BolliToucher_v1
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This tool is designed to identify specific price action patterns, known in trading as "Gimme-Bars," which signal potential moments of trend exhaustion or reversal. By analyzing the relationship between current price movement and established volatility boundaries, the script provides visual cues on your chart to highlight high-probability areas for potential trades.
Core Logic and Methodology
The indicator operates based on three primary layers of analysis:
1. Volatility Mapping (Bollinger Bands) The foundation of the script is a set of dual boundary lines (Upper and Lower bands) that automatically adjust based on market volatility. These bands represent the "normal" range of price movement over a specific period. When the price moves outside or touches these boundaries, it suggests that the current momentum may be becoming overextended.
2. Detection of "Gimme-Bars" The script actively scans for two distinct price behaviors:
- Upper Boundary Interaction: It monitors for instances where the price reaches or exceeds the Upper Band. When this happens, the script looks for a specific reaction—a closing price that indicates the upward momentum is losing steam.
- Lower Boundary Interaction: Conversely, it monitors for when the price drops to or below the Lower Band. It seeks out signs that the downward pressure is weakening.
When these conditions are met, the script places visual markers (arrows) on your chart. These markers serve as a "Gimme" signal—a notification that the price has pushed to an extreme and is showing signs of turning back in the opposite direction.
3. Alert System To ensure you don't have to watch the charts constantly, the script includes an integrated alert system. When a new "Gimme-Bar" is detected on the most recent price data, the software triggers an audible notification. This allows for real-time awareness of potential entry points the moment they appear.
How it appears on your chart
- Dynamic Bands: You will see two moving lines representing the current volatility range.
- Signal Markers: The script will plot specific arrows at the high and low extremes of the bars that meet the "Gimme" criteria.
- Real-time Alerts: If the "Use Sound" parameter is active, you will hear an alert sound whenever a fresh signal is generated on a new price bar.
Summary for the Trader
This script acts as a filter for market noise. Instead of guessing where a trend might end, it highlights specific bars where the price has stretched significantly and reacted poorly to that expansion. It essentially marks the "danger zones" of a trend where a reversal or a significant pullback is most likely to occur.
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
//+------------------------------------------------------------------+
//| Gimmebar.mq4 |
//| See Joe Ross Trading Manual on Gimme-Bars (e.g. from the |
//| library on www.trading-naked.com)
//|Bolllitouch - yet another perky mod |
//+------------------------------------------------------------------+
#property copyright "by Shimodax, 2005"
#property link "http://www.strategybuilder.com"
//---- indicator settings
#property indicator_chart_window
#property indicator_buffers 6
#property indicator_color1 SlateBlue
#property indicator_color2 SlateBlue
#property indicator_color3 Pink
#property indicator_color4 LightBlue
#property indicator_color5 Pink
#property indicator_color6 LightBlue
//---- indicator parameters
extern int BobaPeriod= 20;
extern int BobaDeviations= 2;
extern bool Use_Sound=true;
//---- indicator buffers
double BufferBand1[];
double BufferBand2[];
double BufferSell[];
double BufferBuy[];
double BufferSellEntry[];
double BufferBuyEntry[];
string UD="";
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
int init()
{
//---- 2 additional buffers are used for counting.
IndicatorDigits(MarketInfo(Symbol(),MODE_DIGITS)+2);
// two bollies
SetIndexBuffer(0,BufferBand1);
SetIndexStyle(0,DRAW_LINE);
SetIndexDrawBegin(0,BobaPeriod);
SetIndexBuffer(1,BufferBand2);
SetIndexStyle(1,DRAW_LINE);
SetIndexDrawBegin(1,BobaPeriod);
// marks for gimmees
SetIndexBuffer(2,BufferSell);
SetIndexStyle(2,DRAW_ARROW);
SetIndexDrawBegin(2,BobaPeriod);
SetIndexArrow(2, 167);
SetIndexEmptyValue(2, 0);
SetIndexBuffer(3,BufferBuy);
SetIndexStyle(3,DRAW_ARROW);
SetIndexDrawBegin(3,BobaPeriod);
SetIndexArrow(3, 167);
SetIndexEmptyValue(3, 0);
// marks for entries
SetIndexBuffer(4,BufferSellEntry);
SetIndexStyle(4,DRAW_ARROW);
SetIndexDrawBegin(4,BobaPeriod);
SetIndexArrow(4, 238);
SetIndexEmptyValue(4, 0);
SetIndexBuffer(5,BufferBuyEntry);
SetIndexStyle(5,DRAW_ARROW);
SetIndexDrawBegin(5,BobaPeriod);
SetIndexArrow(5, 236);
SetIndexEmptyValue(5, 0);
//---- name for DataWindow and indicator subwindow label
// IndicatorShortName("GimmeBar ");
//---- initialization done
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars= IndicatorCounted(),
lastbar;
if (counted_bars>0)
counted_bars--;
lastbar= Bars - counted_bars;
GimmeeBar(0, lastbar, BufferSell, BufferBuy, BufferSellEntry, BufferBuyEntry, BufferBand1, BufferBand2, BobaPeriod, BobaDeviations);
return (0);
}
//+------------------------------------------------------------------+
//| Mark Gimmee-Bars and mark possible entries for deals |
//+------------------------------------------------------------------+
double GimmeeBar(int offset, int lastbar, double &sellbuf[], double &buybuf[], double &sellbuf2[], double &buybuf2[],
double &band1buf[], double&band2buf[], int period, int deviation)
{
double band1, band2;
int markerdist= 5; // distance between bars and marker dots
lastbar= MathMin(Bars-period, lastbar);
//---- main loop
for(int i= lastbar; i>=offset; i--){
sellbuf[i]= 0;
buybuf[i]=0;
sellbuf2[i]= 0;
buybuf2[i]=0;
band1= iBands(NULL,0, period, deviation, 0, PRICE_CLOSE, MODE_UPPER, i);
band2= iBands(NULL,0, period, deviation, 0, PRICE_CLOSE, MODE_LOWER, i);
band1buf[i]= band1;
band2buf[i]= band2;
// 1. Prices were rising.
// 2. Prices touched the upper band.
// 3. The price bar closed lower than it
// opened when prices were previously rising.
// or vice versa
if (High[i]>=band1) {
sellbuf[i]= High[i] + markerdist*Point;
if (i < 2 )
{
UD="m Down";
DoAlert(UD);
}
}
if (Low[i]<=band2) {
buybuf[i]= Low[i] - markerdist*Point;
if (i < 2 )
{
UD="m Up.";
DoAlert(UD);
}
}
// Should such a price bar occur, a sell short order is to be executed
// one tick below the low of the Gimmee bar.
// if (sellbuf[i+1]!=0 && Low[i]<Low[i+1]-1*Point) {
// sellbuf2[i]= Low[i+1]-1*Point;
// }
// if (buybuf[i+1]!=0 && High[i]>High[i+1]+1*Point) {
// buybuf2[i]= High[i+1]+1*Point;
// }
}
/*
if (DebugLogger)
Print(TimeOffset(offset), "BG-GimmeBar ", "");
*/
return (0);
}
//+------------------------------------------------------------------+
void DoAlert(string UD)
{
if (!NewBar() || !Use_Sound)
return;
PlaySound ("Alert2");
}
bool NewBar()
{
static datetime dt = 0;
if (dt != Time[0])
{
dt = Time[0];
return(true);
}
}
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