histogram_blanket
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This script is designed to enhance the visual analysis of a trading chart by identifying and plotting specific price action dynamics, specifically focusing on high and low extremes. It acts as a visual "blanket" that helps traders identify significant structural points in price movement rather than just looking at standard candles alone.
Core Functional Logic
1. Dynamic Price Tracking The script continuously scans historical price data to monitor the highest and lowest points reached during specific price movements. It specifically tracks "peak" and "trough" behavior, allowing it to distinguish between price expansion (where new highs or lows are being made) and consolidation.
2. Bullish and Bearish Identification The logic categorizes price action into two primary sentiments:
- Bullish (Green): Associated with upward momentum and the establishment of higher price levels.
- Bearish (Red): Associated with downward momentum and the establishment of lower price levels.
The script uses these colors to visually separate "buy-side" pressure from "sell-side" pressure on the chart, making it easier for a user to see where the market strength is shifting.
3. Structural Mapping Instead of just marking a single point, the script creates a multi-layered map of price extremes:
- High/Low Pairs: It identifies and plots pairs of high and low points. When the price reaches a new extreme that is lower than or equal to a previous level, the script logic determines whether to "bridge" these points or create a new entry on the chart.
- Dual-Layer Analysis: The script maintains two distinct sets of buffers for both Highs and Lows (labeled as 1 and 2). This allows it to display multiple layers of price structure simultaneously, helping traders see deeper historical context rather than just the most recent movement.
4. Visual Smoothing and Connectivity The script includes logic to handle "overlapping" prices. To ensure the chart remains readable, it checks if a new price point is higher or lower than the one preceding it. If the price moves in a way that would create visual clutter (such as overlapping lines), the script intelligently decides which line to display and which to hide (setting them to an "empty" value). This ensures that the resulting visual "blanket" remains clean and professional.
5. Open-Close Correlation Additionally, the script captures and prepares data regarding the opening and closing prices across different cycles. This provides a foundation for understanding the relationship between where a price started and where it ended during specific intervals of movement.
Summary for the User
In essence, this tool filters out the "noise" of standard candle fluctuations. It maps out the skeletal structure of the market—the significant highs and lows—and colors them based on market sentiment. This allows a trader to see the "path" of price more clearly, identifying structural boundaries and momentum shifts at a glance.
//+------------------------------------------------------------------+
//| Histogram_blanket.mq4 |
//| Matthieu Girard |
//| https://www.mql5.com |
//+------------------------------------------------------------------+
#property copyright "Girard Matthieu"
#property link "https://www.mql5.com"
#property version "1.00"
#property indicator_chart_window
#property indicator_buffers 11
#property strict
extern color ColorBull= clrGreen; //Color of Bull Line
extern color ColorBear= clrRed; //Color of Bear Line
