This script is designed to automate the identification of specific price levels on a trading chart by utilizing "Fractals" and Fibonacci-based calculations. Instead of manually drawing every possible support or resistance line, the script identifies significant historical price swings and projects specific target zones based on those movements.
Core Logic Overview
The script operates by scanning back through historical price data to identify high and low points (fractals). It then uses these points to establish four distinct "Ranges." For each range, it calculates three types of price levels: OP, COP, and XOP.
These terms refer to different types of objective price targets based on the momentum and distance of the market's previous move.
Key Functional Components
1. Fractal Identification
The script looks at specific windows of historical data (user-defined in the settings) to find the highest and lowest prices reached during those periods. These "Fractals" serve as the anchors for all subsequent calculations. By changing the lookback settings, you can adjust whether the script focuses on very recent price action or older, broader trends.
2. Fibonacci Nodes (Medium Values)
For each of the identified ranges, the script calculates "Medium Values." It does this by applying three specific Fibonacci ratios (0.328, 0.500, and 0.618) to the price difference between a high and low point. It then averages these results to create a balanced baseline. On your chart, these appear as horizontal lines in varying shades of blue.
3. Objective Point (OP, COP, XOP) Calculations
The script calculates three specific types of price targets for each range:
- OP (Objective Points): These represent primary targets based on the relationship between the high and low of one range relative to the previous one.
- COP (Complementary Objective Points): These are calculated using a specific Fibonacci node (0.618) to find a secondary target area.
- XOP (Extended Objective Points): These represent further reaches, calculated using a higher Fibonacci expansion (1.618).
Visual Representation on Chart
The script organizes these values visually to help traders distinguish between different market "zones":
- Short-Range Targets: Represented by dotted lines (typically Pink and Red).
- Mid-Range Targets: Represented by dashed lines (typically Plum and Salmon).
- Long-Range Targets: Represented by solid lines (typically Tomato and Maroon).
Summary of Behavior
When you apply this script, it automatically scans the history, finds the major "peaks" and "valleys," and draws a grid of potential targets. This allows a trader to see where price might stall or reverse based on the geometry of previous market moves, categorized by how aggressively the price is expected to move (short, medium, or long range).
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Di_Napoli_Objectives
//+------------------------------------------------------------------+
//| DI NAPOLI.mq4 |
//| Copyright © 2011, MetaQuotes Software Corp. |
//| http://www.metaquotes.net |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2011, MetaQuotes Software Corp."
#property link "http://www.metaquotes.net"
#property indicator_chart_window
#define FIBNODE_01 0.328
#define FIBNODE_02 0.500
#define FIBNODE_03 0.618
#define FIBNODE_04 1.000
#define FIBNODE_06 1.328
#define FIBNODE_07 1.500
#define FIBNODE_08 1.618
extern string Note00a = " From which bar back start to ";
