XPoints
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This script is a custom technical analysis tool designed for the MetaTrader platform to identify specific price action patterns known as "X-Points." It visualizes these points on your chart using colored arrows and draws reference lines to help navigate market volatility.
Core Visual Components
To make the data easy to read, the script provides several visual aids:
- Reference Lines: The tool automatically plots three horizontal boundaries on the chart: an Upper line, a Middle line, and a Lower line. These lines are calculated based on the highest and lowest prices over a specific recent period.
- Signal Arrows: When the script identifies a valid "X-Point" pattern, it places a visual arrow on the chart (Blue for upward signals, Red for downward signals) to alert the user.
How the Logic Works
The script filters through market data using a series of specific rules to ensure that only high-quality signals are displayed. It evaluates every price candle based on the following criteria:
1. Dynamic Range and Volatility Check The tool first measures the height of the current price movement. If the range is too small (below a user-defined threshold), the script ignores it. This prevents the system from generating "false signals" during periods of extremely low activity where price action lacks significance.
2. Time Filtering You can restrict the indicator to specific hours of the trading day. The script checks the current time against your preferred window (e.g., only identifying points during the London or New York sessions), allowing you to filter out "noisy" price action from late-night markets.
3. Candle Shape and Proportions The logic analyzes the physical shape of the candles:
- Size: It ensures the previous candle meets a minimum size requirement.
- Body Ratio: It calculates the ratio between the "body" (the actual movement) and the "wick" (the reach of the price). This helps identify candles that have significant momentum versus those that are merely being pushed by erratic fluctuations.
4. Trend and Reversal Detection The core "X-Point" logic looks for a specific structural shift between two consecutive candles:
- Upward Signal: The script looks for instances where the previous candle stayed within the defined boundaries, but the current price shows a clear upward movement in both its center point and its overall range compared to the previous bar.
- Downward Signal: Conversely, it looks for signs of exhaustion where the previous candle reached the upper boundary, followed by a significant shift downward in the current candle's structure.
Summary for the User
Essentially, this script acts as an automated "pattern spotter." Instead of you having to manually calculate whether a price movement has enough momentum, volume, and structural change to be meaningful, the script does the math for you. It highlights only those specific moments where the price action suggests a potential shift in direction, while ignoring the "background noise" of the market.
//+------------------------------------------------------------------+
//| XPoints.mq4 |
//| Copyright © 2007, RedPlumSoft, Inc |
//| http://www.redplumsoft.com |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2007, RedPlumSoft, Inc"
#property link "http://www.redplumsoft.com"
//---- indicator props
#define Buffer_Count 5
#define Buffer_Lines 5
#property indicator_chart_window
