BW-wiseMan-1 Alert
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This tool is a specialized technical indicator designed to assist traders in identifying potential trend reversals and momentum shifts by analyzing the relationship between price action and the "Alligator" moving average system. Instead of providing a constant stream of data, it acts as a signaling tool that places visual markers on your chart when specific mathematical conditions are met.
Core Logic and Mechanics
The indicator operates by monitoring three primary components of the market simultaneously:
1. The Alligator Boundary Check The script constantly evaluates the current price against three different lines (Lips, Teeth, and Jaw) of an Alligator moving average.
- For a Buy Signal, it checks if the current low price is trading above all three of these boundaries.
- For a Sell Signal, it checks if the current high price is trading below all three of these boundaries.
2. Price Sentiment Analysis To filter out "noise" and ensure the move has actual momentum, the script looks at the relationship between the candle's open/close and its high/low range:
- It confirms a potential Buy Signal only if the price closes in the lower half of its current range.
- It confirms a potential Sell Signal only if the price closes in the upper half of its current range.
3. Historical Confirmation (The "Back-Check") This is a crucial safety layer. The script does not trigger a signal just because one candle meets the criteria. It looks back at a specific number of previous bars (defined by the user) to ensure that the current price move is part of a consistent trend. If any of the recent previous highs or lows contradict the current direction, the signal is discarded. This helps prevent "fake-outs" where the market might briefly touch a level without actually reversing its trend.
Visual and Audio Feedback
When all three conditions—the Alligator boundary, the price sentiment, and the historical confirmation—align perfectly, the script performs two actions:
- Visual Markers: It places an arrow on the chart (Yellow for upward potential, Orange-Red for downward potential) at a specific distance from the price candle to ensure clarity.
- Audio Alerts: If enabled, the system will trigger an audio notification precisely when these conditions are met, allowing traders to react even if they are not looking directly at the screen.
Summary for the User
In plain terms, this script acts as a "confirmation gate." It waits for the price to move outside the Alligator's territory while simultaneously verifying that the momentum is backed by recent history. It filters out minor fluctuations and only signals when there is a high-probability shift in market direction.
//+------------------------------------------------------------------+
//| BW-wiseMan-1.mq4 |
//| Copyright © 2005, wellx |
//| http://www.metaquotes.net |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2005, wellx"
#property link "http://www.metaquotes.net"
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_color1 Yellow
#property indicator_color2 OrangeRed
extern int updown=5; //ñìåùåíèå èíäèêàòîðà ÷òîáû íå íàëåçàëíà äðóãèå çíà÷êè
extern int back=2; // êîë-âî áàðîâ äëÿ àíàëèçà íàçàä
extern bool SoundON=true;
double alertBar;
//---- buffers
double BWWM1Up[];
double BWWM1Down[];
int pos=0;
int i=0;
bool contup=true,contdown=true;
//+-----------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
SetIndexStyle(0,DRAW_ARROW);
SetIndexArrow(0,140);
SetIndexBuffer(0,BWWM1Up);
SetIndexEmptyValue(0,0.0);
SetIndexStyle(1,DRAW_ARROW);
SetIndexArrow(1,140);
SetIndexBuffer(1,BWWM1Down);
SetIndexEmptyValue(1,0.0);
IndicatorDigits(6);
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//---- TODO: add your code here
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int cbars=IndicatorCounted();
if (cbars<0) return(-1);
if (cbars>0) cbars--;
//---- TODO: add your code here
//if (cbars == 0) return(0);
pos=cbars;
while (pos > 0)
{
BWWM1Up[pos]=NULL;
BWWM1Down[pos]=NULL;
if (
(Low[pos]> iAlligator(NULL,0,13,8,8,5,5,3, MODE_SMMA, PRICE_MEDIAN, MODE_GATORLIPS, pos))
&&
(Low[pos]> iAlligator(NULL,0,13,8,8,5,5,3, MODE_SMMA, PRICE_MEDIAN, MODE_GATORTEETH, pos))
&&
(Low[pos]> iAlligator(NULL,0,13,8,8,5,5,3, MODE_SMMA, PRICE_MEDIAN, MODE_GATORJAW, pos))
&&
(Close[pos]<((High[pos]+Low[pos])/2))
)
{
contup=true;
for(i=1; i <= back ;i++)
{
if (High[pos]<=High[pos+i])
{
contup=false;
break;
}
}
if (contup) BWWM1Up[pos]=(High[pos]+updown*Point);
}
if (SoundON == true && Bars>alertBar) {PlaySound("Alert.wav");alertBar = Bars;}
if (
(High[pos]< iAlligator(NULL,0,13,8,8,5,5,3, MODE_SMMA, PRICE_MEDIAN, MODE_GATORLIPS, pos))
&&
(High[pos]< iAlligator(NULL,0,13,8,8,5,5,3, MODE_SMMA, PRICE_MEDIAN, MODE_GATORTEETH, pos))
&&
(High[pos]< iAlligator(NULL,0,13,8,8,5,5,3, MODE_SMMA, PRICE_MEDIAN, MODE_GATORJAW, pos))
&&
(Close[pos]>((High[pos]+Low[pos])/2))
)
{
contdown=true;
for(i=1; i <= back ;i++)
{
if (Low[pos]>=Low[pos+i])
{
contdown=false;
break;
}
}
if (contdown) BWWM1Down[pos]=(Low[pos]-updown*Point);
}
if (SoundON == true && Bars>alertBar) {PlaySound("Alert.wav");alertBar = Bars;}
pos--;
}
//----
return(0);
}
//+------------------------------------------------------------------+
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