extern string Note00b = " calculate fractals. If 0, from current.";
extern int FracsFromBar = 61;
extern int FibFractals01 = 121;
extern int FibFractals02 = 221;
extern int FibFractals03 = 321;
extern int FibFractals04 = 455;
extern string Note01 = " T/F Show Comments or Not.";
extern bool CommentsOn = false;
double ArrowDist = 0.0021;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- Averaged Values For all 3 nodes, for all ranges
ObjectCreate("Range01Medium",OBJ_HLINE,0,0,0,0,0);
ObjectSet("Range01Medium", OBJPROP_COLOR, LightBlue);
//ObjectCreate("Arrow01_up" , OBJ_ARROW, 0, 0, 0);
//ObjectCreate("Arrow01_dn" , OBJ_ARROW, 0, 0, 0);
ObjectCreate("Range02Medium",OBJ_HLINE,0,0,0,0,0);
ObjectSet("Range02Medium", OBJPROP_COLOR, SteelBlue);
//ObjectCreate("Arrow02_up" , OBJ_ARROW, 0, 0, 0);
//ObjectCreate("Arrow02_dn" , OBJ_ARROW, 0, 0, 0);
ObjectCreate("Range03Medium",OBJ_HLINE,0,0,0,0,0);
ObjectSet("Range03Medium", OBJPROP_COLOR, RoyalBlue);
//ObjectCreate("Arrow03_up" , OBJ_ARROW, 0, 0, 0);
//ObjectCreate("Arrow03_dn" , OBJ_ARROW, 0, 0, 0);
ObjectCreate("Range04Medium",OBJ_HLINE,0,0,0,0,0);
ObjectSet("Range04Medium", OBJPROP_COLOR, Blue);
//ObjectCreate("Arrow04_up" , OBJ_ARROW, 0, 0, 0);
//ObjectCreate("Arrow04_dn" , OBJ_ARROW, 0, 0, 0);
// op, cop, xop FIRST range
// op dn
ObjectCreate("op01_dn",OBJ_HLINE,0,0,0,0,0);
ObjectSet("op01_dn", OBJPROP_COLOR, Pink);
ObjectSet("op01_dn", OBJPROP_STYLE, STYLE_DOT);
// op up
ObjectCreate("op01_up",OBJ_HLINE,0,0,0,0,0);
ObjectSet("op01_up", OBJPROP_COLOR, Pink);
ObjectSet("op01_up", OBJPROP_STYLE, STYLE_DOT);
// dn cop
ObjectCreate("cop01_dn",OBJ_HLINE,0,0,0,0,0);
ObjectSet("cop01_dn", OBJPROP_COLOR, LightPink);
ObjectSet("cop01_dn", OBJPROP_STYLE, STYLE_DOT);
// up cop
ObjectCreate("cop01_up",OBJ_HLINE,0,0,0,0,0);
ObjectSet("cop01_up", OBJPROP_COLOR, LightPink);
ObjectSet("cop01_up", OBJPROP_STYLE, STYLE_DOT);
// dn xop
ObjectCreate("xop01_dn",OBJ_HLINE,0,0,0,0,0);
ObjectSet("xop01_dn", OBJPROP_COLOR, Red);
ObjectSet("xop01_dn", OBJPROP_STYLE, STYLE_DOT);
// up
ObjectCreate("xop01_up",OBJ_HLINE,0,0,0,0,0);
ObjectSet("xop01_up", OBJPROP_COLOR, Red);
ObjectSet("xop01_up", OBJPROP_STYLE, STYLE_DOT);
// op, cop, xop SECOND range
// op dn
ObjectCreate("op02_dn",OBJ_HLINE,0,0,0,0,0);
ObjectSet("op02_dn", OBJPROP_COLOR, Plum);
ObjectSet("op02_dn", OBJPROP_STYLE, STYLE_DASH);
// op up
ObjectCreate("op02_up",OBJ_HLINE,0,0,0,0,0);
ObjectSet("op02_up", OBJPROP_COLOR, Plum);
ObjectSet("op02_up", OBJPROP_STYLE, STYLE_DASH);
// dn cop
ObjectCreate("cop02_dn",OBJ_HLINE,0,0,0,0,0);
ObjectSet("cop02_dn", OBJPROP_COLOR, Salmon);
ObjectSet("cop02_dn", OBJPROP_STYLE, STYLE_DASH);
// up cop
ObjectCreate("cop02_up",OBJ_HLINE,0,0,0,0,0);
ObjectSet("cop02_up", OBJPROP_COLOR, Salmon);
ObjectSet("cop02_up", OBJPROP_STYLE, STYLE_DASH);
// dn xop
ObjectCreate("xop02_dn",OBJ_HLINE,0,0,0,0,0);
ObjectSet("xop02_dn", OBJPROP_COLOR, BlueViolet);
ObjectSet("xop02_dn", OBJPROP_STYLE, STYLE_DASH);
// up xop
ObjectCreate("xop02_up",OBJ_HLINE,0,0,0,0,0);
ObjectSet("xop02_up", OBJPROP_COLOR, BlueViolet);
ObjectSet("xop02_up", OBJPROP_STYLE, STYLE_DASH);
// op, cop, xop Third range
// op dn
ObjectCreate("op03_dn",OBJ_HLINE,0,0,0,0,0);
ObjectSet("op03_dn", OBJPROP_COLOR, Tomato);
// op up
ObjectCreate("op03_up",OBJ_HLINE,0,0,0,0,0);
ObjectSet("op03_up", OBJPROP_COLOR, Tomato);
// dn cop
ObjectCreate("cop03_dn",OBJ_HLINE,0,0,0,0,0);
ObjectSet("cop03_dn", OBJPROP_COLOR, Brown);
