MTF_Super-signals_v1
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This tool is designed to identify significant price action points on a trading chart by highlighting historical peaks and valleys. Rather than relying on complex mathematical formulas, it focuses on visual "extremes" within specific price windows to help traders spot potential reversal zones or trend exhaustion.
Core Functionality
The script scans the market data to find the highest highs and lowest lows over a rolling period. It essentially looks back at a set number of bars (price candles) and identifies which specific candle reached the absolute top or bottom of that range.
When these points are identified, the tool places visual markers directly on your chart:
- Upper Signals: Marked in red, these appear above the highest point found within the look-back period.
- Lower Signals: Marked in aqua, these appear below the lowest point found within the look-back period.
Multi-Timeframe Capability
A key feature of this logic is its ability to synchronize with different time horizons. The user can specify a particular timeframe (ranging from 1-minute intervals up to monthly views). This allows you to view significant price extremes from a higher timeframe while staying on your current active chart, providing a broader perspective on market structure without having to switch back and forth between different windows.
Customization Options
The behavior of the tool can be adjusted through two primary settings:
- Timeframe: Determines which period's data is being analyzed for high/low points.
- Signal Gap: This creates a small "buffer zone" or offset. It ensures that the visual markers are placed slightly above or below the actual price candle, preventing the symbols from overlapping with the bars and keeping the chart clean and readable.
In summary, this is a structural analysis tool used to map out the "peaks and valleys" of the market, helping traders visualize where significant price movements have reached their limits.
//+------------------------------------------------------------------+
//| super-signals.mq4 |
//| Copyright © 2006, Nick Bilak, beluck[AT]gmail.com |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2006, Nick Bilak converted by Suresh"
#property link "http://www.forex-tsd.com/"
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_color1 Red
#property indicator_color2 Aqua
//---- input parameters
/*************************************************************************
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.
//-----------------------------------------
extern int TimeFrame=0;
extern int SignalGap = 10;
int dist=24;
double b1[];
double b2[];
int init() {
SetIndexStyle(0,DRAW_ARROW,STYLE_SOLID,1);
SetIndexStyle(1,DRAW_ARROW,STYLE_SOLID,1);
SetIndexArrow(1,233);
SetIndexArrow(0,234);
SetIndexBuffer(0,b1);
SetIndexBuffer(1,b2);
//---- 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";
}
IndicatorShortName("MTF_Super-Signals_v1 ("+TimeFrameStr+")");
//---- }
//----
return(0);
}
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;
limit=Bars-counted_bars;
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
**********************************************************/
}
counted_bars=IndicatorCounted();
int k,j,hhb,llb;
if (counted_bars<0) return(-1);
if (counted_bars>0) counted_bars--;
limit=Bars-1;
if(counted_bars>=1) limit=Bars-counted_bars-1;
if (limit<0) limit=0;
for (i=limit;i>=0;i--) {
hhb = Highest(NULL,0,MODE_HIGH,dist,i-dist/2);
llb = Lowest(NULL,0,MODE_LOW,dist,i-dist/2);
if (i==hhb)
b1[i]=High[hhb]+SignalGap*Point;
if (i==llb)
b2[i]=Low[llb]-SignalGap*Point;
}
return(0);
}
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