = StrToTime(dt);
      
      //find the proper shift of the daily bar having the same date as this timeframe's bar having the current shift
      //we must do this in order to be able to run the indicator on smaller time frames in light of a bigger one
      shift = iBarShift(NULL,tc,some_time); //returns the correct shift of the current daily bar
      
      thour = TimeHour(iTime(NULL,60,iBarShift(NULL,60,some_time)));
      tmin = TimeMinute(iTime(NULL,Period(),pos));
      
      //create price reference lines
      if(SHOW_REVERSAL == true) {ReversalBuffer[pos] = ReversalBuffer[pos+1];}
      if(SHOW_TARGET == true) {TargetBuffer[pos] = TargetBuffer[pos+1];}
         
      //only trade on Open of Day; check for hour 0 && minute 0 for intraday timeframes
      if(thour == 0 && tmin == 0)
      {
         H = iHigh(NULL,tc,shift+1);   //previous daily bar's high
         L = iLow(NULL,tc,shift+1);    //previous daily bar's low
         C = iClose(NULL,tc,shift+1);  //previous daily bar's close
         O = Open[pos];                //current Period() bar's open
      
         Spread = H - L;
/*         
         Pivot = (Spread*2)/5;
         R = H - Pivot;
         S = L + Pivot;
*/ 

         Pivot = (H + L + C)/3;
         R = 2*Pivot - L;
         S = 2*Pivot - H;
         S2 = Pivot - (R - S);
         R2 = Pivot + (R-S);
         //reset Buy/Sell actions
         action1 = 0;
         action2 = 0;
         action3 = 0;
         Under_Resistance = 0;
      
         if(O < R) 
         {
            Under_Resistance = 1;
         }else{
            Under_Resistance = -1;
         }
      
         //Calculate the 1st action
         if(O < H && O > R) action1 = -1;  //"Sell"
         if(O > L && O < S) action1 = 1;   //"Buy"
      
         //Calculate the 2nd action
         if(Under_Resistance == 1 && (R-O) < (O-S)) action2 = -1;   //"Sell"
         if(Under_Resistance == 1 && (R-O) >= (O-S)) action2 = 1;   //"Buy"
      
         //Calculate the 3rd action
         if(O <= L) action3 = -1;  //"Sell"
         if(O >= H) action3 = 1;   //"Buy"            
      
         //Calculate the Reversal Rate
/*         
         if(action2 == 1) RevRate = L;
         if(action2 == -1) RevRate = H;
         if(action1 == -1) RevRate = H;
         if(action1 == 1) RevRate = L;
         if(action3 == 1) RevRate = H;
         if(action3 == -1) RevRate = L;
*/         
         if(action2 == 1) RevRate = S;
         if(action2 == -1) RevRate = R;
         if(action1 == -1) RevRate = R2;
         if(action1 == 1) RevRate = S2;
         if(action3 == 1) 
         {
            if(O <= R2) RevRate = H;
            if(O > R2) RevRate = R2;
         }   
         if(action3 == -1)
         {
            if(O >= S2) RevRate = L;
            if(O < S2) RevRate = S2;
         } 
      
         //Calculate the Max Loss
         if(action2 == 1) MaxLoss = O - S;
         if(action2 == -1) MaxLoss = R - O;
         if(action1 == -1) MaxLoss = R2 - O;
         if(action1 == 1) MaxLoss = O - S2;
         if(action3 == 1) 
         {
            if(O <= R2) MaxLoss = O - H;
            if(O > R2) MaxLoss = O - R2;
            
         }   
         if(action3 == -1)
         {
            if(O <= R2) MaxLoss = L - O;
            if(O > R2) MaxLoss = S2 - O;
            
         }   
/*         
         if(action2 == 1) MaxLoss = O - L;
         if(action2 == -1) MaxLoss = H - O;
         if(action1 == -1) MaxLoss = H - O;
         if(action1 == 1) MaxLoss = O - L;
         if(action3 == 1) MaxLoss = O - H;
         if(action3 == -1) MaxLoss = L - O;
*/      
         if(action1 != 0)  action = action1;
         if(action2 != 0)  action = action2;
         if(action3 != 0)  action = action3;
                   
      
         if(action == 1)//buy
         {
            UpBuffer[pos] = O;
            
            if(SHOW_TARGET == true)
            {
               TargetBuffer[pos+1] = 0;  //keep line from warping to next value; comment line to see on daily timeframe
               TargetBuffer[pos] = O + (PROFIT_TARGET*Point);
            }
            
            if(SHOW_REVERSAL == true)
            {
               ReversalBuffer[pos+1] = 0;   //keep line from warping to next value; comment line to see on daily timeframe
               ReversalBuffer[pos] = RevRate;
            }
         }
         
         if(action == -1)//sell
         {
            DownBuffer[pos] = O;
            
            if(SHOW_TARGET == true)
            {
               TargetBuffer[pos+1] = 0;  //keep line from warping to next value; comment line to see on daily timeframe
               TargetBuffer[pos] = O - (PROFIT_TARGET*Point);
            }
            
            if(SHOW_REVERSAL == true)
            {
               ReversalBuffer[pos+1] = 0;   //keep line from warping to next value; comment line to see on daily timeframe
               ReversalBuffer[pos] = RevRate;
            }
         }
      }
      
      pos--;
   }
   
   Comment(ToString(action), " @ ", O);
   
//----
   return(0);
  }
//+------------------------------------------------------------------+

string ToString(int action)
{
   if(action == 1) return("Buy");
   if(action == -1) return("Sell");
   if(action == 0) return("No Action");
}

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