// up cop
ObjectCreate("cop03_up",OBJ_HLINE,0,0,0,0,0);
ObjectSet("cop03_up", OBJPROP_COLOR, Brown);
// dn xop
ObjectCreate("xop03_dn",OBJ_HLINE,0,0,0,0,0);
ObjectSet("xop03_dn", OBJPROP_COLOR, Maroon);
// up xop
ObjectCreate("xop03_up",OBJ_HLINE,0,0,0,0,0);
ObjectSet("xop03_up", OBJPROP_COLOR, Maroon);
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
ObjectDelete("Range01Medium"); ObjectDelete("Arrow01_up"); ObjectDelete("Arrow03_up");
ObjectDelete("Range02Medium"); ObjectDelete("Arrow01_dn"); ObjectDelete("Arrow03_dn");
ObjectDelete("Range03Medium"); ObjectDelete("Arrow02_up"); ObjectDelete("Arrow04_up");
ObjectDelete("Range04Medium"); ObjectDelete("Arrow02_dn"); ObjectDelete("Arrow04_dn");
// op, cop, xop FIRST range SECOND THIRD
ObjectDelete("op01_dn"); ObjectDelete("op02_dn"); ObjectDelete("op03_dn");
// op up
ObjectDelete("op01_up"); ObjectDelete("op02_up"); ObjectDelete("op03_up");
// dn cop
ObjectDelete("cop01_dn"); ObjectDelete("cop02_dn"); ObjectDelete("cop03_dn");
// up cop
ObjectDelete("cop01_up"); ObjectDelete("cop02_up"); ObjectDelete("cop03_up");
// dn xop
ObjectDelete("xop01_dn"); ObjectDelete("xop02_dn"); ObjectDelete("xop03_dn");
// up xop
ObjectDelete("xop01_up"); ObjectDelete("xop02_up"); ObjectDelete("xop03_up");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars=IndicatorCounted();
//----
if(CommentsOn == true)
{
string ScreenText = StringConcatenate("\n ----------------------------",
"\n - Blue Lines Light-Dark",
"\n - are medium values of",
"\n - .328 .500 .618 Fib levels",
"\n ----------------------------",
"\n - Brown, Pink, Red, Violet",
"\n - lines, are Objective Points;",
"\n - doted for shorter range",
"\n - dashed mid range and solid",
"\n - long range taken",
"\n - from fractals specified.",
"\n ----------------------------",
"\n - Red dots shows, which H/L are used.",
"\n - AND REMEMBER TO WATCH FOR REPOS !");
}
else ScreenText = "";
Comment(ScreenText);
int shiftFU1 = iHighest(NULL,0,MODE_UPPER,FibFractals01,FracsFromBar);
int shiftFD1 = iLowest(NULL,0,MODE_LOWER,FibFractals01,FracsFromBar);
double FU1 = High[shiftFU1];
double FD1 = Low[shiftFD1];
double diff01 = FU1 - FD1;
double n11 = diff01*FIBNODE_01 + FD1;
double n12 = diff01*FIBNODE_02 + FD1;
double n13 = diff01*FIBNODE_03 + FD1;
double medium01 = (n11 + n12 + n13)/3;
int shiftFU2 = iHighest(NULL,0,MODE_UPPER,FibFractals02,FracsFromBar);
int shiftFD2 = iLowest(NULL,0,MODE_LOWER,FibFractals02,FracsFromBar);
double FU2 = High[shiftFU2];
double FD2 = Low[shiftFD2];
double diff02 = FU2 - FD2;
double n21 = diff02*FIBNODE_01 + FD2;
double n22 = diff02*FIBNODE_02 + FD2;
double n23 = diff02*FIBNODE_03 + FD2;
double medium02 = (n21 + n22 + n23)/3;
int shiftFU3 = iHighest(NULL,0,MODE_UPPER,FibFractals03,FracsFromBar);
int shiftFD3 = iLowest(NULL,0,MODE_LOWER,FibFractals03,FracsFromBar);
double FU3 = High[shiftFU3];
double FD3 = Low[shiftFD3];
double diff03 = FU3 - FD3;
double n31 = diff03*FIBNODE_01 + FD3;
double n32 = diff03*FIBNODE_01 + FD3;
double n33 = diff03*FIBNODE_01 + FD3;
double medium03 = (n31 + n32 + n33)/3;
int shiftFU4 = iHighest(NULL,0,MODE_UPPER,FibFractals04,FracsFromBar);
int shiftFD4 = iLowest(NULL,0,MODE_LOWER,FibFractals04,FracsFromBar);
double FU4 = High[shiftFU4];
double FD4 = Low[shiftFD4];
double diff04 = FU4 - FD4;
double n41 = diff04*FIBNODE_01 + FD4;
double n42 = diff04*FIBNODE_01 + FD4;
double n43 = diff04*FIBNODE_01 + FD4;
double medium04 = (n41 + n42 + n43)/3;
