This script is designed to enhance your trading chart by automatically identifying and plotting key price zones based on a Moving Average. Instead of requiring you to manually calculate where important support or resistance levels might be, this tool does the heavy lifting by projecting a symmetrical "fan" of levels around the market's average price.
Core Logic Overview
The indicator operates by taking a primary technical baseline—specifically a Simple Moving Average (SMA)—and calculating specific price offsets from that point. These offsets are inspired by Fibonacci-style ratios, which are commonly used by traders to identify psychological "turning points" in the market.
How It Works
- Baseline Calculation: The script first identifies the current value of a Moving Average over a set period (defaulting to 157 units). This serves as your "anchor" or center point.
- Symmetrical Projection: From that center anchor, the script calculates ten distinct price levels. It creates five levels above the average and five levels below it.
- Dynamic Positioning: The script uses specific multipliers to determine how far away from the average these lines should appear. These are mapped out as a series of zones surrounding the current price action.
- Visual Representation: On your chart, these points are rendered as horizontal dashed lines. Each line is assigned a unique color, allowing you to easily distinguish between different zones of potential interest.
Key Features for the User
- Real-Time Updates: The lines are not static; they move automatically as the Moving Average shifts with the market price. This ensures that your "Critical Points" are always relevant to the current market conditions.
- Automated Cleanup: To keep your workspace clean, the script is designed to manage its own objects. When you remove the indicator from your chart, it automatically deletes the lines it created, preventing clutter.
- Customizable Zones: While the logic is automated, it provides a clear visual map of "Price Clusters." By observing where the price interacts with these pre-calculated horizontal lines, traders can more effectively identify areas where the market might stall, reverse, or accelerate.
Indicators Used
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Critical Points_v2
//+------------------------------------------------------------------+
//| Critical Points.mq4 |
//| emsjoflo |
//| automaticforex.invisionzone.com |
//+------------------------------------------------------------------+
#property copyright "emsjoflo"
#property link "automaticforex.invisionzone.com"
//----
#property indicator_chart_window
#property indicator_buffers 1
#property indicator_color1 Red
//---- input parameters
extern int SMAPeriod=157;
extern int Fib1=23;
extern int Fib2=38;
extern int Fib3=50;
extern int Fib4=61;
extern int Fib5=100;
extern color Color1=Khaki;
extern color Color2=LightGreen;
extern color Color3=LightSkyBlue;
extern color Color4=Plum;
extern color Color5=LightSalmon;
double Line1,Line_1,Line2,Line_2,Line3,Line_3,Line4,Line_4,Line5,Line_5,MAVal,MAValOld;
//---- buffers
double ExtMapBuffer1[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
SetIndexStyle(0,DRAW_LINE);
SetIndexBuffer(0,ExtMapBuffer1);
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
ObjectDelete("cp1");
ObjectDelete("cp2");
ObjectDelete("cp3");
ObjectDelete("cp4");
ObjectDelete("cp5");
ObjectDelete("cp_1");
ObjectDelete("cp_2");
ObjectDelete("cp_3");
ObjectDelete("cp_4");
ObjectDelete("cp_5");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars=IndicatorCounted();
//----
MAVal=iMA(NULL,0,SMAPeriod,0,MODE_SMA,0,1);
Line1=MAVal+Fib1*Point;
Line2=MAVal+Fib2*Point;
Line3=MAVal+Fib3*Point;
Line4=MAVal+Fib4*Point;
Line5=MAVal+Fib5*Point;
Line_1=MAVal-Fib1*Point;
Line_2=MAVal-Fib2*Point;
Line_3=MAVal-Fib3*Point;
Line_4=MAVal-Fib4*Point;
Line_5=MAVal-Fib5*Point;
if(ObjectFind("cp1")!=0)
{
ObjectCreate("cp1", OBJ_HLINE, 0, Time[20], Line1);
ObjectSet("cp1", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp1", OBJPROP_COLOR, Color1);
}
else
{
ObjectMove("cp1", 0, Time[20], Line1);
}
if(ObjectFind("cp2")!=0)
{
ObjectCreate("cp2", OBJ_HLINE, 0, Time[20], Line2);
ObjectSet("cp2", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp2", OBJPROP_COLOR, Color2);
}
else
{
ObjectMove("cp2", 0, Time[20], Line2);
}
if(ObjectFind("cp3")!=0)
{
ObjectCreate("cp3", OBJ_HLINE, 0, Time[20], Line3);
ObjectSet("cp3", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp3", OBJPROP_COLOR, Color3);
}
else
{
ObjectMove("cp3", 0, Time[20], Line3);
}
if(ObjectFind("cp4")!=0)
{
ObjectCreate("cp4", OBJ_HLINE, 0, Time[20], Line4);
ObjectSet("cp4", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp4", OBJPROP_COLOR, Color4);
}
else
{
ObjectMove("cp4", 0, Time[20], Line4);
}
if(ObjectFind("cp5")!=0)
{
ObjectCreate("cp5", OBJ_HLINE, 0, Time[20], Line5);
ObjectSet("cp5", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp5", OBJPROP_COLOR, Color5);
}
else
{
ObjectMove("cp5", 0, Time[20], Line5);
}
if(ObjectFind("cp_1")!=0)
{
ObjectCreate("cp_1", OBJ_HLINE, 0, Time[20], Line_1);
ObjectSet("cp_1", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp_1", OBJPROP_COLOR, Color1);
}
else
{
ObjectMove("cp_1", 0, Time[20], Line_1);
}
if(ObjectFind("cp_2")!=0)
{
ObjectCreate("cp_2", OBJ_HLINE, 0, Time[20], Line_2);
ObjectSet("cp_2", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp_2", OBJPROP_COLOR, Color2);
}
else
{
ObjectMove("cp_2", 0, Time[20], Line_2);
}
if(ObjectFind("cp_3")!=0)
{
ObjectCreate("cp_3", OBJ_HLINE, 0, Time[20], Line_3);
ObjectSet("cp_3", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp_3", OBJPROP_COLOR, Color3);
}
else ObjectMove("cp_3", 0, Time[20], Line_3);
//----
if(ObjectFind("cp_4")!=0)
{
ObjectCreate("cp_4", OBJ_HLINE, 0, Time[20], Line_4);
ObjectSet("cp_4", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp_4", OBJPROP_COLOR, Color4);
}
else ObjectMove("cp_4", 0, Time[20], Line_4);
//----
if(ObjectFind("cp_5")!=0)
{
ObjectCreate("cp_5", OBJ_HLINE, 0, Time[20], Line_5);
ObjectSet("cp_5", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("cp_5", OBJPROP_COLOR, Color5);
}
else
{
ObjectMove("cp_5", 0, Time[20], Line_5);
}
//----
return(0);
}
//+------------------------------------------------------------------+
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