Hans Indicator2
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This script is designed as a visual trading tool for MetaTrader 4, specifically engineered to identify and display specific price ranges on a chart. Its primary purpose is to help traders visualize "breakout" zones based on historical price action during designated time windows.
Core Logic Overview
The script operates by scanning through historical price data to isolate three distinct periods of the trading day. It calculates the highest and lowest prices reached during these specific windows to establish "zones."
Instead of looking at the entire day's price movement, it focuses on:
- Period 1: A morning/early session.
- Period 2: A mid-day/afternoon session.
- Rest of Day: A concluding period used to define the boundaries of the preceding segments.
Key Functionalities
- Time Zone Customization: The script allows users to adjust for different time zones (Local and Destination). This ensures that the price ranges are calculated based on the correct global market hours, regardless of where the trader is physically located.
- Dynamic Range Calculation: As the price moves through these designated times, the script constantly tracks the highest peak and lowest trough. Once a period ends, it "locks in" those values.
- Visual Boundaries (The Zones):
- It draws horizontal lines representing the upper and lower boundaries of these captured price ranges.
- It automatically adds a small "buffer" (measured in pips) to these boundaries. This ensures that a trade is only considered a valid "breakout" if the price moves beyond the established high or low by a specific margin, helping to filter out minor price fluctuations (noise).
- Automatic Reset: The logic is designed to reset automatically every time a new calendar day begins. It clears the previous day's data and begins calculating the highs and lows for the new session immediately.
How it Assists the Trader
For a non-technical user, this script serves as an automated "mapping" tool. Rather than manually looking at charts to decide where a breakout might occur, the script draws these boundaries clearly on the screen. When the market price moves outside of the blue lines established by previous sessions, it signals a potential breakout opportunity for the EUR/USD or GBP/USD pairs.
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Hans Indicator2
//+------------------------------------------------------------------+
//| TZ-Breaktout.mq4 |
//| Shimodax |
//| |
//+------------------------------------------------------------------+
#property copyright "Copyright Shimodax"
#property link "http://www.strategybuilderfx.com/forums/showthread.php?t=15439"
/* Introduction:
Draw ranges for "Simple Combined Breakout System for EUR/USD and GBP/USD" thread
(see http://www.strategybuilderfx.com/forums/showthread.php?t=15439)
LocalTimeZone: TimeZone for which MT4 shows your local time,
e.g. 1 or 2 for Europe (GMT+1 or GMT+2 (daylight
savings time). Use zero for no adjustment.
The MetaQuotes demo server uses GMT +2.
Enjoy :-)
Markus
*/
#property indicator_chart_window
#property indicator_buffers 5
#property indicator_color1 Blue
#property indicator_color2 Blue
#property indicator_color3 LightGray
#property indicator_color4 LightGray
#property indicator_color5 Blue
extern int LocalTimeZone= 2;
extern int DestTimeZone= 6;
extern int PipsForEntry= 5;
double Zone1Upper[];
double Zone2Upper[];
double Zone1Lower[];
double Zone2Lower[];
double SignalsBuffer[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
