BatFink (StopLoss B)
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The Batfink Daily Range tool is designed to help traders visualize and track specific price boundaries on a trading chart based on historical price action from the preceding day. It automatically identifies key price levels by analyzing the market's activity across three distinct time segments.
Core Functionality
The script scans through your historical data to identify two primary components: the highest and lowest points reached during specific sessions of the previous day. It then projects these values onto your current chart to help define "zones" for potential trades.
How it Works
- Time Zone Synchronization: The tool allows you to input your local time zone and a destination time zone. This ensures that the script correctly identifies "today" versus "yesterday" regardless of where your broker’s server is located geographically.
- Session Segmentation: Instead of looking at the entire day as one block, the logic divides the previous trading day into three specific time windows:
- Early Session: A specific morning window.
- Mid Session: A secondary period of activity.
- Late/Rest of Day: The remaining trading hours.
- High/Low Identification: For each of these periods, the script tracks the highest opening prices and lowest closing prices. Once a session ends, it "locks in" those price extremes.
- Dynamic Range Projection: After the first period is completed, the tool calculates a trading zone based on the results of that period. It takes the price level and applies a customizable "Pip" offset (user-defined) both above and below the mark.
Visual Output
The script renders these calculated levels as dashed lines on your chart. By providing these visual boundaries, it helps traders identify key support and resistance areas or breakout points based on the price action that occurred during previous sessions. Each new day triggers a reset, ensuring the lines automatically update to reflect the most recent data available.
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BatFink (StopLoss B)
//+------------------------------------------------------------------+
//| Batfink Daily Range.MT4 |
//| |
//+------------------------------------------------------------------+
/* Introduction:
Draw Line at 00:00GMT + and - 30
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= 30;
double Zone1Upper[];
double Zone1Lower[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
SetIndexStyle(0,DRAW_LINE, STYLE_DASH);
SetIndexBuffer(0,Zone1Upper);
SetIndexEmptyValue(0, 0.0);
SetIndexStyle(1,DRAW_LINE, STYLE_DASH);
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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