Here's a breakdown of what the MetaTrader script does, explained in a way that avoids technical jargon and focuses on the overall logic:
This script is designed to identify potential buying or selling opportunities in the market based on a "wave" pattern analysis across multiple timeframes. Think of it as a tool that tries to ride the waves of market trends.
Here's the core idea:
-
Multi-Timeframe Analysis: The script looks at price data from different timeframes (e.g., 5-minute, 1-hour, daily charts). It's like comparing what's happening in the short-term versus the long-term to get a better sense of the overall trend.
-
Wave Detection: For each timeframe, the script calculates a special value based on recent highs, lows, and closing prices and a moving average. It then determines if the "wave" is pointing upwards (suggesting a potential buy) or downwards (suggesting a potential sell).
-
Signal Confirmation: The script then checks if multiple timeframes are aligned in their "wave" direction (either all pointing up or all pointing down). If enough timeframes agree on the direction of the wave, the script considers it a stronger signal.
-
Visual Alerts: The script can display arrows on the chart to indicate potential buy or sell signals. These arrows can be configured to appear in different colors, based on the strength of the signal. It also displays text showing which timeframes are being considered.
-
Notifications: The script can send alerts to your MetaTrader platform, email, or mobile device when a potential buying or selling opportunity is detected.
-
Information Display: The script shows details about the account, broker, currency pair, spread, and the wave direction, making it easy to track the market.
In essence, this script attempts to:
- Identify the dominant trend by analyzing price movements across different timeframes.
- Generate potential buy or sell signals when it detects a strong and consistent trend.
- Alert the user to these potential opportunities.
Price Data Components
Indicators Used
Miscellaneous
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WaveMTF
//+------------------------------------------------------------------+
//| WaveMTF.mq5 |
//| Copyright 2020, Roberto Jacobs (3rjfx) |
//| https://www.mql5.com/en/users/3rjfx |
//+------------------------------------------------------------------+
#property copyright "Copyright 2020, Roberto Jacobs (3rjfx) ~ By 3rjfx ~ Created: 2020/06/10"
#property link "https://www.mql5.com/en/users/3rjfx"
#property version "2.00"
#property strict
#property description "Indicator WaveMTF Bull and Bear System with Signal and Alert"
#property description "for MetaTrader 5 with options to display signal on the chart."
#property description "version: 2.00 ~ Last update 27/08/2020"
/*
Update version 2.00
~ Fix buffers error
*/
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_plots 2
#property indicator_type1 DRAW_NONE
#property indicator_type2 DRAW_NONE
//--
//--
enum YN
{
No,
Yes
};
//--
enum corner
{
NotShow=-1, // Not Show Arrow
topchart=0, // On Top Chart
bottomchart=1 // On Bottom Chart
};
//--
enum StrTF
{
M1, // TF-M1
M5, // TF-M5
M15, // TF-M15
M30, // TF-M30
H1, // TF-H1
H4, // TF-H4
D1, // TF-D1
W1, // TF-W1
MN // TF-MN
};
//--
//--
input StrTF stf = M5; // Time Frames Calculation Signal Starts
input StrTF etf = D1; // Last Time Frames Calculation Signal
input corner cor = topchart; // Arrow Move Position
input YN alerts = Yes; // Display Alerts / Messages (Yes) or (No)
input YN EmailAlert = No; // Email Alert (Yes) or (No)
input YN sendnotify = No; // Send Notification (Yes) or (No)
input YN displayinfo = Yes; // Display Trade Info
input color textcolor = clrSnow; // Text Color
input color ArrowUp = clrLime; // Arrow Up Color
input color ArrowDn = clrRed; // Arrow Down Color
input color NTArrow = clrYellow; // Arrow No Signal
//---
//---- indicator buffers
double BufferUp[];
double BufferDn[];
//--
//--- spacing
int scaleX=35,scaleY=40,scaleYt=18,offsetX=250,offsetY=3,fontSize=7; // coordinate
int txttf,
arrtf;
color arclr;
ENUM_BASE_CORNER bcor;
//--- arrays for various things
ENUM_TIMEFRAMES BBTF[]={PERIOD_M1,PERIOD_M5,PERIOD_M15,PERIOD_M30,PERIOD_H1,PERIOD_H4,PERIOD_D1,PERIOD_W1,PERIOD_MN1};
int XBB[10];
string periodStr[]={"M1","M5","M15","M30","H1","H4","D1","W1","MN","MOVE"}; // Text Timeframes
//--
double
pricepos;
datetime
cbartime;
int cur,prv;
int imnn,imnp;
int cmnt,pmnt;
int arr;
long CI;
static int fbar;
string posisi,
sigpos,
iname,
msgText;
string frtext="wave";
#define MAX_BAR 120
//---------//
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int OnInit()
{
//--- indicator buffers mapping
SetIndexBuffer(0,BufferUp,INDICATOR_DATA);
PlotIndexSetString(0,PLOT_LABEL,"Bullish");
PlotIndexSetInteger(0,PLOT_SHOW_DATA,true);
//--
SetIndexBuffer(1,BufferDn,INDICATOR_DATA);
PlotIndexSetString(1,PLOT_LABEL,"Bearish");
PlotIndexSetInteger(1,PLOT_SHOW_DATA,true);
//--
PlotIndexSetDouble(0,PLOT_EMPTY_VALUE,0.0);
PlotIndexSetDouble(1,PLOT_EMPTY_VALUE,0.0);
//--
//---- indicator short name
iname="WaveMTF";
IndicatorSetString(INDICATOR_SHORTNAME,iname+"_("+Symbol()+")");
IndicatorSetInteger(INDICATOR_DIGITS,Digits());
//--
CI=ChartID();
arr=ArraySize(XBB);
//--
if(cor>=0)
{
if(cor==topchart) {bcor=CORNER_LEFT_UPPER; txttf=45; arrtf=-20;}
if(cor==bottomchart) {bcor=CORNER_LEFT_LOWER; txttf=45; arrtf=-12;}
}
else
{
string name;
for(int i=ObjectsTotal(CI,0,-1)-1; i>=0; i--)
{
name=ObjectName(CI,i,0,-1);
if(StringFind(name,frtext,0)>-1) ObjectDelete(CI,name);
}
}
//--
//---
return(INIT_SUCCEEDED);
}
//---------//
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
void OnDeinit(const int reason)
{
//----
Comment("");
string name;
for(int i=ObjectsTotal(CI,0,-1)-1; i>=0; i--)
{
name=ObjectName(CI,i,0,-1);
if(StringFind(name,frtext,0)>-1) ObjectDelete(CI,name);
}
//--
//----
return;
}
//---------//
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int OnCalculate(const int rates_total,
const int prev_calculated,
const datetime &time[],
const double &open[],
const double &high[],
const double &low[],
const double &close[],
const long &tick_volume[],
const long &volume[],
const int &spread[])
{
//---
//--- Set Last error value to Zero
ResetLastError();
//---
int limit=0,barc;
//--- check for rates total
if(rates_total>MAX_BAR) limit=MAX_BAR;
