!_EA_Vegas_1hr_v2
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This script functions as a visual and automated trading tool designed to identify key price levels based on moving averages and mathematical "risk models." By plotting specific lines on your chart, it helps traders visualize potential support and resistance zones where price action might react.
Core Logic and Functionality
1. Dynamic Moving Averages The script begins by calculating two primary Exponential Moving Averages (EMA) based on the closing prices of the market:
- EMA 144: A long-term trend indicator.
- EMA 169: A secondary long-term trend indicator used as a baseline for risk calculations.
2. Risk Model Selection The tool allows you to choose from four different "Risk Models." Depending on which model you select, the script automatically projects six additional price levels (three above and three below the EMA 169 baseline). These levels are calculated using specific mathematical offsets:
- Model 1: Uses small, tighter offsets (34, 55, 89 points).
- Model 2: Uses moderate offsets (55, 89, 144 points).
- Model 3: Uses wider offsets (89, 144, 233 points).
- Model 4: Uses the largest offsets (144, 233, 377 points).
These models essentially create a "channel" or "Fibonacci-style" grid around the price, giving you a roadmap of where the market might face significant pressure.
3. Real-Time Visual Feedback The script provides constant data on your screen through an on-chart comment box. It displays the current values for:
- The primary EMA lines.
- All six projected risk levels (labeled as F+1 through F+3 and F-1 through F-3).
This allows you to see exactly where the "zones of interest" are located at any given moment.
4. Automated Alerts To ensure you don't miss critical price action, the script includes an automated notification system. If the market price closes exactly on any of the calculated moving averages or any of the projected risk levels, the tool will:
- Play an audible alert sound.
- Generate a pop-up notification on your screen.
These alerts serve as signals that the price has reached a key structural area, potentially indicating a turning point or a continuation of the current trend.
//+------------------------------------------------------------------+
//| Vegas.mq4 |
//| Mr.Bah |
//| |
//+------------------------------------------------------------------+
#property copyright "Mr.Bah"
#property link ""
//----
#property indicator_chart_window
#property indicator_buffers 8
#property indicator_color1 Green
#property indicator_color2 Blue
#property indicator_color3 Red
#property indicator_color4 Red
#property indicator_color5 Red
#property indicator_color6 Red
#property indicator_color7 Red
#property indicator_color8 Red
//---- input parameters
extern bool Alerts=true;
extern int RiskModel=1;
extern int MA1=144;
extern int MA2=169;
//---- buffers
double ExtMapBuffer1[];
double ExtMapBuffer2[];
double ExtMapBuffer3[];
double ExtMapBuffer4[];
double ExtMapBuffer5[];
double ExtMapBuffer6[];
double ExtMapBuffer7[];
double ExtMapBuffer8[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
SetIndexStyle(0,DRAW_LINE);
SetIndexBuffer(0,ExtMapBuffer1);
SetIndexStyle(1,DRAW_LINE);
SetIndexBuffer(1,ExtMapBuffer2);
SetIndexStyle(2,DRAW_LINE);
SetIndexBuffer(2,ExtMapBuffer3);
