//+------------------------------------------------------------------+
//| Elders Safe Zone.mq4 |
//| Cubesteak |
//| www.cubesteak.net |
//+------------------------------------------------------------------+
#property copyright "Cubesteak"
#property link "www.cubesteak.net"
//----
#property indicator_buffers 1
#property indicator_color1 Red
#property indicator_chart_window
//----
extern int LookBack=10;
extern int StopFactor=3;
extern int EMALength=13;
extern color LineColor=Aquamarine;
//----
double ExtBuffer[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
SetIndexBuffer(0,ExtBuffer);
SetIndexStyle(0,DRAW_LINE,2,1,LineColor);
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
double SafeStop=0;
int counted_bars=IndicatorCounted();
int limit=Bars - LookBack - 3;
for(int shift=limit;shift>=0;shift--)
{
double EMA0=iMA(Symbol(),0,EMALength,0,MODE_EMA,0,shift);
double EMA1=iMA(Symbol(),0,EMALength,0,MODE_EMA,0,shift+1);
double EMA2=iMA(Symbol(),0,EMALength,0,MODE_EMA,0,shift+2);
double PreSafeStop=ExtBuffer[shift+1];
double Pen=0;
int Counter=0;
if (EMA0 > EMA1)
{
for(int value1=0;value1<=LookBack; value1++)
{
if (Low[shift+value1] < Low[shift+value1+1])
{
Pen=Low[shift+value1+1] - Low[shift+value1] + Pen;
Counter=Counter + 1;
}
}
if (Counter!=0) SafeStop=Close[shift] - (StopFactor * (Pen/Counter));
else SafeStop=Close[shift] - (StopFactor * Pen);
if ((SafeStop < PreSafeStop) && (EMA1 > EMA2)) SafeStop=PreSafeStop;
}
if (EMA0 < EMA1)
{
for(value1=0;value1<=LookBack; value1++)
{
if (High[shift+value1] > High[shift+value1+1])
{
Pen=High[shift+value1] - High[shift+value1+1] + Pen;
Counter=Counter + 1;
}
}
if (Counter!=0) SafeStop=Close[shift] + (StopFactor * (Pen/Counter));
else SafeStop=Close[shift] + (StopFactor * Pen);
if ((SafeStop > PreSafeStop) && (EMA1 < EMA2)) SafeStop=PreSafeStop;
}
PreSafeStop=SafeStop;
ExtBuffer[shift]=SafeStop;
}
//----
//----
return(0);
}
//+------------------------------------------------------------------+
Sample
Analysis
Market Information Used:
Series array that contains the lowest prices of each bar
Series array that contains close prices for each bar
Series array that contains the highest prices of each bar
Indicator Curves created:
Implements a curve of type DRAW_LINE
Indicators Used:
Moving average indicator
Custom Indicators Used:
Order Management characteristics:
Other Features: