Aroon Oscilator_v1_2
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This custom Aroon Oscillator script is designed to help traders visualize market momentum by identifying whether a price trend is strengthening or weakening over a specific timeframe. Unlike standard indicators that might only show you the raw data, this tool categorizes market movements into three distinct visual states: bullish strength, bearish strength, and neutral consolidation.
Core Logic and Mechanism
The script operates by analyzing two primary components of price action: the highest highs and the lowest lows reached during a specific period (defined by the AroonPeriod). By comparing these extremes, the tool calculates an oscillator value that represents the "velocity" of the price movement.
The logic follows a three-step processing sequence:
- Data Collection: The script constantly scans the most recent candles to find the highest price point and the lowest price point within your chosen timeframe.
- Oscillator Calculation: It then performs a mathematical calculation based on the difference between these highs and lows. This creates a raw numerical value that fluctuates above and below a center point.
- Filtering and Classification: This is where the script provides its specific utility. It takes that raw calculation and compares it against a user-defined threshold (the Filter). Based on this comparison, the script sorts the data into three separate visual "bins":
- Bullish Momentum: When the calculated value exceeds the positive filter limit, it is plotted as one distinct color/histogram. This indicates strong upward pressure.
- Bearish Momentum: When the calculated value falls below the negative filter limit, it is plotted as a different color/histogram. This highlights significant downward pressure.
- Neutral Zone: If the value stays within the boundaries of the filter (between the positive and negative limits), it is categorized as neutral or sideways movement.
Visual Output
Instead of showing a single messy line, the script separates these three states into different visual buffers. This allows a trader to see at a glance exactly which "mode" the market is currently in: whether it is trending up, trending down, or simply moving sideways without a clear direction. By adjusting the AroonPeriod and Filter settings, users can fine-tune the sensitivity of the indicator to suit different trading styles or timeframes.
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Aroon Oscilator_v1_2
//+------------------------------------------------------------------+
//| Custom Aroon Oscilator_v1.mq4 |
//| rafcamara |
//| Has corrected - Ramdass |
//+------------------------------------------------------------------+
#property copyright "rafcamara"
#property link "rafcamara@yahoo.com"
//---- indicator settings
#property indicator_separate_window
#property indicator_buffers 4
#property indicator_color1 DodgerBlue
#property indicator_color2 Red
#property indicator_color3 Snow
#property indicator_color4 Green
//---- indicator parameters
extern int AroonPeriod=10;
extern int Filter=50;
extern int CountBars=300;
//---- indicator buffers
double ind_buffer1[];
double ind_buffer2[];
double ind_buffer3[];
double HighBarBuffer[];
double LowBarBuffer[];
double ArOscBuffer[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- additional buffers are used for counting.
IndicatorBuffers(6);
SetIndexBuffer(4, HighBarBuffer);
SetIndexBuffer(5, LowBarBuffer);
SetIndexBuffer(3, ArOscBuffer);
SetIndexBuffer(0, ind_buffer1);
SetIndexBuffer(1, ind_buffer2);
SetIndexBuffer(2, ind_buffer3);
//---- drawing settings
SetIndexStyle(0,DRAW_HISTOGRAM,STYLE_SOLID,1);
SetIndexStyle(1,DRAW_HISTOGRAM,STYLE_SOLID,1);
SetIndexStyle(2,DRAW_HISTOGRAM,STYLE_SOLID,1);
SetIndexStyle(3,DRAW_LINE,STYLE_SOLID,1);
IndicatorDigits(0);
//-- indicator buffers mapping
if(!SetIndexBuffer(0,ind_buffer1) && !SetIndexBuffer(1,ind_buffer2)
&& !SetIndexBuffer(2,ind_buffer3))
Print("cannot set indicator buffers!");
//---- name for DataWindow and indicator subwindow label
IndicatorShortName("Aroon Osc_v1("+AroonPeriod+", "+Filter+")");
//---- initialization done
return(0);
}
//+------------------------------------------------------------------+
//| Aroon Oscilator |
//+------------------------------------------------------------------+
int start()
{
if (CountBars>=Bars) CountBars=Bars;
SetIndexDrawBegin(0,Bars-CountBars+AroonPeriod+1);
SetIndexDrawBegin(1,Bars-CountBars+AroonPeriod+1);
SetIndexDrawBegin(2,Bars-CountBars+AroonPeriod+1);
SetIndexDrawBegin(3,Bars-CountBars+AroonPeriod+1);
double ArOsc, HighBar=0,LowBar=0;
int ArPer;
int limit,i;
// bool up,dn;
int counted_bars=IndicatorCounted();
ArPer=AroonPeriod;
//---- check for possible errors
if(counted_bars<0) return(-1);
//---- initial zero
if(counted_bars<1)
{
for(i=1;i<=ArPer;i++) HighBarBuffer[CountBars-i]=0.0;
for(i=1;i<=ArPer;i++) LowBarBuffer[CountBars-i]=0.0;
for(i=1;i<=ArPer;i++) ArOscBuffer[CountBars-i]=0.0;
for(i=1;i<=ArPer;i++) ind_buffer1[CountBars-i]=0.0;
for(i=1;i<=ArPer;i++) ind_buffer2[CountBars-i]=0.0;
for(i=1;i<=ArPer;i++) ind_buffer3[CountBars-i]=0.0;
}
//---- last counted bar will be recounted
//if(counted_bars>0) counted_bars--;
limit=CountBars-AroonPeriod;
//----Calculation---------------------------
for( i=0; i<limit; i++)
{
HighBarBuffer[i] = Highest(NULL,0,MODE_HIGH,ArPer,i); //Periods from HH
LowBarBuffer[i] = Lowest(NULL,0,MODE_LOW,ArPer,i); //Periods from LL
ArOscBuffer[i]= 100*(LowBarBuffer[i]-HighBarBuffer[i])/ArPer; //Short formulation
}
//---- dispatch values between 2 buffers
for(i=limit-1; i>=0; i--)
{
ArOsc=ArOscBuffer[i];
if(ArOsc>Filter)
{
ind_buffer1[i]=ArOsc;
ind_buffer2[i]=0.0;
ind_buffer3[i]=0.0;
}
if(ArOsc<-Filter)
{
ind_buffer1[i]=0.0;
ind_buffer2[i]=ArOsc;
ind_buffer3[i]=0.0;
}
if(ArOsc<=Filter && ArOsc>=-Filter)
{
ind_buffer1[i]=0.0;
ind_buffer2[i]=0.0;
ind_buffer3[i]=ArOsc;
}
}
//---- done
return(0);
}
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