barc=limit-1;
//--
ArrayResize(BufferUp,limit);
ArrayResize(BufferDn,limit);
ArraySetAsSeries(open,true);
ArraySetAsSeries(high,true);
ArraySetAsSeries(low,true);
ArraySetAsSeries(close,true);
ArraySetAsSeries(time,true);
ArraySetAsSeries(BufferUp,true);
ArraySetAsSeries(BufferDn,true);
//--
int tfcnt=etf-stf;
arclr=NTArrow;
//--
imnn=Seconds();
if(imnn!=imnp)
{
for(int w=barc; w>=0; w--)
{
int tr=0,xbup=0,xbdn=0,i;
cbartime=time[w];
if(cor>=0)
{
for(int x=0; x<arr; x++)
{
CreateArrowLabel(CI,frtext+"_tfx_arrow_"+string(x),periodStr[x],"Bodoni MT Black",fontSize,textcolor,bcor,
txttf+x*scaleX+offsetX,scaleY+offsetY+7,true); //"Georgia" "Bodoni MT Black" "Verdana" "Arial Black"
}
}
//--
for(i=0; i<arr-1; i++)
{
XBB[i]=GetDirection(BBTF[i],w);
if(cor>=0)
{
if(XBB[i]>0) arclr=ArrowUp;
if(XBB[i]<0) arclr=ArrowDn;
CreateArrowLabel(CI,frtext+"_win_arrow_"+string(i),CharToString(108),"Wingdings",14,arclr,bcor,
txttf+i*scaleX+offsetX,arrtf+scaleY+offsetY+7,true);
}
if(i>=stf && i<=etf)
{
if(XBB[i]>0) xbup++;
if(XBB[i]<0) xbdn++;
}
}
if(i==9)
{
if(xbup>=tfcnt)
{
tr=1;
XBB[i]=xbup;
arclr=ArrowUp;
BufferUp[w]=GetPrice(Period(),tr,w);
pricepos=BufferUp[w];
BufferDn[w]=0.0;
cur=1;
fbar=iBarShift(Symbol(),Period(),cbartime,false);
}
else
if(xbdn>=tfcnt)
{
tr=-1;
XBB[i]=xbdn;
arclr=ArrowDn;
BufferDn[w]=GetPrice(Period(),tr,w);
pricepos=BufferDn[w];
BufferUp[w]=0.0;
cur=-1;
fbar=iBarShift(Symbol(),Period(),cbartime,false);
}
else
{
XBB[i]=0;
arclr=NTArrow;
BufferDn[w]=0.0;
BufferUp[w]=0.0;
pricepos=close[w];
cur=0;
fbar=iBarShift(Symbol(),Period(),cbartime,false);
}
//--
if(cor>=0) CreateArrowLabel(CI,frtext+"_win_arrow_"+string(i),CharToString(108),"Wingdings",14,arclr,bcor,
txttf+i*scaleX+offsetX+8,arrtf+scaleY+offsetY+7,true);
}
}
//--
imnp=imnn;
}
//--
if(alerts==Yes||EmailAlert==Yes||sendnotify==Yes) Do_Alerts(cur,fbar);
if(displayinfo==Yes) ChartComm();
//--
//--- return value of prev_calculated for next call
return(rates_total);
}
//---------//
// getting the price direction
int GetDirection(ENUM_TIMEFRAMES xtf,int bar)
{
//---
int ret=0;
//--
double ptpc1=(iHigh(Symbol(),xtf,bar+1)+iLow(Symbol(),xtf,bar+1)+iClose(Symbol(),xtf,bar+1))/3;
double ptpc0=(iHigh(Symbol(),xtf,bar)+iLow(Symbol(),xtf,bar)+iClose(Symbol(),xtf,bar))/3;
//--
double mapw1=IMA(Symbol(),xtf,13,0,MODE_SMMA,PRICE_WEIGHTED,bar+1);
double mapw0=IMA(Symbol(),xtf,13,0,MODE_SMMA,PRICE_WEIGHTED,bar);
//--
double bb1=ptpc1-mapw1;
double bb0=ptpc0-mapw0;
//--
if(bb0>bb1) ret=1;
if(bb0<bb1) ret=-1;
//--
return(ret);
//---
}
//---------//
// getting the price position
double GetPrice(ENUM_TIMEFRAMES xtf,int bb,int bx)
{
//---
int bar=30;
double ppos=0;
//--
int HH=iHighest(Symbol(),xtf,MODE_HIGH,bar,bx);
int LL=iLowest(Symbol(),xtf,MODE_LOW,bar,bx);
//--
if(bb>0) {ppos=iLow(Symbol(),xtf,LL); cbartime=iTime(Symbol(),xtf,LL);}
if(bb<0) {ppos=iHigh(Symbol(),xtf,HH); cbartime=iTime(Symbol(),xtf,HH);}
//--
return(ppos);
//---
}
//---------//
double IMA(string symbol,
ENUM_TIMEFRAMES tf,
int period,
int ma_shift,
ENUM_MA_METHOD method,
ENUM_APPLIED_PRICE mprice,
int shift)
{
//---
int handle=iMA(symbol,tf,period,ma_shift,method,mprice);
double buf[];
//--
