The MonEx indicator is a specialized visual tool designed to simplify market analysis by combining two distinct types of price action data into a single cohesive display. It focuses on identifying trend momentum and significant structural turning points in the market.
Core Visual Components
1. Modified Candle Analysis (Weighted Close) Instead of using standard price data, which can often be "noisy" or misleading due to outliers, this script calculates custom candle bodies. It uses a specific weighted average—specifically looking at the relationship between the High, Low, and Close prices—to determine the "Open" and "Close" values of each bar.
- Bullish Movement: When the calculation suggests upward momentum, the indicator displays a light green body with a corresponding shadow.
- Bearish Movement: When downward momentum is detected, it displays a red body with a corresponding shadow. This provides a cleaner visual representation of the market's "true" trend by smoothing out minor price fluctuations.
2. Structural Turning Points (ZigZag Integration) The script includes an optional signal system designed to highlight major structural changes in the price movement. By integrating logic from a "ZigZag" pattern, the indicator can identify significant peaks and troughs.
- Directional Arrows: When enabled, the tool places specific arrows on the chart to signal these major pivots.
- Trend Identification: These arrows help traders quickly see where the market has reached an extreme high or low point, indicating a potential reversal or a significant shift in the prevailing trend.
Technical Behavior Summary
The logic operates by processing historical price data and recalculating it in real-time. It dynamically determines the most significant points of a candle based on the weighted average of the price action. Simultaneously, it scans for structural peaks and valleys to place visual markers (arrows). By blending these two methods—weighted price averages and structural peak detection—the MonEx indicator aims to provide a more refined view of market direction than standard price charts alone.
Miscellaneous
2
Views
1
Downloads
0
Favorites
monex
//+------------------------------------------------------------------+
//| MonEx.mq4 |
//| Copyright 2015, Roy Philips Jacobs ~ 10/03/2015 |
//| http://www.mql5.com |
//+------------------------------------------------------------------+
#property copyright "Copyright 2015, MetaQuotes Software Corp ~ By 3rjfx ~ 10/03/2015"
#property link "http://www.mql5.com"
#property link "http://www.gol2you.com"
#property description "MonEx indicator is the Weighted Close (HLCC/4) Candle stick bar combined with ZigZag indicator (Arrow)."
#property description "We recommend next chart settings (press F8 or select menu 'Charts'->'Properties...'):"
#property description " - on 'Color' Tab select 'None' for 'Line graph'"
#property description " - on 'Common' Tab disable 'Chart on Foreground' checkbox and select 'Line Chart' radiobutton"
#property version "2.00"
#property strict
//---
/* Last Update (Update_01 ~ 2015-07-30)
~ Add option to display the arrow (True or False the arrow direction)
~ Make minor changes to the candle formula.
*/
//--
#property indicator_chart_window
#property indicator_buffers 6
#property indicator_color1 clrRed
#property indicator_color2 clrHoneydew
#property indicator_color3 clrRed
#property indicator_color4 clrHoneydew
#property indicator_color5 clrYellow
#property indicator_color6 clrSnow
//--
#property indicator_width1 1
#property indicator_width2 1
#property indicator_width3 3
#property indicator_width4 3
#property indicator_width5 1
#property indicator_width6 1
//--
input color MonExColor1=clrRed; // Shadow of bear candlestick
input color MonExColor2=clrHoneydew; // Shadow of bull candlestick
input color MonExColor3=clrRed; // Bear candlestick body
