MTF_AbsoluteStrength_v1.1_DHS

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Author: Copyright � 2006, TrendLaboratory Ltd.
MTF_AbsoluteStrength_v1.1_DHS

This script is designed as a multi-timeframe market momentum indicator. Its primary purpose is to measure the relative strength between "Bulls" (buyers) and "Bears" (sellers) and provide visual signals on your chart based on how these forces are interacting.

Core Logic Overview

The tool operates by calculating the underlying strength of the market using a variety of mathematical methods (such as RSI or Stochastic oscillators). It then processes this data to show you whether the upward pressure is currently stronger than the downward pressure, or vice versa.

The script provides two main types of visual information:

  1. The Histogram and Signal Line: These represent the raw "delta" or difference between bullish and bearish strength. A higher histogram typically indicates bullish dominance, while a lower one indicates bearish dominance.
  2. Dynamic Trading Signals: The script identifies specific market conditions and marks them with distinct colors/shapes to help you quickly interpret the market state.

How the Signals Work

The logic categorizes the market into several distinct states:

  • Strong Up (Blue): This appears when bullish strength is significantly higher than bearish strength, and the current momentum is moving in a strong upward trajectory.
  • Up Correction (DodgerBlue): This suggests that while the overall trend is still technically "up," there is a slight cooling off or correction occurring within that move.
  • Strong Down (Red): This indicates that bearish pressure has taken over and is dominant, with a strong downward trajectory.
  • Down Correction (IndianRed): This suggests that while the overall trend is "down," there may be a temporary slight recovery or "bounce" occurring.
  • Two Forces On (Gold): This acts as a caution signal. It appears when both bulls and bears are showing significant strength simultaneously, suggesting a state of indecision or a potential reversal point.
  • No Trade Zone (White): This identifies periods where neither side has enough momentum to create a clear direction, signaling that there is little interest or opportunity for a trade at that moment.

Multi-Timeframe Capability

One of the key professional features of this script is its "Multi-Timeframe" (MTF) logic. It allows you to look at these strength calculations from a higher timeframe (e.g., looking at Hourly trends while staying on a 5-minute chart). This helps traders stay aligned with the "big picture" trend while making entries on smaller, more precise timeframes.

Miscellaneous
Implements a curve of type %1
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MTF_AbsoluteStrength_v1.1_DHS 
//+-------------------------------------------------------------------------------+
//| MTF_ASv1.1DHS:  Diff_Hist (JercyDevil) +Sig  MTF_AbsoluteStrength_v1.1DHS.mq4 |
//|    AbsoluteStrength_v1.1 & MTF         Copyright © 2006, TrendLaboratory Ltd. |
//|                         http://finance.groups.yahoo.com/group/TrendLaboratory |
//|   www.ForexTSD.com                                 E-mail: igorad2004@list.ru |
//| MTF_ASv1.1DHS: added Signals according to Igorad & Newdigital Rules [cattus]|    
//+-------------------------------------------------------------------------------+

#property copyright "Copyright © 2006, TrendLaboratory Ltd."
#property link      "http://finance.groups.yahoo.com/group/TrendLaboratory"

#property indicator_separate_window
#property indicator_buffers   8
#property indicator_color1    CadetBlue //Histogram
#property indicator_width1    2 
#property indicator_color2    LightSeaGreen //Line
#property indicator_width2    1 
#property indicator_style2    0 
#property indicator_color3    Blue //Signal StrongUp
#property indicator_width3    1 
#property indicator_color4    DodgerBlue //Signal Up
#property indicator_width4    1 
#property indicator_color5    Red //Signal StrongDown
#property indicator_width5    1 
#property indicator_color6    IndianRed //Signal Down
#property indicator_width6    1 
#property indicator_color7    Gold //Two forces strong
#property indicator_width7    1 
#property indicator_color8    White //Signal No Interest
#property indicator_width8    1 

//---- input parameters
extern int       TimeFrame=0;
extern int       Mode =  0; // 0-RSI method; 1-Stoch method
extern string    note1 = "Mode:RSI-0;Stoch1;ADX2";
extern int       Length = 10; // Period
extern int       Smooth =  5; // Period of smoothing
extern int       Signal =  5; // Period of Signal Line
extern int       Price  =  0; // Price mode : 0-Close,1-Open,2-High,3-Low,4-Median,5-Typical,6-Weighted
extern int       ModeMA =  3; // Mode of Moving Average: SMA0,EMA1,SmdMA2,LWMA3
extern string    note2 = "Price(OCHLMTF)ModeMa(SMA0,EMA1,SmmMA2,LWMA3)Levels(OverBought,OverSold)";
extern double    OverBought =  0; // OverBought Level
extern double    OverSold   =  0; // OverSold Level 
extern string    Signals_Up = "StrongUp,UpCorrection: Blue,DogerBlue";
extern string    Signals_Down = "StrongDn,DnCorrection: Red,IndianRed";
extern string    Sinal_TwoForcesOn = "Caution,DirChangePosbl:TwoForcesOn; Yellow";
extern string    Sinal_NoInterest = "NoTradeZone-NoInterest:Bulls&BearsDown; White";

