VarBreakInd
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This script is designed to identify and visualize specific price "breakout zones" on a trading chart. It helps traders by automatically highlighting the high and low price boundaries established during early market sessions, allowing them to see where the price needs to break through to signal a potential new trend.
Core Logic Overview
The tool functions by monitoring the price action of a currency pair (like EUR/USD) over specific time windows. It identifies the highest and lowest prices reached during these windows and projects those levels forward onto the chart for the remainder of the day.
Key Components of the System:
1. Time Zone and Session Management The script allows you to define your local time zone and a specific "Start Time." From this start point, it identifies specific intervals throughout the trading day. It is designed to look back at historical data to correctly align these sessions regardless of your current server time.
2. Dynamic Range Identification Instead of using fixed price levels, the script dynamically calculates "Zones":
- Session Tracking: It looks for price action within designated morning and early-day blocks.
- High/Low Capture: During these periods, the script tracks the absolute highest price (High) and lowest price (Low) reached.
- Buffer Zone: To account for market noise, it adds a customizable "Pip" buffer to these high and low marks. This ensures that a tiny movement doesn't trigger a breakout signal; the price must move a meaningful distance beyond the established range.
3. Visual Projection (The Breakout Zones) Once the first primary period ends, the script "carries forward" those highs and lows:
- Visual Lines: It draws horizontal lines on your chart representing the upper and lower boundaries of the session's range.
- Real-Time Updates: As new price data comes in during the trading day, the script continues to display these levels, providing a clear visual "ceiling" and "floor."
4. Automated Reset The logic is programmed to be "self-cleaning." At the start of every new calendar day, the script automatically resets all its calculations. It clears the previous day's zones and begins monitoring the new day's price action from scratch, ensuring that old data does not clutter your current trading view.
Summary for the User
In simple terms, this tool helps you answer the question: "What was the range of the market during the morning session?" It automatically marks those boundaries on your chart and extends them forward, providing you with clear visual targets to identify when the price has officially "broken out" of the previous period's behavior.
//+------------------------------------------------------------------+
//| VarBreakInd.mq4 |
//| Michal |
//| |
//+------------------------------------------------------------------+
#property copyright "Copyright Shimodax, modified by MR"
#property link "http://www.strategybuilderfx.com/forums/showthread.php?t=15439"
/* Introduction:
Draw ranges for "Simple Combined Breakout System for EUR/USD and GBP/USD" thread
(see http://www.strategybuilderfx.com/forums/showthread.php?t=15439)
LocalTimeZone: TimeZone for which MT4 shows your local time,
e.g. 1 or 2 for Europe (GMT+1 or GMT+2 (daylight
savings time). Use zero for no adjustment.
The MetaQuotes demo server uses GMT +2.
Enjoy :-)
Markus
*/
#property indicator_chart_window
#property indicator_buffers 5
#property indicator_color1 Yellow
#property indicator_color2 Yellow
#property indicator_color3 Green
#property indicator_color4 Green
#property indicator_color5 Blue
extern int LocalTimeZone= 0;
extern int DestTimeZone= 0;
extern int PipsForEntry= 7;
extern int StartHour = 2; // Hour to start in server time zone
extern int StartMinute = 30; // Minute to start in server timezone
extern int Duration = 240; // Duration in minutes
double Zone1Upper[];
double Zone2Upper[];
double Zone1Lower[];
double Zone2Lower[];
