TrendLines
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This script is a specialized technical analysis tool designed to automatically identify and visualize key price levels on a trading chart. Its primary purpose is to highlight "Support" and "Resistance" zones—the invisible floors and ceilings where the market has historically shown strength or weakness.
Core Functionality
1. Dynamic Market Analysis The tool scans historical price data to find significant peaks (highs) and troughs (lows). Instead of just looking at a single point, it evaluates price action over a specific period to identify where the market "turned around." This allows the script to distinguish between minor price fluctuations and significant structural shifts.
2. Automated Level Drawing Once the script identifies these key price points, it automatically draws visual markers on your chart:
- Trend Lines: It connects consecutive peaks and troughs to show the direction and momentum of the market. These help traders see the "path" the price is taking.
- Horizontal Lines: Depending on your settings, the script can also project flat horizontal lines. These represent steady price levels where the market may stall or reverse in the future.
3. Smart Scaling The logic includes an "Auto Adjust" feature. This ensures that if you switch between different timeframes (e.g., moving from a 1-minute chart to a 1-hour chart), the script automatically scales its calculations. This keeps the analysis consistent and relevant regardless of the zoom level you are using.
4. Proximity Alerts One of the most practical features of this script is its real-time monitoring:
- Visual Feedback: When the current market price gets very close to one of the identified support or resistance lines, the script automatically increases the thickness of that line on your chart. This provides an immediate visual "warning."
- Audio Notifications: If enabled, the tool can play a sound alert when the price enters these critical zones, ensuring you don't miss potential entry or exit opportunities even if you aren't staring directly at the screen.
Summary for the User
In short, this script acts as an automated "scout." It looks back at history to map out the most important geographical features of the current market (the highs and lows) and places markers on your chart so you can see where the price is likely to react. It highlights these areas more prominently as the price approaches them, helping you identify high-probability trading zones with minimal manual effort.
//+------------------------------------------------------------------+
//| Ind-WSO+WRO+Trend Line.mq4 |
//| http://www.expert-mt4.nm.ru |
//| |
//| TrendLine.mq4 |
//| raff1410@o2.pl |
//+------------------------------------------------------------------+
#property indicator_chart_window
//---- input parameters
extern int TPeriod = 18;
extern int TLimit = 350;
extern bool AutoAdjust = true;
extern int AutoTimeframe = 60;
extern bool HorizontalLines = false;
extern color Support = DeepSkyBlue;
extern color Resistance = Red;
extern bool SoundAlert = false;
extern int AlertPipRange = 10;
extern string AlertWav = "alert.wav";
//----
int nPeriod, Limit, cnt, i, NumOfObj, nCurBar = 0;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//----
nPeriod=TPeriod;
