xb4d
Download script
This technical tool is designed to analyze market momentum and price behavior by calculating the relative position of current prices within a specific historical window. Instead of simply looking at where the price is going, it evaluates how far the price has traveled between its highest and lowest points over a set number of bars (customizable by the user).
Core Logic and Data Processing
The script operates through a multi-step mathematical process to interpret market sentiment:
- Range Identification: The tool constantly scans the preceding candles to identify the highest peak and the lowest valley within its look-back period.
- Positioning & Weighting: It calculates the midpoint of the current candle and determines where it sits relative to that established high-low range. It then applies a weighted smoothing formula to this value. This helps filter out "market noise" and ensures that the resulting data represents a fluid trend rather than erratic, momentary spikes.
- Logarithmic Transformation: To make the data more readable and actionable on a chart, the script converts these smoothed values into a logarithmic scale. This highlights the strength of the move, providing a clearer visual representation of momentum.
Visual Output and Signals
The indicator translates these complex calculations into a clear visual display for the trader:
- Momentum Tracking: The primary visual is represented as a histogram. It tracks the shift in energy; when the values move significantly in one direction, it indicates growing pressure from either buyers or sellers.
- Dynamic Labeling: The script features an automated text display on the chart. Based on the final calculation of the momentum data, it will dynamically update to show either a "LONG" or "SHORT" signal.
- Trend Classification:
- If the calculated momentum remains positive and trending upward, the tool identifies a bullish environment (Long).
- If the momentum turns negative or continues to drop, it identifies a bearish environment (Short).
In summary, this script acts as a trend-tracking assistant. It filters out minor price fluctuations to provide a smoothed view of market strength, identifying whether the current price action is dominated by buyers or sellers based on its position relative to recent highs and lows.
Miscellaneous
14
Views
3
Downloads
0
Favorites
xb4d
#property copyright "xbox forex"
#property link "http://community.strangled.net"
#property indicator_separate_window
#property indicator_buffers 3
#property indicator_color1 Black
#property indicator_color2 Blue
#property indicator_color3 Red
extern int period = 27;
double g_ibuf_80[];
double g_ibuf_84[];
double g_ibuf_88[];
string gs_92 = "";
string gs_xb4_ind_100 = "XB4 ind";
int init() {
SetIndexStyle(0, DRAW_HISTOGRAM);
SetIndexStyle(1, DRAW_HISTOGRAM);
SetIndexStyle(2, DRAW_HISTOGRAM);
IndicatorDigits(Digits + 1);
SetIndexBuffer(0, g_ibuf_80);
SetIndexBuffer(1, g_ibuf_84);
SetIndexBuffer(2, g_ibuf_88);
IndicatorShortName(gs_xb4_ind_100);
SetIndexLabel(1, NULL);
SetIndexLabel(2, NULL);
return (0);
}
int start() {
double ld_8;
double ld_16;
double ld_80;
int li_4 = IndicatorCounted();
double ld_32 = 0;
double ld_40 = 0;
double ld_unused_48 = 0;
double ld_unused_56 = 0;
double ld_64 = 0;
double ld_unused_72 = 0;
double l_low_88 = 0;
double l_high_96 = 0;
creataalltext();
int li_104 = 16777215;
if (li_4 > 0) li_4--;
int li_0 = Bars - li_4;
for (int li_108 = 0; li_108 < li_0; li_108++) {
l_high_96 = High[iHighest(NULL, 0, MODE_HIGH, period, li_108)];
l_low_88 = Low[iLowest(NULL, 0, MODE_LOW, period, li_108)];
ld_80 = (High[li_108] + Low[li_108]) / 2.0;
ld_32 = 0.66 * ((ld_80 - l_low_88) / (l_high_96 - l_low_88) - 0.5) + 0.67 * ld_40;
ld_32 = MathMin(MathMax(ld_32, -0.999), 0.999);
g_ibuf_80[li_108] = MathLog((ld_32 + 1.0) / (1 - ld_32)) / 2.0 + ld_64 / 2.0;
ld_40 = ld_32;
ld_64 = g_ibuf_80[li_108];
}
bool li_112 = TRUE;
for (li_108 = li_0 - 2; li_108 >= 0; li_108--) {
ld_16 = g_ibuf_80[li_108];
ld_8 = g_ibuf_80[li_108 + 1];
if ((ld_16 < 0.0 && ld_8 > 0.0) || ld_16 < 0.0) li_112 = FALSE;
if ((ld_16 > 0.0 && ld_8 < 0.0) || ld_16 > 0.0) li_112 = TRUE;
if (!li_112) {
g_ibuf_88[li_108] = ld_16;
g_ibuf_84[li_108] = 0.0;
gs_92 = "SHORT";
li_104 = 65535;
} else {
g_ibuf_84[li_108] = ld_16;
g_ibuf_88[li_108] = 0.0;
gs_92 = "LONG";
li_104 = 65280;
}
}
settext("xboxforex_ind", gs_92, 12, li_104, 10, 15);
return (0);
}
void creataalltext() {
createtext("xboxforex_ind");
settext("xboxforex_ind", "", 12, White, 10, 15);
}
void createtext(string a_name_0) {
ObjectCreate(a_name_0, OBJ_LABEL, WindowFind(gs_xb4_ind_100), 0, 0);
}
void settext(string a_name_0, string a_text_8, int a_fontsize_16, color a_color_20, int a_x_24, int a_y_28) {
ObjectSet(a_name_0, OBJPROP_XDISTANCE, a_x_24);
ObjectSet(a_name_0, OBJPROP_YDISTANCE, a_y_28);
ObjectSetText(a_name_0, a_text_8, a_fontsize_16, "Arial", a_color_20);
}
Comments