/*************************************************************************
PERIOD_M1   1
PERIOD_M5   5
PERIOD_M15  15
PERIOD_M30  30 
PERIOD_H1   60
PERIOD_H4   240
PERIOD_D1   1440
PERIOD_W1   10080
PERIOD_MN1  43200
You must use the numeric value of the timeframe that you want to use
when you set the TimeFrame' value with the indicator inputs.
---------------------------------------
MODE_SMA    0 Simple moving average, 
MODE_EMA    1 Exponential moving average, 
MODE_SMMA   2 Smoothed moving average, 
MODE_LWMA   3 Linear weighted moving average. 
You must use the numeric value of the MA Method that you want to use
when you set the 'ma_method' value with the indicator inputs.

**********************************************************/

//---- buffers
double Bulls[];
double Bears[];
double AvgBulls[];
double AvgBears[];

double SmthBulls[];
double SmthBears[];
double SigBulls[];
double SigBears[];

double SmthBears1[];
double SigBears1[];
double SmthBulls1[];
double SigBulls1[];

double SigStrongUp[];
double SigUpCorrection[];
double SigStrongDown[];
double SigDownCorrection[];
double SigTwoForcesOn[];
double SigNoTrade[];

double delta[];
double deltaSig[];

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
//---- indicators
 //  IndicatorBuffers(8);
   SetIndexBuffer(0,delta);
   SetIndexStyle(0,DRAW_HISTOGRAM);
   
   SetIndexBuffer(1,deltaSig);   
   SetIndexStyle(1,DRAW_LINE);
      
   SetIndexBuffer(2,SigStrongUp);
   SetIndexStyle(2,DRAW_ARROW);
   SetIndexArrow(2,159);
      
   SetIndexBuffer(3,SigUpCorrection);
   SetIndexStyle(3,DRAW_ARROW);
   SetIndexArrow(3,159);
      
   SetIndexBuffer(4,SigStrongDown);
   SetIndexStyle(4,DRAW_ARROW);
   SetIndexArrow(4,159);
      
   SetIndexBuffer(5,SigDownCorrection);
   SetIndexStyle(5,DRAW_ARROW);
   SetIndexArrow(5,159);
   
   SetIndexBuffer(6,SigTwoForcesOn);
   SetIndexStyle(6,DRAW_ARROW);
   SetIndexArrow(6,159);
   
   SetIndexBuffer(7,SigNoTrade);
   SetIndexStyle(7,DRAW_ARROW);
   SetIndexArrow(7,159);



//    SetIndexEmptyValue(4,EMPTY_VALUE);
//---- name for DataWindow and indicator subwindow label
   string short_name="MTF_AbsStrDHS["+TimeFrame+"]"+Mode+","+Length+","+Smooth+","+Signal+","+ModeMA+")";
   IndicatorShortName(short_name);
   SetIndexLabel(0,"Bulls/Bears; tf["+TimeFrame+"]");
   SetIndexLabel(1,"Bulls/BearsSigL; tf["+TimeFrame+"]");
   SetIndexLabel(2,"StrongUp,tf["+TimeFrame+"]");
   SetIndexLabel(3,"UpCorrection,tf["+TimeFrame+"]");      
   SetIndexLabel(4,"StrongDown["+TimeFrame+"]");
   SetIndexLabel(5,"DownCorrection["+TimeFrame+"]");
   SetIndexLabel(6,"TwoForcesOn["+TimeFrame+"]");
   SetIndexLabel(7,"NoTrade["+TimeFrame+"]");

//----
   SetIndexDrawBegin(0,Length+Smooth+Signal);
   SetIndexDrawBegin(1,Length+Smooth+Signal);
   SetIndexDrawBegin(2,Length+Smooth+Signal);
   SetIndexDrawBegin(3,Length+Smooth+Signal);
   SetIndexDrawBegin(4,Length+Smooth+Signal);
   SetIndexDrawBegin(5,Length+Smooth+Signal);
   SetIndexDrawBegin(6,Length+Smooth+Signal);
   SetIndexDrawBegin(7,Length+Smooth+Signal);
            
//---- name for DataWindow and indicator subwindow label   
   switch(TimeFrame)
   {
      case 1 : string TimeFrameStr="Period_M1"; break;
      case 5 : TimeFrameStr="Period_M5"; break;
      case 15 : TimeFrameStr="Period_M15"; break;
      case 30 : TimeFrameStr="Period_M30"; break;
      case 60 : TimeFrameStr="Period_H1"; break;
      case 240 : TimeFrameStr="Period_H4"; break;
      case 1440 : TimeFrameStr="Period_D1"; break;
      case 10080 : TimeFrameStr="Period_W1"; break;
      case 43200 : TimeFrameStr="Period_MN1"; break;
      default : TimeFrameStr="Current Timeframe";
  }
   return(0);
  }
//+------------------------------------------------------------------+
//| MTF                                                              |
//+------------------------------------------------------------------+
int start()
  {
   datetime TimeArray[];
   int    i,limit,y=0,counted_bars=IndicatorCounted();
 
