JuiceLevelsAlertNew_v2
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This tool is designed as a visual aid for traders to gauge market volatility and price movement strength. It works by analyzing the historical price data of a currency pair or asset and categorizing that movement into three distinct "quality" zones, represented visually in a separate window on your trading platform.
Core Logic and Visual Representation
The script processes market data to determine how much "energy" or volatility is currently present. Instead of showing you a single raw number, it classifies the current market activity into three specific categories:
- Good Juice (Green): This identifies periods where volatility exceeds a high pre-set threshold. It suggests strong price movement or significant expansion in the market.
- Bad Juice (Red): This identifies periods where the market is moving with very low volatility, falling below a minimum baseline. It highlights areas of stagnation or "dead" price action.
- SoSo Juice (Yellow): This represents the middle ground—periods where the market has some movement, but it isn't strong enough to be considered "Good" nor weak enough to be considered "Bad."
How it Calculates Movement
Under the hood, the script uses a standard statistical calculation (Standard Deviation) based on an Exponential Moving Average. By looking at a specific timeframe of previous prices, it measures how much the price is deviating from its average. It then compares this deviation against your customized settings to decide which of the three categories the current market moment falls into.
Key Features and Customization
- Visual Levels: The tool can display horizontal "juice levels" on the chart. These serve as visual benchmarks, allowing you to see at a glance how close the current market activity is to your desired thresholds.
- Alert System: You can enable audio and pop-up alerts. If the market volatility crosses a specific point (the "Alert From Pips" setting) while on a 5-minute chart, the tool will notify you instantly so you don't have to watch the screen constantly.
- Adjustable Sensitivity: The script is highly customizable. You can change how many past bars are analyzed (Period), define what constitutes "high" or "low" volatility (Thresholds), and adjust the number of visible guide levels on the display.
Summary for the User
In short, this tool helps you filter out market noise. It allows you to quickly identify when the market is moving with enough "juice" to be tradable versus when it is simply drifting sideways or remaining too stagnant to provide a meaningful opportunity.
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JuiceLevelsAlertNew_v2
//+------------------------------------------------------------------+
//| Juice.mq4 |
//| Perky_z |
//| http://fxovereasy.atspace.com/index |
//+------------------------------------------------------------------+
#property copyright "perky"
#property link "http://fxovereasy.atspace.com/index"
//---- indicator settings
#property indicator_separate_window
#property indicator_buffers 3
#property indicator_color1 LimeGreen
#property indicator_color2 FireBrick
#property indicator_color3 Yellow
#property indicator_width1 2
#property indicator_width2 2
#property indicator_width3 2
//---- indicator parameters
extern bool DoAlerts = false;
extern int AlertFromPips = 8;
extern int Periyod=7;
extern int thresholdLevel=8;
extern int sosoLevel = 4;
extern bool JuiceLevelsVisible = true;
extern int JuiceStartPips = 4;
extern int JuiceStepPips = 4;
extern int JuiceLevelsNumber = 3;
extern color JuiceLevelColor = Silver;
double thresholdLevelPoint;
double sosoLevelPoint;
//---- indicator buffers
double GoodJuice[];
double BadJuice[];
double SoSoJuice[];
double currentJuiceLevel;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- 3 additional buffers are used for counting.
IndicatorBuffers(3);
//---- drawing settings
SetIndexStyle(0,DRAW_HISTOGRAM,STYLE_SOLID);
SetIndexStyle(1,DRAW_HISTOGRAM,STYLE_SOLID);
SetIndexStyle(2,DRAW_HISTOGRAM,STYLE_SOLID);
SetIndexDrawBegin(0,Periyod);
IndicatorDigits(MarketInfo(Symbol(),MODE_DIGITS)+2);
//---- 2 indicator buffers mapping
if(!SetIndexBuffer(0,GoodJuice) &&
!SetIndexBuffer(1,BadJuice) &&
!SetIndexBuffer(2,SoSoJuice))
Print("cannot set indicator buffers!");
IndicatorDigits(4);
thresholdLevelPoint = thresholdLevel*Point;
sosoLevelPoint = sosoLevel*Point;
//---- name for DataWindow and indicator subwindow label
IndicatorShortName("Juice("+Periyod+","+thresholdLevel+")");
//---- initialization done
return(0);
}
int SetLevelLines()
{
string levelLabel;
if(JuiceLevelsVisible)
{
SetLevelStyle(STYLE_DASH,1,JuiceLevelColor);
for(int i=1; i<= JuiceLevelsNumber; i++)
{
currentJuiceLevel = (JuiceStartPips + (i-1)*JuiceStepPips);
SetLevelValue(i,currentJuiceLevel);
levelLabel = "Level "+i+": "+currentJuiceLevel;
SetIndexLabel(i,levelLabel);
}
}else
{
for(i=1; i<= JuiceLevelsNumber; i++)
{
SetLevelValue(i,0.0);
}
}
}
//+------------------------------------------------------------------+
//| Moving Average of Oscillator |
//+------------------------------------------------------------------+
int start()
{
//if ( Period != 15) Alert ("Juice Is Recommended for 15 Min Chart only!!");
int limit,i;
int counted_bars=IndicatorCounted();
double Juice;
static datetime lastPriceAlertedBar=0;
int barToCheck;
//---- 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;
SetLevelLines();
//---- main loop
for(i=0; i<limit; i++)
{
Juice=iStdDev (NULL,0,Periyod,MODE_EMA,0,PRICE_CLOSE,i);
if(Juice>=thresholdLevelPoint){
GoodJuice[i]=Juice/Point;
BadJuice[i]=0;
SoSoJuice[i]=0;
}else if(Juice<sosoLevelPoint){
BadJuice[i]=Juice/Point;
GoodJuice[i]=0;
SoSoJuice[i] = 0;
}else{
SoSoJuice[i] = Juice/Point;
BadJuice[i]=0;
GoodJuice[i]=0;
}
}
if (DoAlerts)
{
if (Juice > AlertFromPips && Period() == 5 && lastPriceAlertedBar != iTime(NULL,0,barToCheck))
{
Alert("Juice above ",AlertFromPips," for ", Symbol());
PlaySound("Tick.wav");
lastPriceAlertedBar = iTime(NULL,0,barToCheck);
}
}
//---- done
return(0);
}
//+------------------------------------------------------------------+
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