input color MonExColor4=clrHoneydew; // Bull candlestick body
input bool TurnArrow=False; // Switch ON/OFF (True or False) to display the arrow direction
input color MonExColor5=clrYellow; // Bear Arrow
input color MonExColor6=clrAqua; // Bull Arrow
//--- buffers
double MonExLowHighBuffer[];
double MonExHighLowBuffer[];
double MonExOpenBuffer[];
double MonExCloseBuffer[];
double MonExHighLowArrow[];
double MonExLowHighArrow[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int OnInit(void)
{
//--- indicator buffers mapping
SetIndexBuffer(0,MonExLowHighBuffer);
SetIndexBuffer(1,MonExHighLowBuffer);
SetIndexBuffer(2,MonExOpenBuffer);
SetIndexBuffer(3,MonExCloseBuffer);
SetIndexBuffer(4,MonExHighLowArrow);
SetIndexBuffer(5,MonExLowHighArrow);
//--- indicator lines
SetIndexStyle(0,DRAW_HISTOGRAM,0,1,MonExColor1);
SetIndexStyle(1,DRAW_HISTOGRAM,0,1,MonExColor2);
SetIndexStyle(2,DRAW_HISTOGRAM,0,3,MonExColor3);
SetIndexStyle(3,DRAW_HISTOGRAM,0,3,MonExColor4);
SetIndexStyle(4,DRAW_ARROW,STYLE_SOLID,EMPTY,MonExColor5);
SetIndexArrow(4,218);
SetIndexStyle(5,DRAW_ARROW,STYLE_SOLID,EMPTY,MonExColor6);
SetIndexArrow(5,217);
//---
SetIndexLabel(0,"Low/High");
SetIndexLabel(1,"High/Low");
SetIndexLabel(2,"Open");
SetIndexLabel(3,"Close");
SetIndexLabel(4,"DnArrow");
SetIndexLabel(5,"UpArrow");
//--
SetIndexDrawBegin(0,10);
SetIndexDrawBegin(1,10);
SetIndexDrawBegin(2,10);
SetIndexDrawBegin(3,10);
SetIndexDrawBegin(4,10);
SetIndexDrawBegin(5,10);
//--
IndicatorShortName("MonEx");
IndicatorDigits(Digits);
//--
//--- initialization done
return(INIT_SUCCEEDED);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
void OnDeinit(const int reason)
{
//----
GlobalVariablesDeleteAll();
//----
return;
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int OnCalculate(const int rates_total,
const int prev_calculated,
const datetime &time[],
const double &open[],
const double &high[],
const double &low[],
const double &close[],
const long &tick_volume[],
const long &volume[],
const int &spread[])
{
//---
int i,pss;
int zhb,zlb,zz;
double monOpen,monHigh,monLow,monClose;
if(_Period<=5) zz=2;
else zz=5;
//---
if(rates_total<=10)
return(0);
//--- counting from 0 to rates_total
ArraySetAsSeries(MonExLowHighBuffer,false);
ArraySetAsSeries(MonExHighLowBuffer,false);
ArraySetAsSeries(MonExOpenBuffer,false);
ArraySetAsSeries(MonExCloseBuffer,false);
ArraySetAsSeries(MonExHighLowArrow,true);
ArraySetAsSeries(MonExLowHighArrow,true);
ArraySetAsSeries(open,false);
ArraySetAsSeries(high,false);
ArraySetAsSeries(low,false);
ArraySetAsSeries(close,false);
//--- preliminary calculation
if(prev_calculated>1)
pss=prev_calculated-1;
else
{
//--- set first candle
if(open[0]<close[0])
{
MonExLowHighBuffer[0]=low[0];
MonExHighLowBuffer[0]=high[0];
}
else
{
MonExLowHighBuffer[0]=high[0];
MonExHighLowBuffer[0]=low[0];
}
MonExOpenBuffer[0]=open[0];
MonExCloseBuffer[0]=close[0];
//---
pss=1;
}
//--- main loop of calculations
for(i=pss; i<rates_total; i++)
{
monOpen=(high[i-1]+low[i-1]+close[i-1]+close[i-1])/4;
monClose=(high[i]+low[i]+close[i]+close[i])/4;
monHigh=MathMax(high[i],MathMax(monOpen,monClose));
monLow=MathMin(low[i],MathMin(monOpen,monClose));
if(monOpen<monClose)
{
MonExLowHighBuffer[i]=monLow;
MonExHighLowBuffer[i]=monHigh;
}
else
{
MonExLowHighBuffer[i]=monHigh;
MonExHighLowBuffer[i]=monLow;
}
MonExOpenBuffer[i]=monOpen;
MonExCloseBuffer[i]=monClose;
//-
if(TurnArrow)
{
if(high[i]==iCustom(_Symbol,0,"ZigZag",1,i)) {zhb=i;}
if(low[i]==iCustom(_Symbol,0,"ZigZag",2,i)) {zlb=i;}
//-
if(zhb==0) {MonExHighLowArrow[i]=iCustom(_Symbol,0,"ZigZag",1,i)+(zz*Point);}
if(zlb==0) {MonExLowHighArrow[i]=iCustom(_Symbol,0,"ZigZag",2,i)-(zz*Point);}
}
//-
}
//--
//--- done
return(rates_total);
//--- return value of prev_calculated for next call
}
//+------------------------------------------------------------------+
Comments