The "Real Signal" script is a technical analysis tool designed to identify specific price action patterns by monitoring historical price extremes and structural levels. It focuses on identifying "fractals"—which are significant high and low points in market movement—and compares them against the current opening prices to determine potential trend signals.
Core Logic Overview
The indicator operates by analyzing three distinct layers of market data: multi-timeframe fractal analysis, dynamic support and resistance mapping, and visual signal generation.
Key Functional Components
1. Multi-Timeframe Fractal Analysis The script constantly monitors two different timeframes (H4 and H1) to determine the broader market structure. It looks for specific "Fractal" points:
- Lower Fractals: These represent local bottoms or price floors. If a candle's opening price is higher than a detected lower fractal, the script identifies a potential upward movement.
- Upper Fractals: These represent local tops or price ceilings. If a candle's opening price is lower than a detected upper fractal, the script identifies a potential downward movement.
2. Dynamic Support and Resistance Mapping The tool automatically calculates key structural levels based on historical data:
- Support Levels: The logic scans back through a specific window of time to find the lowest price point reached. This level is used to identify where buyers might step in.
- Resistance Levels: Similarly, it identifies the highest price point reached over a set period to determine where sellers are likely to react.
- Visual Feedback: The script includes a dedicated function to draw horizontal lines on your chart at these calculated levels, allowing you to see these "zones" clearly.
3. Signal Visualization Instead of just providing numbers, the script translates its logic into visual cues directly on the trading platform:
- Histograms: It uses colored bars in a separate window to show the strength or presence of Buy and Sell signals based on the fractal conditions mentioned above.
- Arrows: The script plots specific arrows on the main chart to notify you of "Buy" and "Sell" entries when the price action aligns with the calculated fractal thresholds.
Summary of Operation
In simple terms, the script acts as an automated "scout." It looks at the past (Support/Resistance and Fractals) to understand where the market has been, compares that to the current opening price, and then paints a visual signal on your screen to highlight where the most likely "Real Signals" are occurring based on those historical boundaries.
Price Data Components
Indicators Used
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Real_Signal
//+------------------------------------------------------------------+
//| Indicator: Real Signal.mq4 |
//| Created with EABuilder.com |
//| http://eabuilder.com |
//+------------------------------------------------------------------+
#property copyright "Created with EABuilder.com"
#property link "http://eabuilder.com"
#property version "1.00"
#property description ""
#include <stdlib.mqh>
#include <stderror.mqh>
//--- indicator settings
#property indicator_separate_window
#property indicator_buffers 6
#property indicator_type1 DRAW_HISTOGRAM
#property indicator_style1 STYLE_SOLID
#property indicator_width1 1
#property indicator_color1 0xFFAA00
#property indicator_label1 "Buy"
#property indicator_type2 DRAW_HISTOGRAM
#property indicator_style2 STYLE_SOLID
#property indicator_width2 1
#property indicator_color2 0x0000FF
#property indicator_label2 "Sell"
#property indicator_type3 DRAW_ARROW
#property indicator_width3 1
#property indicator_color3 0xFFAA00
#property indicator_label3 "Buy"
#property indicator_type4 DRAW_ARROW
#property indicator_width4 1
#property indicator_color4 0x0000FF
#property indicator_label4 "Sell"
#property indicator_type5 DRAW_NONE
#property indicator_style5 STYLE_SOLID
#property indicator_width5 1
#property indicator_color5 0xFFAA00
#property indicator_label5 "Buy"
#property indicator_type6 DRAW_NONE
#property indicator_style6 STYLE_SOLID
#property indicator_width6 1
#property indicator_color6 0x0000FF
#property indicator_label6 "Sell"
//--- indicator buffers
double Buffer1[];
double Buffer2[];
double Buffer3[];
double Buffer4[];
double Buffer5[];
double Buffer6[];
extern int Profit_Check = 1;
double myPoint; //initialized in OnInit
void myAlert(string type, string message)
{
if(type == "print")
Print(message);
else if(type == "error")
{
Print(type+" | Real Signal @ "+Symbol()+","+Period()+" | "+message);
}
else if(type == "order")
{
}
else if(type == "modify")
{
}
}
void DrawLine(string objname, double price, int count, int start_index) //creates or modifies existing object if necessary
{
if((price < 0) && ObjectFind(objname) >= 0)
{
ObjectDelete(objname);
}
else if(ObjectFind(objname) >= 0 && ObjectType(objname) == OBJ_TREND)
{
ObjectSet(objname, OBJPROP_TIME1, Time[start_index]);
ObjectSet(objname, OBJPROP_PRICE1, price);
ObjectSet(objname, OBJPROP_TIME2, Time[start_index+count-1]);
ObjectSet(objname, OBJPROP_PRICE2, price);