if(handle<0)
{
Print("The iMA object is not created: Error",GetLastError());
return(-1);
}
else
{
CopyBuffer(handle,0,shift,1,buf);
}
return(buf[0]);
//---
} //-end IMA()
//---------//
void Do_Alerts(int fcur,int fb)
{
//--
cmnt=Minutes();
if(cmnt!=pmnt)
{
//--
if(fcur==1)
{
msgText="Wave Price Up Start"+" at bars: "+string(fb);
posisi="Bullish";
sigpos="Open BUY Order";
}
else
if(fcur==-1)
{
msgText="Wave Price Down Start"+" at bars: "+string(fb);
posisi="Bearish";
sigpos="Open SELL Order";
}
else
{
msgText="Wave Price Not Found!";
posisi="Not Found!";
sigpos="Wait for Confirmation!";
}
//--
if(fcur!=prv)
{
Print(iname,"--- "+Symbol()+" "+TF2Str(Period())+": "+msgText+
"\n--- at: ",TimeToString(iTime(Symbol(),0,0),TIME_DATE|TIME_MINUTES)+" - "+sigpos);
//--
if(alerts==Yes)
Alert(iname,"--- "+Symbol()+" "+TF2Str(Period())+": "+msgText+
"--- at: ",TimeToString(iTime(Symbol(),0,0),TIME_DATE|TIME_MINUTES)+" - "+sigpos);
//--
if(EmailAlert==Yes)
SendMail(iname,"--- "+Symbol()+" "+TF2Str(Period())+": "+msgText+
"\n--- at: "+TimeToString(iTime(Symbol(),0,0),TIME_DATE|TIME_MINUTES)+" - "+sigpos);
//--
if(sendnotify==Yes)
SendNotification(iname+"--- "+Symbol()+" "+TF2Str(Period())+": "+msgText+
"\n--- at: "+TimeToString(iTime(Symbol(),0,0),TIME_DATE|TIME_MINUTES)+" - "+sigpos);
//--
prv=fcur;
}
//--
pmnt=cmnt;
}
//--
return;
//---
}
//---------//
string TF2Str(int period)
{
switch(period)
{
//--
case PERIOD_M1: return("M1");
case PERIOD_M5: return("M5");
case PERIOD_M15: return("M15");
case PERIOD_M30: return("M30");
case PERIOD_H1: return("H1");
case PERIOD_H4: return("H4");
case PERIOD_D1: return("D1");
case PERIOD_W1: return("W1");
case PERIOD_MN1: return("MN");
//--
}
return(string(period));
}
//---------//
string AccountMode() // function: to known account trade mode
{
//----
//--- Demo, Contest or Real account
ENUM_ACCOUNT_TRADE_MODE account_type=(ENUM_ACCOUNT_TRADE_MODE)AccountInfoInteger(ACCOUNT_TRADE_MODE);
//---
string trade_mode;
//--
switch(account_type)
{
case ACCOUNT_TRADE_MODE_DEMO:
trade_mode="Demo";
break;
case ACCOUNT_TRADE_MODE_CONTEST:
trade_mode="Contest";
break;
default:
trade_mode="Real";
break;
}
//--
return(trade_mode);
//----
} //-end AccountMode()
//---------//
void ChartComm() // function: write comments on the chart
{
//----
//--
Comment("\n :: Server Date Time : ",(string)Year(),".",(string)Month(),".",(string)Day(), " ",TimeToString(TimeCurrent(),TIME_SECONDS),
"\n ------------------------------------------------------------",
"\n :: Broker : ",TerminalInfoString(TERMINAL_COMPANY),
"\n :: Acc. Name : ",AccountInfoString(ACCOUNT_NAME),
"\n :: Acc, Number : ",(string)AccountInfoInteger(ACCOUNT_LOGIN),
"\n :: Acc,TradeMode : ",AccountMode(),
"\n :: Acc. Leverage : 1 : ",(string)AccountInfoInteger(ACCOUNT_LEVERAGE),
"\n :: Acc. Balance : ",DoubleToString(AccountInfoDouble(ACCOUNT_BALANCE),2),
"\n :: Acc. Equity : ",DoubleToString(AccountInfoDouble(ACCOUNT_EQUITY),2),
"\n --------------------------------------------",
"\n :: Indicator Name : ",iname,
"\n :: Currency Pair : ",Symbol(),
"\n :: Current Spread : ",IntegerToString(SymbolInfoInteger(Symbol(),SYMBOL_SPREAD),0),