string Prefix;
double ExtMapBufferHighGreen1[];
double ExtMapBufferLowGreen1[];
double ExtMapBufferHighGreen2[];
double ExtMapBufferLowGreen2[];
double ExtMapBufferHighRed1[];
double ExtMapBufferLowRed1[];
double ExtMapBufferHighRed2[];
double ExtMapBufferLowRed2[];
double ExtMapBufferOpenClose1[];
double ExtMapBufferOpenClose2[];
double ExtMapBufferOpenClose3[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
Prefix="HB_"+Symbol();
ChartSetInteger(0,CHART_COLOR_CHART_UP,0,clrChocolate);
ChartSetInteger(0,CHART_COLOR_CHART_DOWN,0,clrChocolate);
IndicatorShortName("HB_"+Symbol());
ChartSetInteger(0,CHART_MODE,CHART_BARS);
SetIndexBuffer(0,ExtMapBufferHighGreen1);
SetIndexBuffer(1,ExtMapBufferLowGreen1);
SetIndexBuffer(2,ExtMapBufferHighRed1);
SetIndexBuffer(3,ExtMapBufferLowRed1);
SetIndexBuffer(4,ExtMapBufferHighGreen2);
SetIndexBuffer(5,ExtMapBufferLowGreen2);
SetIndexBuffer(6,ExtMapBufferHighRed2);
SetIndexBuffer(7,ExtMapBufferLowRed2);
SetIndexBuffer(8,ExtMapBufferOpenClose1);
SetIndexBuffer(9,ExtMapBufferOpenClose2);
SetIndexBuffer(10,ExtMapBufferOpenClose3);
SetIndexStyle(0,DRAW_LINE,0,3,ColorBull);
SetIndexStyle(1,DRAW_LINE,0,3,ColorBull);
SetIndexStyle(2,DRAW_LINE,0,3,ColorBear);
SetIndexStyle(3,DRAW_LINE,0,3,ColorBear);
SetIndexStyle(4,DRAW_LINE,0,3,ColorBull);
SetIndexStyle(5,DRAW_LINE,0,3,ColorBull);
SetIndexStyle(6,DRAW_LINE,0,3,ColorBear);
SetIndexStyle(7,DRAW_LINE,0,3,ColorBear);
SetIndexStyle(8,DRAW_LINE,0,2,clrChocolate);
SetIndexStyle(9,DRAW_LINE,0,2,clrChocolate);
SetIndexStyle(10,DRAW_LINE,0,2,clrChocolate);
ArrayInitialize(ExtMapBufferHighGreen1,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferLowGreen1,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferHighRed1,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferLowRed1,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferHighGreen2,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferLowGreen2,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferHighRed2,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferLowRed2,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferOpenClose1,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferOpenClose2,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferOpenClose3,EMPTY_VALUE);
return( 0 );
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
int i;
for(i=ObjectsTotal() -1; i>=0; i--)
{
if(StringFind(ObjectName(i),"HB_"+Symbol())>-1)
{
ObjectDelete(0,ObjectName(i));
}
}
return( 0 );
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int BarsCount;
int i;
double lasthigh=0;
double lastLow=0;
bool ishighbull,isLowbull;
bool HG1=true;
bool HR1=true;
bool LG1=true;
bool LR1=true;
int Paire=1;
RefreshRates();
ArrayInitialize(ExtMapBufferHighGreen1,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferLowGreen1,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferHighRed1,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferLowRed1,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferHighGreen2,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferLowGreen2,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferHighRed2,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferLowRed2,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferOpenClose1,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferOpenClose2,EMPTY_VALUE);
ArrayInitialize(ExtMapBufferOpenClose3,EMPTY_VALUE);
BarsCount=WindowBarsPerChart()+20;
for(i=0; i<BarsCount; i++)
{
if(i>0)
{
if(Paire==1)
{
