This technical indicator is designed to assist traders by identifying high-probability market entries and exits using a multi-layered analysis of price momentum, trend strength, and moving average angles. Instead of relying on a single data point, the script synthesizes several different types of market information to filter out "noise" and highlight significant moves.
Core Logic Overview
The indicator functions by checking three primary categories of market data simultaneously:
1. Trend Direction and Momentum (Moving Averages & CCI) The tool monitors the Commodity Channel Index (CCI) to determine if the price is moving significantly away from its average. It compares "short-term" momentum against "long-term" momentum to ensure that immediate price spikes are supported by broader market trends.
2. Trend Strength and Volatility (ADX & RSI) To prevent entering trades during "flat" or sideways markets, the script incorporates an ADX (Average Directional Index) filter. This ensures that a trade is only suggested when there is sufficient strength in the move. Additionally, it uses the Relative Strength Index (RSI) to verify whether the price has enough "fuel" to continue its current direction.
3. Dynamic Price Slope (EMA Angle) A unique feature of this script is its analysis of the Exponential Moving Average (EMA) angle. Rather than just looking at whether a line is going up or down, the logic calculates the actual "steepness" of the move over a specific number of candles.
- Bullish signals require a positive, upward tilt.
- Bearish signals require a distinct downward tilt.
- Neutral zones are identified when the angle is too flat to be considered a reliable trend.
Signal Execution Logic
The indicator generates three distinct types of visual and audible signals:
- Buy Signals: Triggered only when the moving average angle is positive, momentum indicators (CCI) cross specific "small" and "large" threshold levels, and the trend strength (ADX) confirms a buying bias.
- Sell Signals: Triggered when the moving average angle is negative, and the momentum/trend filters confirm a dominant selling bias.
- Exit Signals: The script monitors for specific "cross-over" points in the momentum data. When price action suggests that the initial move has lost its steam or is reversing, it provides an exit signal to help traders secure profits or minimize losses.
User Experience Features
- Visual Feedback: The indicator plots distinct visual markers (arrows) on the chart to clearly show where Buy, Sell, and Exit points occur.
- Customizable Alerts: Users can enable real-time notifications. When the specific mathematical conditions for a trade are met, the script can trigger a pop-up alert on the trading platform.
- Flexible Filtering: The logic includes several "toggles," allowing users to decide whether they want to prioritize certain data points (like the RSI or ADX) or rely solely on the raw momentum and angle calculations.
Indicators Used
Miscellaneous
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FX Prime V2
//---- indicator settings
#property indicator_separate_window
#property indicator_buffers 6
/*
#property indicator_minimum -100
#property indicator_maximum 100
*/
#property indicator_color1 LimeGreen
#property indicator_color2 Yellow
#property indicator_color3 FireBrick
#property indicator_color4 LightGreen
#property indicator_color5 Tomato
#property indicator_color6 LightSlateGray
#property indicator_width1 2
#property indicator_width2 2
#property indicator_width3 2
#property indicator_width4 2
#property indicator_width5 2
#property indicator_width6 2
//---- indicator parameters
extern int rsi_period=8;
extern int rsi_price=PRICE_CLOSE;
extern bool chk_rsi = False;
extern bool check_ema_angle = true;
extern bool enablealertbuy = False;
extern bool enablealertsell = False;
extern bool enablealertexit = False;
extern bool alertpair = true;
extern bool display_fxprime_short = True;
extern bool display_fxprime_long = True;
extern bool display_fxprime_exit = True;
extern int indicator_period = PERIOD_M1;
extern int previous_shift = 1;
extern int cci_period = 34;
extern int long_period = 170;
extern int short_rsi = 8;
extern int long_rsi = 14;
extern int filter_out_cci = 5;
extern double filter_out_long = 165;
extern double filter_out_short = -165;
extern double exit_cci_cross_long = 0;
extern double exit_cci_cross_short = 0;
extern double long_rsi_cross = 55;
extern double short_rsi_cross = 45;
extern double small_long_cci_cross = 30;
extern double small_short_cci_cross = -30;