"\n :: Signal Start : at bar ",string(iBarShift(Symbol(),0,cbartime,false)),
"\n :: Wave Start : ",DoubleToString(pricepos,Digits()),
"\n :: Indicator Signal : ",posisi,
"\n :: Suggested : ",sigpos);
//---
ChartRedraw();
return;
//----
} //-end ChartComm()
//---------//
bool CreateArrowLabel(long chart_id,
string lable_name,
string label_text,
string font_model,
int font_size,
color label_color,
int chart_corner,
int x_cor,
int y_cor,
bool price_hidden)
{
//---
//--
ObjectDelete(chart_id,lable_name);
//--
if(!ObjectCreate(chart_id,lable_name,OBJ_LABEL,0,0,0,0,0))
{
//Print(__FUNCTION__,
// ": failed to create \"Arrow Label\" sign! Error code = ",GetLastError());
return(false);
}
//--
ObjectSetString(chart_id,lable_name,OBJPROP_TEXT,label_text);
ObjectSetString(chart_id,lable_name,OBJPROP_FONT,font_model);
ObjectSetInteger(chart_id,lable_name,OBJPROP_FONTSIZE,font_size);
ObjectSetInteger(chart_id,lable_name,OBJPROP_COLOR,label_color);
ObjectSetInteger(chart_id,lable_name,OBJPROP_CORNER,chart_corner);
ObjectSetInteger(chart_id,lable_name,OBJPROP_XDISTANCE,x_cor);
ObjectSetInteger(chart_id,lable_name,OBJPROP_YDISTANCE,y_cor);
ObjectSetInteger(chart_id,lable_name,OBJPROP_HIDDEN,price_hidden);
//--- successful execution
return(true);
//--
}
//---------//
int Year(void)
{
//---
return(MqlReturnDateTime(TimeCurrent(),TimeReturn(year)));
//---
} //-end Hours()
//---------//
int Month(void)
{
//---
return(MqlReturnDateTime(TimeCurrent(),TimeReturn(mon)));
//---
} //-end Hours()
//---------//
int Day(void)
{
//---
return(MqlReturnDateTime(TimeCurrent(),TimeReturn(day)));
//---
} //-end Hours()
//---------//
int Hours(void)
{
//---
return(MqlReturnDateTime(TimeCurrent(),TimeReturn(hour)));
//---
} //-end Hours()
//---------//
int Minutes(void)
{
//---
return(MqlReturnDateTime(TimeCurrent(),TimeReturn(min)));
//---
} //-end Minutes()
//---------//
int Seconds(void)
{
//---
return(MqlReturnDateTime(TimeCurrent(),TimeReturn(sec)));
//---
} //-end Seconds()
//---------//
enum TimeReturn
{
//---
year = 0, // Year
mon = 1, // Month
day = 2, // Day
hour = 3, // Hour
min = 4, // Minutes
sec = 5, // Seconds
day_of_week = 6, // Day of week (0-Sunday, 1-Monday, ... ,6-Saturday)
day_of_year = 7 // Day number of the year (January 1st is assigned the number value of zero)
//---
};
//---------//
int MqlReturnDateTime(datetime reqtime,
const int mode)
{
//---
MqlDateTime mqltm;
TimeToStruct(reqtime,mqltm);
int valdate=0;
//--
switch(mode)
{
case 0: valdate=mqltm.year; break; // Return Year
case 1: valdate=mqltm.mon; break; // Return Month
case 2: valdate=mqltm.day; break; // Return Day
case 3: valdate=mqltm.hour; break; // Return Hour
case 4: valdate=mqltm.min; break; // Return Minutes
case 5: valdate=mqltm.sec; break; // Return Seconds
case 6: valdate=mqltm.day_of_week; break; // Return Day of week (0-Sunday, 1-Monday, ... ,6-Saturday)
case 7: valdate=mqltm.day_of_year; break; // Return Day number of the year (January 1st is assigned the number value of zero)
}
return(valdate);
//---
} //-end MqlReturnDateTime()
//---------//
//+------------------------------------------------------------------+
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