SetIndexStyle(0,DRAW_LINE);
SetIndexBuffer(0,Zone1Upper);
SetIndexEmptyValue(0, 0.0);
SetIndexStyle(1,DRAW_LINE);
SetIndexBuffer(1,Zone1Lower);
SetIndexEmptyValue(1, 0.0);
SetIndexStyle(2,DRAW_NONE);
SetIndexBuffer(2,Zone2Upper);
SetIndexEmptyValue(2, 0.0);
SetIndexStyle(3,DRAW_NONE);
SetIndexBuffer(3,Zone2Lower);
SetIndexEmptyValue(3, 0.0);
SetIndexStyle(4,DRAW_ARROW);
SetIndexArrow(4, 156);
SetIndexBuffer(4, SignalsBuffer);
return(0);
}
int deinit()
{
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars= IndicatorCounted(),
lastbar, result;
if (Bars<=100)
return(0);
if (counted_bars>0)
counted_bars--;
lastbar= Bars - counted_bars;
BreakoutRanges(0, lastbar, LocalTimeZone, DestTimeZone);
return(0);
}
//+------------------------------------------------------------------+
//| Compute index of first/last bar of yesterday and today |
//+------------------------------------------------------------------+
int BreakoutRanges(int offset, int lastbar, int tzlocal, int tzdest)
{
int i, j, k,
tzdiff= tzlocal - tzdest,
tzdiffsec= tzdiff*3600,
tidxstart[2]= { 0, 0},
tidxend[2]= { 0, 0 };
double thigh[2]= { 0.0, 0.0 },
tlow[2]= { 99999.9, 99999.9 };
string tfrom[3]= { "11:00", "15:00" , /*rest of day: */ "12:00"},
tto[3]= { "15:00", "20:00", /*rest of day: */ "24:00" },
tday;
bool inperiod= -1;
datetime timet;
//
// search back for the beginning of the day
//
tday= TimeToStr(Time[lastbar]-tzdiffsec, TIME_DATE);
for ( ; lastbar<Bars; lastbar++) {
if (TimeToStr(Time[lastbar] - tzdiffsec, TIME_DATE)!=tday) {
lastbar--;
break;
}
}
//
// find the high/low for the two periods and carry them forward through the day
//
tday= "XXX";
for (i= lastbar; i>=offset; i--) {
timet= Time[i] - tzdiffsec; // time of this bar
string timestr= TimeToStr(timet, TIME_MINUTES), // current time HH:MM
thisday= TimeToStr(timet, TIME_DATE); // current date
//
// for all three periods (first period, second period, rest of day)
//
for (j= 0; j<3; j++) {
if (tfrom[j]<=timestr && timestr<tto[j]) { // Bar[i] in this period
if (inperiod!=j) { // entered new period, so last one is completed
if (j>0) { // now draw high/low back over the recently completed period
for (k= tidxstart[j-1]; k>=tidxend[j-1]; k--) {
if (j-1==0) {
Zone1Upper[k]= thigh[j-1];
Zone1Lower[k]= tlow[j-1];
}
if (j-1==1) {
Zone2Upper[k]= thigh[j-1];
Zone2Lower[k]= tlow[j-1];
}
}
}
inperiod= j; // remember current period
}
if (inperiod==2) // inperiod==2 (end of day) is just to check completion of zone 2
break;
// for the current period find idxstart, idxend and compute high/low
if (tidxstart[j]==0) {
tidxstart[j]= i;
tday= thisday;
}
tidxend[j]= i;
thigh[j]= MathMax(thigh[j], High[i]);
tlow[j]= MathMin(tlow[j], Low[i]);
}
}
//
// carry forward the periods for which we have definite high/lows
//
if (inperiod>=1 && tday==thisday) { // first time period completed
Zone1Upper[i]= thigh[0] + PipsForEntry*Point;
Zone1Lower[i]= tlow[0] - PipsForEntry*Point;
if (inperiod>=2) { // second period completed
Zone2Upper[i]= thigh[1] + PipsForEntry*Point;
Zone2Lower[i]= tlow[1] - PipsForEntry*Point;
}
}
else { // none yet to carry forward (zero to clear old values, e.g. from switching timeframe)
Zone1Upper[i]= 0;
Zone1Lower[i]= 0;
Zone2Upper[i]= 0;
Zone2Lower[i]= 0;
}
//
// at the beginning of a new day reset everything
//
if (tday!="XXX" && tday!=thisday) {
Print("#", i, "new day ", thisday, "/", tday);
tday= "XXX";
inperiod= -1;
for (j= 0; j<2; j++) {
tidxstart[j]= 0;
tidxend[j]= 0;
thigh[j]= 0;
tlow[j]= 99999;
}
}
}
return (0);
}
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