#property indicator_buffers Buffer_Lines
#property indicator_color1 Blue
#property indicator_color2 Red
#property indicator_color3 Blue
#property indicator_color4 Red
#property indicator_color5 Yellow
//---- Âõîäíûå ïàðàìåòðû
extern int per=3;
extern double xrate=1.5;
extern double xsize=5.0;
extern double xslope=0.0;
extern double xminupdn=10.0;
extern int xhour1=9;
extern int xhour2=19;
extern int xindent=15;
double BfXB[],BfXS[];
double BufD[],BufU[],BufM[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
int j=0;
IndicatorBuffers(Buffer_Count);
IndicatorShortName("XPoints");
SetIndexBuffer(j,BfXB); SetIndexStyle(j,DRAW_ARROW,0,1); SetIndexLabel(j,"X up"); SetIndexArrow(j,233); SetIndexEmptyValue(j, 0.0); j++;
SetIndexBuffer(j,BfXS); SetIndexStyle(j,DRAW_ARROW,0,1); SetIndexLabel(j,"X dn"); SetIndexArrow(j,234); SetIndexEmptyValue(j, 0.0); j++;
SetIndexBuffer(j,BufD); SetIndexStyle(j,DRAW_LINE,2); SetIndexLabel(j,"Lower"); j++;
SetIndexBuffer(j,BufU); SetIndexStyle(j,DRAW_LINE,2); SetIndexLabel(j,"Upper"); j++;
SetIndexBuffer(j,BufM); SetIndexStyle(j,DRAW_LINE,2); SetIndexLabel(j,"Middle"); j++;
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator start function |
//+------------------------------------------------------------------+
int start()
{
int SH,CB=IndicatorCounted(),limit;
if(CB<0) return(-1);
limit = Bars-CB;
if(CB>0)
limit++;
else
{
ArrayInitialize(BfXB,0.0);
ArrayInitialize(BfXS,0.0);
ArrayInitialize(BufD,0.0);
ArrayInitialize(BufU,0.0);
ArrayInitialize(BufM,0.0);
}
// check params
if(xrate<1) xrate=1;
if(xsize<3) xsize=3;
if(xindent<3) xindent=3;
if(xhour1<0) xhour1=0;
if(xhour1>23) xhour1=23;
if(xhour2<=xhour1) xhour2=xhour1+1;
if(xhour2==0) xhour2=24;
// indicator
double MaxP,MinP,ArrowB,ArrowS;
double xrate0,xrate1;
double HeightHL0,HeightHL1,HeightCO0,HeightCO1,HeightUD;
double CenterHL0,CenterHL1,CenterCO0,CenterCO1;
int th;
//double CurWPR;
for(SH=limit-1; SH>=0; SH--)
{
BfXB[SH] = 0.0;
BfXS[SH] = 0.0;
MinP = Low[iLowest(NULL,0,MODE_LOW,per,SH)];
MaxP = High[iHighest(NULL,0,MODE_HIGH,per,SH)];
BufD[SH] = MinP;
BufU[SH] = MaxP;
BufM[SH] = (MinP+MaxP)/2;
HeightUD = (MaxP-MinP)/Point;
if(HeightUD < xminupdn) continue;
// check time
th = TimeHour(iTime(NULL, 0, SH));
if(th < xhour1 || th > xhour2) continue;
// arrow positions
ArrowB = Low[SH] - xindent*Point;
ArrowS = High[SH] + xindent*Point;
// signal measurements
HeightHL0 = (High[SH+0]-Low[SH+0])/Point;
HeightHL1 = (High[SH+1]-Low[SH+1])/Point;
HeightCO0 = (Close[SH+0]-Open[SH+0])/Point;
HeightCO1 = (Close[SH+1]-Open[SH+1])/Point;
CenterHL0 = (High[SH+0]+Low[SH+0])/2;
CenterHL1 = (High[SH+1]+Low[SH+1])/2;
CenterCO0 = (Open[SH+0]+Close[SH+0])/2;
CenterCO1 = (Open[SH+1]+Close[SH+1])/2;
// check if X-point
if(HeightHL1 < xsize) continue;
xrate1 = HeightCO1/HeightHL1;
if(MathAbs(xrate1) > 1/xrate) continue;
// check if there is a trend
if(true
&& Low[SH+1] <= BufD[SH+1]
&& High[SH+1] < BufU[SH+1]
&& Low[SH+0] >= Low[SH+1] + xslope*Point
&& (CenterCO1 <= BufM[SH+1]
|| CenterCO0 >= CenterCO1 + xslope*Point
|| CenterHL0 >= CenterHL1 + xslope*Point)
)
BfXB[SH] = ArrowB;
if(true
&& High[SH+1] >= BufU[SH+1]
&& Low[SH+1] > BufD[SH+1]
&& High[SH+0] <= High[SH+1] - xslope*Point
&& (CenterCO1 >= BufM[SH+1]
|| CenterCO0 <= CenterCO1 - xslope*Point
|| CenterHL0 <= CenterHL1 - xslope*Point)
)
BfXS[SH] = ArrowS;
}
return(0);
}
//+------------------------------------------------------------------+
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