double SignalsBuffer[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
SetIndexStyle(0,DRAW_LINE);
SetIndexBuffer(0,Zone1Upper);
SetIndexEmptyValue(0, 0.0);
SetIndexStyle(1,DRAW_LINE);
SetIndexBuffer(1,Zone1Lower);
SetIndexEmptyValue(1, 0.0);
SetIndexStyle(2,DRAW_LINE);
SetIndexBuffer(2,Zone2Upper);
SetIndexEmptyValue(2, 0.0);
SetIndexStyle(3,DRAW_LINE);
SetIndexBuffer(3,Zone2Lower);
SetIndexEmptyValue(3, 0.0);
SetIndexStyle(4,DRAW_ARROW);
SetIndexArrow(4, 156);
SetIndexBuffer(4, SignalsBuffer);
return(0);
}
int deinit()
{
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars= IndicatorCounted(),
lastbar, result;
if (Bars<=100)
return(0);
if (counted_bars>0)
counted_bars--;
lastbar= Bars - counted_bars;
BreakoutRanges(0, lastbar, LocalTimeZone, DestTimeZone);
return(0);
}
//+------------------------------------------------------------------+
//| Compute index of first/last bar of yesterday and today |
//+------------------------------------------------------------------+
int BreakoutRanges(int offset, int lastbar, int tzlocal, int tzdest)
{
int i, j, k,
tzdiff= tzlocal - tzdest,
tzdiffsec= tzdiff*3600,
tidxstart[2]= { 0, 0},
tidxend[2]= { 0, 0 };
double thigh[2]= { 0.0, 0.0 },
tlow[2]= { 99999.9, 99999.9 };
double Spread = Ask-Bid;
datetime ct = CurTime();
datetime time_from = StrToTime(TimeYear(ct)+"."+TimeMonth(ct)+"."+TimeDay(ct)+" "+
StartHour+":"+StartMinute);
datetime time_to = time_from + Duration*60;
string tfrom[3]= { "04:00", "08:00" , /*rest of day: */ "12:00"},
tto[3]= { "08:00", "12:00", /*rest of day: */ "24:00" },
tday;
tfrom[0] = TimeToStr(time_from, TIME_MINUTES);
tto[0] = TimeToStr(time_to, TIME_MINUTES);
tfrom[1] = TimeToStr(time_to, TIME_MINUTES);
tto[1] = TimeToStr(time_to+60, TIME_MINUTES);
//tfrom[2] = TimeToStr(time_to+60, TIME_MINUTES);
//tto[2] = TimeToStr(time_to+60, TIME_MINUTES);
//Print(TimeToStr(time_from, TIME_MINUTES),"->",TimeToStr(time_to, TIME_MINUTES));
bool inperiod= -1;
datetime timet;
//
// search back for the beginning of the day
//
tday= TimeToStr(Time[lastbar]-tzdiffsec, TIME_DATE);
for ( ; lastbar<Bars; lastbar++) {
if (TimeToStr(Time[lastbar] - tzdiffsec, TIME_DATE)!=tday) {
lastbar--;
break;
}
}
//
// find the high/low for the two periods and carry them forward through the day
//
tday= "XXX";
for (i= lastbar; i>=offset; i--) {
timet= Time[i] - tzdiffsec; // time of this bar
string timestr= TimeToStr(timet, TIME_MINUTES), // current time HH:MM
thisday= TimeToStr(timet, TIME_DATE); // current date
//
// for all three periods (first period, second period, rest of day)
//
for (j= 0; j<3; j++) {
if (tfrom[j]<=timestr && timestr<tto[j]) { // Bar[i] in this period
if (inperiod!=j) { // entered new period, so last one is completed
if (j>0) { // now draw high/low back over the recently completed period
for (k= tidxstart[j-1]; k>=tidxend[j-1]; k--) {
if (j-1==0) {
Zone1Upper[k]= thigh[j-1];
Zone1Lower[k]= tlow[j-1];
}
}
}
inperiod= j; // remember current period
}
if (inperiod==2) // inperiod==2 (end of day) is just to check completion of zone 2
break;
// for the current period find idxstart, idxend and compute high/low
if (tidxstart[j]==0) {
tidxstart[j]= i;
tday= thisday;
}
tidxend[j]= i;
thigh[j]= MathMax(thigh[j], High[i]);
tlow[j]= MathMin(tlow[j], Low[i]);
}
}
//
// carry forward the periods for which we have definite high/lows
//
if (inperiod>=1 && tday==thisday) { // first time period completed
Zone1Upper[i]= thigh[0] + PipsForEntry*Point/*+Spread*/;
Zone1Lower[i]= tlow[0] - PipsForEntry*Point;
}
else { // none yet to carry forward (zero to clear old values, e.g. from switching timeframe)
Zone1Upper[i]= 0;
Zone1Lower[i]= 0;
Zone2Upper[i]= 0;
Zone2Lower[i]= 0;
}
//
// at the beginning of a new day reset everything
//
if (tday!="XXX" && tday!=thisday) {
//Print("#", i, "new day ", thisday, "/", tday);
tday= "XXX";
inperiod= -1;
for (j= 0; j<2; j++) {
tidxstart[j]= 0;
tidxend[j]= 0;
thigh[j]= 0;
tlow[j]= 99999;
}
}
}
return (0);
}
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