Limit=TLimit;
if (Period()<AutoTimeframe)
{
int AutoFactor = AutoTimeframe/Period();
nPeriod=TPeriod*AutoFactor;
Limit=TLimit*AutoFactor;
}
NumOfObj=10;
if (HorizontalLines) NumOfObj=24;
color SetColor=Support;
int SetObject = OBJ_TREND;
for(cnt=1; cnt<=NumOfObj; cnt++)
{
if (cnt>5) SetColor=Resistance;
if (cnt>10) {SetColor=Support; SetObject=OBJ_HLINE;}
if (cnt>16) SetColor=Resistance;
ObjectCreate("TrendLine_"+cnt,SetObject,0,0,0,0,0);
ObjectSet("TrendLine_"+cnt,OBJPROP_COLOR,SetColor);
}
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//---- TODO: add your code here
for(cnt=1; cnt<=24; cnt++)
{
ObjectDelete("TrendLine_"+cnt);
}
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
//---- TODO: add your code here
double r1,r2,r3,r4,r5,r6;
int rt1,rt2,rt3,rt4,rt5,rt6;
double s1,s2,s3,s4,s5,s6;
int st1,st2,st3,st4,st5,st6;
if(Bars<Limit) Limit=Bars-nPeriod;
for(nCurBar=Limit; nCurBar>0; nCurBar--)
{
if(Low[nCurBar+(nPeriod-1)/2] == Low[Lowest(NULL,0,MODE_LOW,nPeriod,nCurBar)])
{
s6=s5; s5=s4; s4=s3; s3=s2; s2=s1; s1=Low[nCurBar+(nPeriod-1)/2];
st6=st5; st5=st4; st4=st3; st3=st2; st2=st1; st1=nCurBar+(nPeriod-1)/2;
}
if(High[nCurBar+(nPeriod-1)/2] == High[Highest(NULL,0,MODE_HIGH,nPeriod,nCurBar)])
{
r6=r5; r5=r4; r4=r3; r3=r2; r2=r1; r1=High[nCurBar+(nPeriod-1)/2];
rt6=rt5; rt5=rt4; rt4=rt3; rt3=rt2; rt2=rt1; rt1=nCurBar+(nPeriod-1)/2;
}
}
//---- Move Object
ObjectMove("TrendLine_1",1,Time[st1],s1);
ObjectMove("TrendLine_1",0,Time[st2],s2);
ObjectMove("TrendLine_2",1,Time[st2],s2);
ObjectMove("TrendLine_2",0,Time[st3],s3);
ObjectMove("TrendLine_3",1,Time[st3],s3);
ObjectMove("TrendLine_3",0,Time[st4],s4);
ObjectMove("TrendLine_4",1,Time[st4],s4);
ObjectMove("TrendLine_4",0,Time[st5],s5);
ObjectMove("TrendLine_5",1,Time[st5],s5);
ObjectMove("TrendLine_5",0,Time[st6],s6);
ObjectMove("TrendLine_6",1,Time[rt1],r1);
ObjectMove("TrendLine_6",0,Time[rt2],r2);
ObjectMove("TrendLine_7",1,Time[rt2],r2);
ObjectMove("TrendLine_7",0,Time[rt3],r3);
ObjectMove("TrendLine_8",1,Time[rt3],r3);
ObjectMove("TrendLine_8",0,Time[rt4],r4);
ObjectMove("TrendLine_9",1,Time[rt4],r4);
ObjectMove("TrendLine_9",0,Time[rt5],r5);
ObjectMove("TrendLine_10",1,Time[rt5],r5);
ObjectMove("TrendLine_10",0,Time[rt6],r6);
if (HorizontalLines)
{
ObjectMove("TrendLine_11",0,Time[st1],s1);
ObjectMove("TrendLine_12",0,Time[st2],s2);
ObjectMove("TrendLine_13",0,Time[st3],s3);
ObjectMove("TrendLine_14",0,Time[st4],s4);
ObjectMove("TrendLine_15",0,Time[st5],s5);
ObjectMove("TrendLine_16",0,Time[st6],s6);
ObjectMove("TrendLine_17",0,Time[rt1],r1);
ObjectMove("TrendLine_18",0,Time[rt2],r2);
ObjectMove("TrendLine_19",0,Time[rt3],r3);
ObjectMove("TrendLine_20",0,Time[rt4],r4);
ObjectMove("TrendLine_21",0,Time[rt5],r5);
ObjectMove("TrendLine_22",0,Time[rt6],r6);
}
//----
double val;
bool soundOn=true;
for(cnt=1; cnt<=NumOfObj; cnt++)
{
ObjectSet("TrendLine_"+cnt,OBJPROP_WIDTH,1);
val=ObjectGetValueByShift("TrendLine_"+cnt, 0);
if (cnt>10) val=ObjectGet("TrendLine_"+cnt, OBJPROP_PRICE1);
if(Bid-AlertPipRange*Point <= val && Bid+AlertPipRange*Point >= val)
{
ObjectSet("TrendLine_"+cnt,OBJPROP_WIDTH,2);
if (SoundAlert && soundOn) {PlaySound(AlertWav); soundOn=false;}
}
}
//----
return(0);
}
//--------------------------------------------------+
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