BatFink (Line 1 and 2)
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The Batfink Daily Range script is a specialized analytical tool designed to automatically identify and visualize key price boundaries on a trading chart based on specific time segments within a day. Rather than just looking at the entire day's movement, this logic segments the trading day into three distinct periods to determine where significant price action occurs.
Core Operational Logic
The script functions by scanning historical and real-time data to perform the following tasks:
1. Time Zone Synchronization The tool allows users to input their local time zone and a destination time zone. It automatically calculates the difference between these two, ensuring that the lines drawn on your chart align correctly with the specific hours of the market regardless of where you are located.
2. Dynamic Period Segmentation The script divides the trading day into three predefined chronological windows:
- Period 1: The early morning session.
- Period 2: The mid-day session.
- The Remainder: All other trading hours in the day.
3. High and Low Identification As the market moves, the script constantly monitors the price action within these three periods. It identifies the highest and lowest points reached during the first period. Once that period concludes, the script "locks in" those values to use as reference points for the rest of the day.
4. Automated Boundary Drawing The most visible feature of the script is its ability to project price levels forward. Once the initial periods are processed:
- It identifies a baseline price (the closing price of the first period).
- It then projects two horizontal lines (Upper and Lower) across the chart.
- These lines are placed at a specific distance (defined by the "PipsForEntry" setting) above and below that baseline.
5. Daily Reset Mechanism To ensure accuracy, the script is designed to be self-clearing. Every time a new day begins on the calendar, the logic automatically resets all internal calculations. It wipes the previous day's data and begins the cycle again, identifying the new periods and drawing fresh boundaries for the current trading session.
Summary of Purpose
For a trader, this means the script removes the manual work of calculating price ranges. It automatically identifies the "floor" and "ceiling" based on early morning price action and carries those levels forward, providing a visual guide for potential entry zones or support/resistance levels throughout the rest of the day.
//+------------------------------------------------------------------+
//| Batfink Daily Range.MT4 |
//| |
//+------------------------------------------------------------------+
/* Introduction:
Draw Line at 00:00GMT + and - 40
TimeZONE Information - Indicator can be used for different Time Zones.
For Batfink settings set to -5 for MetaQuotes demo Server
This will place home line at 00:00GMT Time
*/
#property indicator_chart_window
#property indicator_buffers 5
#property indicator_color1 White
#property indicator_color2 White
extern int LocalTimeZone= 2;
extern int DestTimeZone= 0;
extern int PipsForEntry= 40;
double Zone1Upper[];
double Zone1Lower[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
SetIndexStyle(0,DRAW_LINE);
SetIndexBuffer(0,Zone1Upper);
SetIndexEmptyValue(0, 0.0);
SetIndexStyle(1,DRAW_LINE);
SetIndexBuffer(1,Zone1Lower);
SetIndexEmptyValue(1, 0.0);
return(0);
}
int deinit()
{
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars= IndicatorCounted(),
lastbar, result;
if (Bars<=100)
return(0);
if (counted_bars>0)
counted_bars--;
lastbar= Bars - counted_bars;
BreakoutRanges(0, lastbar, LocalTimeZone, DestTimeZone);
return(0);
}
//+------------------------------------------------------------------+
//| Compute index of first/last bar of yesterday and today |
//+------------------------------------------------------------------+
int BreakoutRanges(int offset, int lastbar, int tzlocal, int tzdest)
{
int i, j, k,
tzdiff= tzlocal - tzdest,
tzdiffsec= tzdiff*3600,
tidxstart[2]= { 0, 0},
tidxend[2]= { 0, 0 };
double topen[2]= { 0.0, 0.0 },
tclose[2]= { 99999.9, 99999.9 };
string tfrom[3]= { "07:00", "08:00" , /*rest of day: */ "12:00"},
tto[3]= { "08:00", "12:00", /*rest of day: */ "24:00" },
tday;
bool inperiod= -1;
datetime timet;
//
// search back for the beginning of the day
//
tday= TimeToStr(Time[lastbar]-tzdiffsec, TIME_DATE);
for ( ; lastbar<Bars; lastbar++) {
if (TimeToStr(Time[lastbar] - tzdiffsec, TIME_DATE)!=tday) {
lastbar--;
break;
}
}
//
// find the high/low for the two periods and carry them forward through the day
//
tday= "XXX";
for (i= lastbar; i>=offset; i--) {
timet= Time[i] - tzdiffsec; // time of this bar
string timestr= TimeToStr(timet, TIME_MINUTES), // current time HH:MM
thisday= TimeToStr(timet, TIME_DATE); // current date
//
// for all three periods (first period, second period, rest of day)
//
for (j= 0; j<3; j++) {
if (tfrom[j]<=timestr && timestr<tto[j]) { // Bar[i] in this period
if (inperiod!=j) { // entered new period, so last one is completed
if (j>0) { // now draw high/low back over the recently completed period
for (k= tidxstart[j-1]; k>=tidxend[j-1]; k--) {
if (j-1==0) {
Zone1Upper[k]= tclose[j-1];
Zone1Lower[k]= tclose[j-1];
}
}
inperiod= j; // remember current period
}
// for the current period find idxstart, idxend and compute high/low
if (tidxstart[j]==0) {
tidxstart[j]= i;
tday= thisday;
}
tidxend[j]= i;
topen[j]= MathMax(topen[j], Open[i]);
tclose[j]= MathMin(tclose[j], Close[i]);
}
}
//------------------------------------------------------------------------
// carry forward the periods for which we have definite high/lows
//
if (inperiod>=1 && tday==thisday) { // first time period completed
Zone1Upper[i]= tclose[0] + PipsForEntry*Point;
Zone1Lower[i]= tclose[0] - PipsForEntry*Point;
}
}
//
// at the beginning of a new day reset everything
//
if (tday!="XXX" && tday!=thisday) {
Print("#", i, "new day ", thisday, "/", tday);
tday= "XXX";
inperiod= -1;
for (j= 0; j<2; j++) {
tidxstart[j]= 0;
tidxend[j]= 0;
topen[j]= 0;
tclose[j]= 99999;
}
}
}
return (0);
}
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