//---- Calculating Di Napoli OP, COP, XOP:
//-- First Range
double op01_dn = FU2 - FD1 + FU1;
double op01_up = FD2 - FU1 + FD1;
double cop01_dn = FIBNODE_03*(FU2 - FD1) + FU1;
double cop01_up = FIBNODE_03*(FD2 - FU1) + FD1;
double xop01_dn = FIBNODE_08*(FU2 - FD1) + FU1;
double xop01_up = FIBNODE_08*(FD2 - FU1) + FD1;
//-- Second Range
double op02_dn = FU3 - FD2 + FU2;
double op02_up = FD3 - FU2 + FD2;
double cop02_dn = FIBNODE_03*(FU3 - FD2) + FU2;
double cop02_up = FIBNODE_03*(FD3 - FU2) + FD2;
double xop02_dn = FIBNODE_08*(FU3 - FD2) + FU2;
double xop02_up = FIBNODE_08*(FD3 - FU2) + FD2;
//-- Third Range
double op03_dn = FU4 - FD3 + FU3;
double op03_up = FD4 - FU3 + FD3;
double cop03_dn = FIBNODE_03*(FU4 - FD3) + FU3;
double cop03_up = FIBNODE_03*(FD4 - FU3) + FD3;
double xop03_dn = FIBNODE_08*(FU4 - FD3) + FU3;
double xop03_up = FIBNODE_08*(FD4 - FU3) + FD3;
//------ Setting Values For Lines
//-- Averaged Levels Lines
ObjectSet("Range01Medium", OBJPROP_PRICE1, medium01);
/*ObjectSet("Arrow01_up", 14, 159);
ObjectSet("Arrow01_dn", 14, 159);
ObjectSet("Arrow01_up", OBJPROP_TIME1, Time[shiftFU1]);
ObjectSet("Arrow01_dn", OBJPROP_TIME1, Time[shiftFD1]);
ObjectSet("Arrow01_up", OBJPROP_PRICE1, FU1 + ArrowDist);
ObjectSet("Arrow01_dn", OBJPROP_PRICE1, FD1 - ArrowDist);*/
ObjectSet("Range02Medium", OBJPROP_PRICE1, medium02);
/*ObjectSet("Arrow02_up", 14, 159);
ObjectSet("Arrow02_dn", 14, 159);
ObjectSet("Arrow02_up", OBJPROP_TIME1, Time[shiftFU2]);
ObjectSet("Arrow02_dn", OBJPROP_TIME1, Time[shiftFD2]);
ObjectSet("Arrow02_up", OBJPROP_PRICE1, FU2 + ArrowDist);
ObjectSet("Arrow02_dn", OBJPROP_PRICE1, FD2 - ArrowDist);*/
ObjectSet("Range03Medium", OBJPROP_PRICE1, medium03);
/*ObjectSet("Arrow03_up", 14, 159);
ObjectSet("Arrow03_dn", 14, 159);
ObjectSet("Arrow03_up", OBJPROP_TIME1, Time[shiftFU3]);
ObjectSet("Arrow03_dn", OBJPROP_TIME1, Time[shiftFD3]);
ObjectSet("Arrow03_up", OBJPROP_PRICE1, FU3 + ArrowDist);
ObjectSet("Arrow03_dn", OBJPROP_PRICE1, FD3 - ArrowDist);*/
ObjectSet("Range04Medium", OBJPROP_PRICE1, medium04);
/*ObjectSet("Arrow04_up", 14, 159);
ObjectSet("Arrow04_dn", 14, 159);
ObjectSet("Arrow04_up", OBJPROP_TIME1, Time[shiftFU4]);
ObjectSet("Arrow04_dn", OBJPROP_TIME1, Time[shiftFD4]);
ObjectSet("Arrow04_up", OBJPROP_PRICE1, FU4 + ArrowDist);
ObjectSet("Arrow04_dn", OBJPROP_PRICE1, FD4 - ArrowDist);*/
//------ Di Napoli op, cop, xop FIRST range
ObjectSet("op01_dn", OBJPROP_PRICE1, op01_dn);
ObjectSet("op01_up", OBJPROP_PRICE1, op01_up);
ObjectSet("cop01_dn", OBJPROP_PRICE1, cop01_dn);
ObjectSet("cop01_up", OBJPROP_PRICE1, cop01_up);
ObjectSet("xop01_dn", OBJPROP_PRICE1, xop01_dn);
ObjectSet("xop01_up", OBJPROP_PRICE1, xop01_up);
//------ Di Napoli op, cop, xop SECOND range
ObjectSet("op02_dn", OBJPROP_PRICE1, op02_dn);
ObjectSet("op02_up", OBJPROP_PRICE1, op02_up);
ObjectSet("cop02_dn", OBJPROP_PRICE1, cop02_dn);
ObjectSet("cop02_up", OBJPROP_PRICE1, cop02_up);
ObjectSet("xop02_dn", OBJPROP_PRICE1, xop02_dn);
ObjectSet("xop02_up", OBJPROP_PRICE1, xop02_up);
//------ Di Napoli op, cop, xop THIRD range
ObjectSet("op03_dn", OBJPROP_PRICE1, op03_dn);
ObjectSet("op03_up", OBJPROP_PRICE1, op03_up);
ObjectSet("cop03_dn", OBJPROP_PRICE1, cop03_dn);
ObjectSet("cop03_up", OBJPROP_PRICE1, cop03_up);
ObjectSet("xop03_dn", OBJPROP_PRICE1, xop03_dn);
ObjectSet("xop03_up", OBJPROP_PRICE1, xop03_up);
//----
return(0);
}
//+------------------------------------------------------------------+
Comments