extern double large_long_cci_cross = 25;
extern double large_short_cci_cross = -25;
extern int sto_K = 5;
extern int sto_D = 3;
extern int sto_S = 3;
extern int adx_period = 20;
extern double adx_level = 15;
extern bool chk_adx = false;
extern int cci_price = PRICE_TYPICAL;
// ---------- ema angle settings
extern int ea_EMAPeriod=20;
extern double ea_AngleTreshold=0.1;
extern int ea_StartEMAShift=6;
extern int ea_EndEMAShift=0;
extern bool display_ema_angle = false;
extern string alertbuymsg = "#fxprime BUY (Canadian dude says: happy pippin')";
extern string alertsellmsg = "#fxprime SELL (Canadian dude says: happy pippin')";
extern string alertexitmsg = "#fxprime EXIT";
extern int EMAPeriod=20;
extern double AngleTreshold=0.1;
extern int StartEMAShift=6;
extern int EndEMAShift=0;
//---- indicator buffers
double UpBuffer[];
double DownBuffer[];
double ZeroBuffer[];
double ExtMapBuffer5[];
double ExtMapBuffer6[];
double ExtMapBuffer7[];
#define pos 50
#define shortmul -1
#define SPACE " "
#define IND_LONG_SYMBOL 110
#define IND_SHORT_SYMBOL 110
#define IND_EXIT_SYMBOL 159
#define OP_NEUTRAL -1
#define EMPTY_LEVEL -200
#define SIG_LEVEL 0.2
#define EXT_LEVEL -0.2
#define OP_EXIT -100
#define PI 3.14159
#define PIDEGREES 180.0
datetime buytime;
datetime selltime;
datetime exittime;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
int emaa_draw = DRAW_HISTOGRAM;
if (!display_ema_angle) emaa_draw = DRAW_NONE;
IndicatorBuffers(6);
SetIndexStyle(0,emaa_draw,STYLE_SOLID,2);
SetIndexStyle(1,emaa_draw,STYLE_SOLID,2);
SetIndexStyle(2,emaa_draw,STYLE_SOLID,2);
IndicatorDigits(MarketInfo(Symbol(),MODE_DIGITS)+2);
SetIndexBuffer(0,UpBuffer);
SetIndexBuffer(1,DownBuffer);
SetIndexBuffer(2,ZeroBuffer);
int draw_fxprime;
draw_fxprime = DRAW_ARROW;
if (!display_fxprime_long) draw_fxprime = DRAW_NONE;
SetIndexStyle(3,draw_fxprime);
SetIndexArrow(3,IND_LONG_SYMBOL);
SetIndexBuffer(3,ExtMapBuffer5);
SetIndexEmptyValue(3,EMPTY_LEVEL);
draw_fxprime = DRAW_ARROW;
if (!display_fxprime_short) draw_fxprime = DRAW_NONE;
SetIndexStyle(4,draw_fxprime);
SetIndexArrow(4,IND_SHORT_SYMBOL);
SetIndexBuffer(4,ExtMapBuffer6);
SetIndexEmptyValue(4,EMPTY_LEVEL);
draw_fxprime = DRAW_ARROW;
if (!display_fxprime_exit) draw_fxprime = DRAW_NONE;
SetIndexStyle(5,draw_fxprime);
SetIndexArrow(5,IND_EXIT_SYMBOL);
SetIndexBuffer(5,ExtMapBuffer7);
SetIndexEmptyValue(5,EMPTY_LEVEL);
ShowCopyright();
return(0);
}
//+------------------------------------------------------------------+
//| The angle for EMA |
//+------------------------------------------------------------------+
int start()
{
double fEndMA, fStartMA;
double fAngle, mFactor, dFactor;
int nLimit, i;
int nCountedBars;
double angle;
int ShiftDif;
if(EndEMAShift >= StartEMAShift)
{
Print("Error: EndEMAShift >= StartEMAShift");
StartEMAShift = 6;
EndEMAShift = 0;
}
nCountedBars = IndicatorCounted();
//---- check for possible errors
if(nCountedBars<0)
return(-1);
//---- last counted bar will be recounted
if(nCountedBars>0)
nCountedBars--;
nLimit = Bars-nCountedBars;
dFactor = 3.14159/180.0;
mFactor = 10000.0;
if (Symbol() == "USDJPY") mFactor = 100.0;
ShiftDif = StartEMAShift-EndEMAShift;
mFactor /= ShiftDif;
//---- main loop
for(i=0; i<nLimit; i++)
{
ExtMapBuffer5[i] = EMPTY_LEVEL;
ExtMapBuffer6[i] = EMPTY_LEVEL;
ExtMapBuffer7[i] = EMPTY_LEVEL;
bool ea_green = false;
bool ea_red = false;
bool ea_yellow = false;
double rsi = iRSI(NULL, 0, rsi_period, rsi_price, i);
double cci_fo = iCCI(Symbol(), indicator_period, filter_out_cci, cci_price, i);
double cci = iCCI(Symbol(), indicator_period, cci_period, cci_price, i);
double cci_p = iCCI(Symbol(), indicator_period, cci_period, cci_price, i+previous_shift);
double cci_l = iCCI(Symbol(), indicator_period, long_period, cci_price, i);
double cci_lp = iCCI(Symbol(), indicator_period, long_period, cci_price, i+previous_shift);
double lrsi = iRSI(Symbol(), indicator_period, long_rsi, PRICE_CLOSE, i);
double adxpdi = iADX(Symbol(), indicator_period, adx_period, PRICE_CLOSE, MODE_PLUSDI, i);
double adxmdi = iADX(Symbol(), indicator_period, adx_period, PRICE_CLOSE, MODE_MINUSDI, i);
double adxmain = iADX(Symbol(), indicator_period, adx_period, PRICE_CLOSE, MODE_MAIN, i);
int adx_op = OP_NEUTRAL;
if (adxpdi >= adxmdi && adxmain > adx_level) adx_op = OP_BUY;
if (adxpdi < adxmdi && adxmain > adx_level) adx_op = OP_SELL;
fEndMA=iMA(NULL,0, EMAPeriod,0,MODE_EMA,PRICE_MEDIAN,i+EndEMAShift);
fStartMA=iMA(NULL,0,EMAPeriod,0,MODE_EMA,PRICE_MEDIAN,i+StartEMAShift);
// 10000.0 : Multiply by 10000 so that the fAngle is not too small
// for the indicator Window.
