Range_v2_001
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This tool is designed to help traders visualize higher-timeframe price data directly on their current charts. It bridges the gap between different market perspectives, allowing you to see the "big picture" without having to constantly switch back and forth between different time intervals.
Core Functionality
The primary purpose of this script is to project significant price data—specifically the Highs, Lows, Opens, and Closes—from a larger timeframe onto your smaller timeframe chart. For example, if you are viewing a 15-minute chart but want to see the daily price boundaries, this tool pulls that information forward so it remains visible in your current view.
How the Logic Works
The script operates through several key steps to ensure the data is displayed accurately:
- Timeframe Synchronization: You can define a specific "Target Timeframe" (such as Daily, Weekly, or Hourly). The script checks this input against your current chart. If the target timeframe is smaller than what you are currently viewing, it alerts you that the settings need to be adjusted.
- Data Retrieval: The tool automatically reaches out to the market history for the specific timeframe you selected. It gathers four specific pieces of information: the highest price reached (High), the lowest price reached (Low), the starting price (Open), and the ending price (Close) for each period.
- Smart Alignment: Because a single "Daily" candle covers many "15-minute" candles, the script performs a calculation to align the data correctly. It ensures that as the time progresses on your chart, the indicator moves in sync with the larger timeframe's progress.
- Visual Representation:
- It plots the Highs and Lows as distinct lines, giving you a clear boundary of where the price moved during that period.
- It tracks the Opening and Closing prices. Notably, for the closing price, it intelligently recognizes when a new period has started on the higher timeframe to ensure the line reflects the correct data point at the right moment.
Practical Application
By using this logic, a trader can see exactly where the "walls" of the day or week are located while they are looking at fast-moving minute-by-minute price action. It provides a constant visual reference of the broader market range, helping to identify support and resistance levels more effectively.
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Range_v2_001
//+------------------------------------------------------------------+
//| Range_v2.mq4 |
//| Copyright © 2006, Forex-TSD.com |
//| Written by IgorAD,igorad2003@yahoo.co.uk |
//| http://finance.groups.yahoo.com/group/TrendLaboratory |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2006, Forex-TSD.com "
#property link "http://www.forex-tsd.com/"
#property indicator_chart_window
#property indicator_buffers 4
#property indicator_color1 DodgerBlue
#property indicator_color2 Tomato
#property indicator_color3 Lime
#property indicator_color4 Orange
#property indicator_width1 0
#property indicator_width2 0
#property indicator_width3 2
#property indicator_width4 2
#property indicator_style1 2
#property indicator_style2 2
extern int TimeFrame =1440;
extern int Shift = 0;
double UpBuffer[];
double DnBuffer[];
double OpenBuffer[];
double CloseBuffer[];
int init()
{
string short_name;
//IndicatorBuffers(4);
SetIndexStyle(0,DRAW_LINE);
SetIndexBuffer(0,UpBuffer);
SetIndexLabel(0,"High");
SetIndexDrawBegin(0,0);
SetIndexStyle(1,DRAW_LINE);
SetIndexBuffer(1,DnBuffer);
SetIndexLabel(1,"Low");
SetIndexDrawBegin(1,0);
SetIndexStyle(2,DRAW_LINE);
SetIndexBuffer(2,OpenBuffer);
SetIndexLabel(2,"Open");
SetIndexDrawBegin(2,0);
SetIndexStyle(3,DRAW_LINE);
SetIndexBuffer(3,CloseBuffer);
SetIndexLabel(3,"Close");
SetIndexDrawBegin(3,0);
SetIndexShift(0,Shift*TimeFrame/Period());
SetIndexShift(1,Shift*TimeFrame/Period());
SetIndexShift(2,Shift*TimeFrame/Period());
SetIndexShift(3,Shift*TimeFrame/Period());
short_name="Range_v2("+TimeFrame+")";
IndicatorShortName(short_name);
switch(TimeFrame)
{
case 1 : TimeFrame=PERIOD_M1; break;
case 5 : TimeFrame=PERIOD_M5; break;
case 15 : TimeFrame=PERIOD_M15; break;
case 30 : TimeFrame=PERIOD_M30; break;
case 60 : TimeFrame=PERIOD_H1; break;
case 240 : TimeFrame=PERIOD_H4; break;
case 1440 : TimeFrame=PERIOD_D1; break;
case 7200 : TimeFrame=PERIOD_W1; break;
case 28800: TimeFrame=PERIOD_MN1; break;
default : TimeFrame=Period(); break;
}
return(0);
}
int start()
{
datetime TimeArray[];
int i=0,y=0, prevy=0;
int counted_bars=IndicatorCounted();
double LowArray[],HighArray[],OpenArray[],CloseArray[];
if (TimeFrame<Period())
{
SetIndexDrawBegin(0,Bars);
SetIndexDrawBegin(1,Bars);
Comment("Incorrect TimeFrame");
return(0);
}
if ( counted_bars > 0 ) int limit=Bars-counted_bars+TimeFrame/Period();
if ( counted_bars < 0 ) return(0);
if ( counted_bars ==0 ) limit=Bars-1;
ArrayCopySeries(TimeArray,MODE_TIME,Symbol(),TimeFrame);
ArrayCopySeries(LowArray,MODE_LOW,Symbol(),TimeFrame);
ArrayCopySeries(HighArray,MODE_HIGH,Symbol(),TimeFrame);
ArrayCopySeries(OpenArray,MODE_OPEN,Symbol(),TimeFrame);
ArrayCopySeries(CloseArray,MODE_CLOSE,Symbol(),TimeFrame);
for(i=0,y=0;i<limit;i++)
{
prevy = y;
if (Time[i]<TimeArray[y]) y++;
UpBuffer[i]=HighArray[y];
DnBuffer[i]=LowArray[y];
OpenBuffer[i]=OpenArray[y];
if(y!=prevy)
CloseBuffer[i]=CloseArray[y];
else CloseBuffer[i]=CloseArray[prevy];
}
return(0);
}
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