// Plot defined time frame on to current time frame
   ArrayCopySeries(TimeArray,MODE_TIME,Symbol(),TimeFrame); 
   
   limit=Bars-counted_bars+TimeFrame/Period();
   for(i=0,y=0;i<limit;i++)
   {
   if (Time[i]<TimeArray[y]) y++;

/***********************************************************   
   Add your main indicator loop below.  You can reference an existing
      indicator with its iName  or iCustom.
   Rule 1:  Add extern inputs above for all neccesary values   
   Rule 2:  Use 'TimeFrame' for the indicator time frame
   Rule 3:  Use 'y' for your indicator's shift value
 **********************************************************/  

   
double SmthBulls1   =iCustom(NULL,TimeFrame,"AbsoluteStrength_v1.1",  Mode, Length,Smooth, Signal, Price, ModeMA,0,0,0,y);
double SmthBears1   =iCustom(NULL,TimeFrame,"AbsoluteStrength_v1.1",  Mode, Length,Smooth, Signal, Price, ModeMA,0,0,1,y);
double SigBulls1    =iCustom(NULL,TimeFrame,"AbsoluteStrength_v1.1",  Mode, Length,Smooth, Signal, Price, ModeMA,0,0,2,y);
double SigBears1    =iCustom(NULL,TimeFrame,"AbsoluteStrength_v1.1",  Mode, Length,Smooth, Signal, Price, ModeMA,0,0,3,y);

      delta[i]=(SmthBulls1-SmthBears1);
      deltaSig[i]=(SigBulls1-SigBears1);

      SigStrongUp[i] = EMPTY_VALUE;
      SigUpCorrection[i] = EMPTY_VALUE;
      SigStrongDown[i] = EMPTY_VALUE;
      SigDownCorrection[i] = EMPTY_VALUE;
      SigTwoForcesOn[i] = EMPTY_VALUE;
      SigNoTrade[i] = EMPTY_VALUE;
    
      if(SmthBulls1>=SmthBears1 && SmthBulls1>=SigBulls1 && SmthBears1<SigBears1) SigStrongUp[i] = 0;//Blue
      if(SmthBulls1>=SmthBears1 && SmthBulls1<SigBulls1 && SmthBears1>=SigBears1) SigUpCorrection[i] = 0;//DodgerBlue UpCorrection 
      
      if(SmthBulls1<SmthBears1 && SmthBulls1<SigBulls1 && SmthBears1>=SigBears1) SigStrongDown[i] = 0;//Red
      if(SmthBulls1<SmthBears1 && SmthBulls1>=SigBulls1 && SmthBears1<SigBears1) SigDownCorrection[i] = 0;//IndianRed DnCorrection 
      
      if(SmthBears1>SigBears1 && SmthBulls1>SigBulls1) SigTwoForcesOn[i] = 0;//Gold
      if(SmthBulls1<SigBulls1 && SmthBears1<SigBears1) SigNoTrade[i] = 0;//White
      }  
//
    //----  Refresh buffers ++++++++++++++++++++ upgrade by Raff  
     int TimeFrame;   if (TimeFrame>Period()) {
     int PerINT=TimeFrame/Period()+1;
     datetime TimeArr[]; ArrayResize(TimeArr,PerINT);
     ArrayCopySeries(TimeArr,MODE_TIME,Symbol(),Period()); 
     for(i=0;i<PerINT+1;i++) {if (TimeArr[i]>=TimeArray[0]) {
 /********************************************************  
    Refresh buffers:         buffer[i] = buffer[0];
 ********************************************************/  

      SmthBulls[i] = SmthBulls[0];
      SmthBears[i] = SmthBears[0];
      SigBulls[i] = SigBulls[0];
      SigBears[i] = SigBears[0];
      SigStrongUp[i] = SigStrongUp[0];
      SigUpCorrection[i] = SigUpCorrection[0];
      SigStrongDown[i] = SigStrongDown[0];
      SigDownCorrection[i] = SigDownCorrection[0];
      SigTwoForcesOn[i] = SigTwoForcesOn[0];
      SigNoTrade[i]= SigNoTrade[0];
      delta[i]= delta[0];
      deltaSig[i]=deltaSig[0];
 //--
   } } }
//+++++++++++++++++++++++++++++++++++++++++++++++++++  Raff  

   return(0);
  }
//+-----------

Dependencies

AbsoluteStrength_v1.1

This indicator quantifies bullish and bearish intensity by decomposing price velocity, range expansion, or volatility extremes into smoothed momentum vectors.

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