ExtMapBufferOpenClose1[i]=NormalizeDouble(Open[i],5);
ExtMapBufferOpenClose1[i+1]=NormalizeDouble(Close[i+1],5);
Paire=2;
}
else if(Paire==2)
{
ExtMapBufferOpenClose2[i]=NormalizeDouble(Open[i],5);
ExtMapBufferOpenClose2[i+1]=NormalizeDouble(Close[i+1],5);
Paire=3;
}
else if(Paire==3)
{
ExtMapBufferOpenClose3[i]=NormalizeDouble(Open[i],5);
ExtMapBufferOpenClose3[i+1]=NormalizeDouble(Close[i+1],5);
Paire=1;
}
if(NormalizeDouble(High[i],5)<=NormalizeDouble(lasthigh,5))
{ //set and bigger
if(ishighbull)
{
if(HG1)
{
ExtMapBufferHighGreen1[i]=NormalizeDouble(High[i],5);
}else{
ExtMapBufferHighGreen2[i]=NormalizeDouble(High[i],5);
}
}else{
if(HG1)
{
ExtMapBufferHighGreen1[i-1]=NormalizeDouble(lasthigh,5);
ExtMapBufferHighGreen1[i]=NormalizeDouble(High[i],5);
}else{
ExtMapBufferHighGreen2[i-1]=NormalizeDouble(lasthigh,5);
ExtMapBufferHighGreen2[i]=NormalizeDouble(High[i],5);
}
if(HR1)
{
HR1=false;
}else{
HR1=true;
}
}
ishighbull=true;
}else{
if(ishighbull)
{
if(HR1)
{
ExtMapBufferHighRed1[i-1]=NormalizeDouble(lasthigh,5);
ExtMapBufferHighRed1[i]=NormalizeDouble(High[i],5);
}else{
ExtMapBufferHighRed2[i-1]=NormalizeDouble(lasthigh,5);
ExtMapBufferHighRed2[i]=NormalizeDouble(High[i],5);;
}
if(HG1)
{
HG1=false;
}else{
HG1=true;
}
}else{
if(HR1)
{
ExtMapBufferHighRed1[i]=NormalizeDouble(High[i],5);
}else{
ExtMapBufferHighRed2[i]=NormalizeDouble(High[i],5);
}
}
ishighbull=false;
}
lasthigh=NormalizeDouble(High[i],5);
if(NormalizeDouble(Low[i],5)<=NormalizeDouble(lastLow,5))
{ //set and bigger
if(isLowbull)
{
if(LG1)
{
ExtMapBufferLowGreen1[i]=NormalizeDouble(Low[i],5);
}else{
ExtMapBufferLowGreen2[i]=NormalizeDouble(Low[i],5);
}
}else{
if(LG1)
{
ExtMapBufferLowGreen1[i-1]=NormalizeDouble(lastLow,5);
ExtMapBufferLowGreen1[i]=NormalizeDouble(Low[i],5);
}else{
ExtMapBufferLowGreen2[i-1]=NormalizeDouble(lastLow,5);
ExtMapBufferLowGreen2[i]=NormalizeDouble(Low[i],5);
}
if(LR1)
{
LR1=false;
}else{
LR1=true;
}
}
isLowbull=true;
}else{
if(isLowbull)
{
if(LR1)
{
ExtMapBufferLowRed1[i-1]=NormalizeDouble(lastLow,5);
ExtMapBufferLowRed1[i]=NormalizeDouble(Low[i],5);
}else{
ExtMapBufferLowRed2[i-1]=NormalizeDouble(lastLow,5);
ExtMapBufferLowRed2[i]=NormalizeDouble(Low[i],5);;
}
if(LG1)
{
LG1=false;
}else{
LG1=true;
}
}else{
if(LR1)
{
ExtMapBufferLowRed1[i]=NormalizeDouble(Low[i],5);
}else{
ExtMapBufferLowRed2[i]=NormalizeDouble(Low[i],5);
}
}
isLowbull=false;
}
lastLow=NormalizeDouble(Low[i],5);
}else{
if(HR1)
{
if(High[i+1]<=High[i])
{
ExtMapBufferHighGreen1[i]=NormalizeDouble(High[i],5);
ExtMapBufferHighRed1[i]=EMPTY_VALUE;
}else{
ExtMapBufferHighRed1[i]=NormalizeDouble(High[i],5);
ExtMapBufferHighGreen1[i]=EMPTY_VALUE;
}
}else{
if(High[i+1]<=High[i])
{
ExtMapBufferHighGreen2[i]=NormalizeDouble(High[i],5);
ExtMapBufferHighRed2[i]=EMPTY_VALUE;
}else{
ExtMapBufferHighRed2[i]=NormalizeDouble(High[i],5);
ExtMapBufferHighGreen2[i]=EMPTY_VALUE;
}
}
if(LR1)
{
if(Low[i+1]<=Low[i])
{
ExtMapBufferLowGreen1[i]=NormalizeDouble(Low[i],5);
ExtMapBufferLowRed1[i]=EMPTY_VALUE;
}else{
ExtMapBufferLowRed1[i]=NormalizeDouble(Low[i],5);
ExtMapBufferLowGreen1[i]=EMPTY_VALUE;
}
}else{
if(Low[i+1]<=Low[i])
{
ExtMapBufferLowGreen2[i]=NormalizeDouble(Low[i],5);
ExtMapBufferLowRed2[i]=EMPTY_VALUE;
}else{
ExtMapBufferLowRed2[i]=NormalizeDouble(Low[i],5);
ExtMapBufferLowGreen2[i]=EMPTY_VALUE;
}
}
lasthigh=NormalizeDouble(High[i],5);
lastLow=NormalizeDouble(Low[i],5);
}
}
return( 0 );
}
//+------------------------------------------------------------------+
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