SetIndexStyle(3,DRAW_LINE);
SetIndexBuffer(3,ExtMapBuffer4);
SetIndexStyle(4,DRAW_LINE);
SetIndexBuffer(4,ExtMapBuffer5);
SetIndexStyle(5,DRAW_LINE);
SetIndexBuffer(5,ExtMapBuffer6);
SetIndexStyle(6,DRAW_LINE);
SetIndexBuffer(6,ExtMapBuffer7);
SetIndexStyle(7,DRAW_LINE);
SetIndexBuffer(7,ExtMapBuffer8);
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int limit;
int counted_bars=IndicatorCounted();
//---- check for possible errors
if(counted_bars<0) return(-1);
//---- last counted bar will be recounted
if(counted_bars>0) counted_bars--;
limit=Bars-counted_bars;
//---- main loop
for(int i=0; i<limit; i++)
{
//---- ma_shift set to 0 because SetIndexShift called abowe
ExtMapBuffer1[i]=iMA(NULL,0,144,0,MODE_EMA,PRICE_CLOSE,i);
ExtMapBuffer2[i]=iMA(NULL,0,169,0,MODE_EMA,PRICE_CLOSE,i);
//Model #1 34,55,89
if(RiskModel==1)
{
ExtMapBuffer3[i]=ExtMapBuffer2[i]+34*Point;
ExtMapBuffer4[i]=ExtMapBuffer2[i]+55*Point;
ExtMapBuffer5[i]=ExtMapBuffer2[i]+89*Point;
ExtMapBuffer6[i]=ExtMapBuffer2[i]-34*Point;
ExtMapBuffer7[i]=ExtMapBuffer2[i]-55*Point;
ExtMapBuffer8[i]=ExtMapBuffer2[i]-89*Point;
}
//Model #2 55,89,144
if(RiskModel==2)
{
ExtMapBuffer3[i]=ExtMapBuffer2[i]+55*Point;
ExtMapBuffer4[i]=ExtMapBuffer2[i]+89*Point;
ExtMapBuffer5[i]=ExtMapBuffer2[i]+144*Point;
ExtMapBuffer6[i]=ExtMapBuffer2[i]-55*Point;
ExtMapBuffer7[i]=ExtMapBuffer2[i]-88*Point;
ExtMapBuffer8[i]=ExtMapBuffer2[i]-144*Point;
}
//Model #3 89,144,233
if(RiskModel==3)
{
ExtMapBuffer3[i]=ExtMapBuffer2[i]+89*Point;
ExtMapBuffer4[i]=ExtMapBuffer2[i]+144*Point;
ExtMapBuffer5[i]=ExtMapBuffer2[i]+233*Point;
ExtMapBuffer6[i]=ExtMapBuffer2[i]-89*Point;
ExtMapBuffer7[i]=ExtMapBuffer2[i]-144*Point;
ExtMapBuffer8[i]=ExtMapBuffer2[i]-233*Point;
}
//Model #4 144,233,377
if(RiskModel==4)
{
ExtMapBuffer3[i]=ExtMapBuffer2[i]+144*Point;
ExtMapBuffer4[i]=ExtMapBuffer2[i]+233*Point;
ExtMapBuffer5[i]=ExtMapBuffer2[i]+377*Point;
ExtMapBuffer6[i]=ExtMapBuffer2[i]-144*Point;
ExtMapBuffer7[i]=ExtMapBuffer2[i]-233*Point;
ExtMapBuffer8[i]=ExtMapBuffer2[i]-377*Point;
}
Comment("\nRISK MODEL #",RiskModel," (1-4)\n\nEMA144 - ",ExtMapBuffer1[limit],"\nEMA169 - ",ExtMapBuffer2[limit],
"\n\nF+1 - ",ExtMapBuffer3[limit],"\nF+2 - ",ExtMapBuffer4[limit],
"\nF+3 - ",ExtMapBuffer5[limit],"\n\nF-1 - ",ExtMapBuffer6[limit],
"\nF-2 - ",ExtMapBuffer7[limit],"\nF-3 - ",ExtMapBuffer8[limit]);
}
//+--------------------------------------------------------------------------+
//| ALERTS PlaySound("alert.wav"); |
//+--------------------------------------------------------------------------+
if(Alerts)
{
if(Close[i]==ExtMapBuffer1[i] || Close[i]==ExtMapBuffer2[i])
{
PlaySound("alert.wav");
Alert("Fib or Channel signal triggered for "+Symbol()+" on the "+Period()+" minute chart.");
}
if(Close[i]==ExtMapBuffer3[i] || Close[i]==ExtMapBuffer4[i] || Close[i]==ExtMapBuffer5[i])
{
PlaySound("alert.wav");
Alert("Fib or Channel signal triggered for "+Symbol()+" on the "+Period()+" minute chart.");
}
if(Close[i]==ExtMapBuffer6[i] || Close[i]==ExtMapBuffer7[i] || Close[i]==ExtMapBuffer8[i])
{
PlaySound("alert.wav");
Alert("Fib or Channel signal triggered for "+Symbol()+" on the "+Period()+" minute chart.");
}
}
//---- done
//----
//----
return(0);
}
//+------------------------------------------------------------------+
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