}
else
{
ObjectCreate(objname, OBJ_TREND, 0, Time[start_index], price, Time[start_index+count-1], price);
ObjectSet(objname, OBJPROP_RAY, false);
ObjectSet(objname, OBJPROP_COLOR, C'0x00,0x00,0xFF');
ObjectSet(objname, OBJPROP_STYLE, STYLE_SOLID);
ObjectSet(objname, OBJPROP_WIDTH, 2);
}
}
double Support(int time_interval, bool fixed_tod, int hh, int mm, bool draw, int shift)
{
int start_index = shift;
int count = time_interval / 60 / Period();
if(fixed_tod)
{
datetime start_time;
if(shift == 0)
start_time = TimeCurrent();
else
start_time = Time[shift-1];
datetime dt = StringToTime(StringConcatenate(TimeToString(start_time, TIME_DATE)," ",hh,":",mm)); //closest time hh:mm
if (dt > start_time)
dt -= 86400; //go 24 hours back
int dt_index = iBarShift(NULL, 0, dt, true);
datetime dt2 = dt;
while(dt_index < 0 && dt > Time[Bars-1-count]) //bar not found => look a few days back
{
dt -= 86400; //go 24 hours back
dt_index = iBarShift(NULL, 0, dt, true);
}
if (dt_index < 0) //still not found => find nearest bar
dt_index = iBarShift(NULL, 0, dt2, false);
start_index = dt_index + 1; //bar after S/R opens at dt
}
double ret = Low[iLowest(NULL, 0, MODE_LOW, count, start_index)];
if (draw) DrawLine("Support", ret, count, start_index);
return(ret);
}
double Resistance(int time_interval, bool fixed_tod, int hh, int mm, bool draw, int shift)
{
int start_index = shift;
int count = time_interval / 60 / Period();
if(fixed_tod)
{
datetime start_time;
if(shift == 0)
start_time = TimeCurrent();
else
start_time = Time[shift-1];
datetime dt = StringToTime(StringConcatenate(TimeToString(start_time, TIME_DATE)," ",hh,":",mm)); //closest time hh:mm
if (dt > start_time)
dt -= 86400; //go 24 hours back
int dt_index = iBarShift(NULL, 0, dt, true);
datetime dt2 = dt;
while(dt_index < 0 && dt > Time[Bars-1-count]) //bar not found => look a few days back
{
dt -= 86400; //go 24 hours back
dt_index = iBarShift(NULL, 0, dt, true);
}
if (dt_index < 0) //still not found => find nearest bar
dt_index = iBarShift(NULL, 0, dt2, false);
start_index = dt_index + 1; //bar after S/R opens at dt
}
double ret = High[iHighest(NULL, 0, MODE_HIGH, count, start_index)];
if (draw) DrawLine("Resistance", ret, count, start_index);
return(ret);
}
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int OnInit()
{
IndicatorBuffers(6);
SetIndexBuffer(0, Buffer1);
SetIndexEmptyValue(0, 0);
SetIndexBuffer(1, Buffer2);
SetIndexEmptyValue(1, 0);
SetIndexBuffer(2, Buffer3);
SetIndexEmptyValue(2, 0);
SetIndexArrow(2, 241);
SetIndexBuffer(3, Buffer4);
SetIndexEmptyValue(3, 0);
SetIndexArrow(3, 242);
SetIndexBuffer(4, Buffer5);
SetIndexEmptyValue(4, 0);
SetIndexBuffer(5, Buffer6);
SetIndexEmptyValue(5, 0);
//initialize myPoint
myPoint = Point();
if(Digits() == 5 || Digits() == 3)
{
myPoint *= 10;
}
return(INIT_SUCCEEDED);
}
//+------------------------------------------------------------------+
//| 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 limit = rates_total - prev_calculated;
//--- counting from 0 to rates_total
ArraySetAsSeries(Buffer1, true);
ArraySetAsSeries(Buffer2, true);
ArraySetAsSeries(Buffer3, true);
ArraySetAsSeries(Buffer4, true);
ArraySetAsSeries(Buffer5, true);
ArraySetAsSeries(Buffer6, true);
//--- initial zero
if(prev_calculated < 1)
{
ArrayInitialize(Buffer1, 0);
ArrayInitialize(Buffer2, 0);
ArrayInitialize(Buffer3, 0);
ArrayInitialize(Buffer4, 0);
ArrayInitialize(Buffer5, 0);
ArrayInitialize(Buffer6, 0);
}
else
limit++;
//--- main loop
for(int i = limit-1; i >= 0; i--)
{
if (i >= MathMin(300-1, rates_total-1-10)) continue; //omit some old rates to prevent "Array out of range" or slow calculation
//Indicator Buffer 1
if(Open[i] > iFractals(NULL, PERIOD_H4, MODE_LOWER, i) //Candlestick Open > Fractals
)
{
Buffer1[i] = iFractals(NULL, PERIOD_H4, MODE_LOWER, i); //Set indicator value at Fractals
}
else
{
Buffer1[i] = 0;
}
//Indicator Buffer 2
if(Open[i] < iFractals(NULL, PERIOD_H4, MODE_UPPER, i) //Candlestick Open < Fractals
)
{
Buffer2[i] = iFractals(NULL, PERIOD_H4, MODE_UPPER, i); //Set indicator value at Fractals
}
else
{
Buffer2[i] = 0;
}
//Indicator Buffer 3
if(Open[i] > iFractals(NULL, PERIOD_H1, MODE_LOWER, i) //Candlestick Open > Fractals
)
{
Buffer3[i] = iFractals(NULL, PERIOD_CURRENT, MODE_LOWER, i); //Set indicator value at Fractals
}
else
{
Buffer3[i] = 0;
}
//Indicator Buffer 4
if(Open[i] < iFractals(NULL, PERIOD_H1, MODE_UPPER, i) //Candlestick Open < Fractals
)
{
Buffer4[i] = iFractals(NULL, PERIOD_CURRENT, MODE_UPPER, i); //Set indicator value at Fractals
}
else
{
Buffer4[i] = 0;
}
//Indicator Buffer 5
if(true //no conditions!
)
{
Buffer5[i] = Support(Profit_Check * PeriodSeconds(), false, 00, 00, false, i); //Set indicator value at Support
}
else
{
Buffer5[i] = 0;
}
//Indicator Buffer 6
if(true //no conditions!
)
{
Buffer6[i] = Resistance(Profit_Check * PeriodSeconds(), false, 00, 00, false, i); //Set indicator value at Resistance
}
else
{
Buffer6[i] = 0;
}
}
return(rates_total);
}
//+------------------------------------------------------------------+
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