fAngle = mFactor * (fEndMA - fStartMA);
// fAngle = MathArctan(fAngle)/dFactor;
DownBuffer[i] = 0.0;
UpBuffer[i] = 0.0;
ZeroBuffer[i] = 0.0;
if(fAngle > AngleTreshold)
{
ea_green = true;
UpBuffer[i] = fAngle;
}
else if (fAngle < -AngleTreshold)
{
ea_yellow = true;
DownBuffer[i] = fAngle;
}
else
{
ea_red = true;
ZeroBuffer[i] = fAngle;
}
if (cci > small_long_cci_cross && cci_l > large_long_cci_cross && (rsi > long_rsi_cross || !chk_rsi) && (adx_op == OP_BUY || !chk_adx) && ea_green)
{
ExtMapBuffer5[i] = SIG_LEVEL;
if (i == 1 && ExtMapBuffer5[i+1] != SIG_LEVEL && enablealertbuy && buytime < iTime(NULL, 0, 2))
{
buytime = iTime(NULL, 0, 2);
AlertSignal(alertpair, OP_BUY, alertbuymsg, alertsellmsg, alertexitmsg);
}
}
// if (cci > long_cci_cross && rsi > long_rsi_cross && adxpdi > adxmdi && adxmdi < adxmain)
// cci_l < short_cci_cross &&
// (cci < short_cci_cross && rsi < short_rsi_cross && adxpdi < adxmdi && adxmdi > adxpdi)
// (cci < short_cci_cross && cci_l < short_cci_cross && rsi > short_rsi_cross)
if (cci < small_short_cci_cross && cci_l < large_short_cci_cross && (rsi < short_rsi_cross || !chk_rsi) && (adx_op == OP_SELL || !chk_adx) && ea_yellow)
{
ExtMapBuffer6[i] = SIG_LEVEL;
if (i == 1 && ExtMapBuffer6[i+1] != SIG_LEVEL && enablealertsell && selltime < iTime(NULL, 0, 2))
{
selltime = iTime(NULL, 0, 2);
AlertSignal(alertpair, OP_SELL, alertbuymsg, alertsellmsg, alertexitmsg);
}
}
if ((cci >= exit_cci_cross_short && cci_p < exit_cci_cross_short) || (cci <= exit_cci_cross_long && cci_p > exit_cci_cross_long))
// if (cci_fo > filter_out_long || cci_fo < filter_out_short)
{
ExtMapBuffer7[i] = EXT_LEVEL;
if (i == 1 && ExtMapBuffer7[i+1] != SIG_LEVEL && enablealertexit && exittime < iTime(NULL, 0, 2))
{
exittime = iTime(NULL, 0, 2);
AlertSignal(alertpair, OP_EXIT, alertbuymsg, alertsellmsg, alertexitmsg);
}
}
}
return(0);
}
//+------------------------------------------------------------------+
void ShowCopyright()
{
Print("Copyright © 2007-2008, ", "Canadian Dude & Rev");
Print("http://www.learnfxprime.com");
}
void AlertSignal(bool alertpair, int op, string buy, string sell, string exit)
{
string msg = "";
if (alertpair) msg = StringConcatenate(msg, Symbol(), ", ");
if (op == OP_BUY) msg = StringConcatenate(msg, buy);
else if (op == OP_SELL) msg = StringConcatenate(msg, sell);
else if (op == OP_EXIT) msg = StringConcatenate(msg, exit);
Alert(msg);
}
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