SHI_Channel_true_v1

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Author: Copyright � 2004, Shurka & Kevin
SHI_Channel_true_v1

The SHI_Channel script is designed to automatically identify and visualize market price trends by constructing a dynamic channel on your trading chart. Rather than simply drawing lines based on random points, the logic uses a mathematical approach to determine significant structural "anchors" in the price history.

How the Logic Works

1. Identifying Key Market Anchors The script begins by scanning a specific amount of historical price data (the "lookback" period). It searches for two major structural turning points:

  • A significant Low point (trough)
  • A significant High point (peak)

To ensure these aren't just minor fluctuations, the script uses a variable sensitivity setting that automatically adjusts based on your current timeframe. For example, it looks deeper into history on longer timeframes to find more substantial price movements.

2. Calculating Trend Velocity (Slope) Once it finds these two major anchors, the script calculates the "Step." This represents the constant rate of change between the high and low points. By understanding this slope, the script can determine exactly how fast or slow the market is moving in a specific direction.

3. Defining the Channel Boundaries Using the established slope and anchor points, the logic projects two primary boundaries:

  • The Upper Boundary: This represents the "ceiling" of the current price movement.
  • The Lower Boundary: This represents the "floor" of the current price movement.

4. Dynamic Adjustment and Precision The script doesn't just draw static lines; it performs a validation check to see if the most recent price action has broken out of the expected trajectory. It evaluates the current candles against the calculated trend to ensure the boundaries accurately reflect the most immediate market behavior.

5. Visual Output Finally, the script renders three distinct visual elements on your chart:

  • Two Solid Lines: These mark the upper and lower limits of the price channel (the "walls").
  • A Dotted Mid-line: This represents the equilibrium or median path of the current trend.
  • Real-time Data: It provides an on-screen comment showing the total size of the channel and the specific slope (angle) of the trend, helping you quantify the strength of the market movement at a glance.

Summary for the User

In plain terms, this tool looks back at recent history to find where the market "turned" and "peaked." It then uses that information to draw a corridor around the current price action. This allows you to see the boundaries of the current trend more clearly, helping you identify whether the price is staying within its established "lane" or if it is beginning to break out of the current structure.

Miscellaneous
Implements a curve of type %1
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SHI_Channel_true_v1 
//+------------------------------------------------------------------+
//|                                                  SHI_Channel.mq4 |
//|                                 Copyright © 2004, Shurka & Kevin |
//|                                                                  |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2004, Shurka & Kevin"
#property link      ""

#property indicator_chart_window
#property indicator_buffers 1
#property indicator_color1 Red
double ExtMapBuffer1[];
//---- input parameters
extern int       AllBars=240;
extern int       BarsForFract=0;
int CurrentBar=0;
double Step=0;
int B1=-1,B2=-1;
int UpDown=0;
double P1=0,P2=0,PP=0;
int i=0,AB=300,BFF=0;
int ishift=0;
double iprice=0;
datetime T1,T2;

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
//---- indicators
   SetIndexStyle(0,DRAW_ARROW);
   SetIndexArrow(0,164);
   SetIndexBuffer(0,ExtMapBuffer1);
   SetIndexEmptyValue(0,0.0);
//----
	
	
   return(0);
  }
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//---- 
   
//----
   return(0);
  }

void DelObj()
{
	ObjectDelete("TL1");
	ObjectDelete("TL2");
	ObjectDelete("MIDL");
}

//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {
   int    counted_bars=IndicatorCounted();
//---- 
	if ((AllBars==0) || (Bars<AllBars)) AB=Bars; else AB=AllBars; 
	if (BarsForFract>0) 
		BFF=BarsForFract; 
	else
	{
		switch (Period())
		{
			case 1: BFF=12; break;
			case 5: BFF=48; break;
			case 15: BFF=24; break;
			case 30: BFF=24; break;
			case 60: BFF=12; break;
			case 240: BFF=15; break;
			case 1440: BFF=10; break;
			case 10080: BFF=6; break;
			default: DelObj(); return(-1); break;
		}
	}
	CurrentBar=2; 
	B1=-1; B2=-1; UpDown=0;
	while(((B1==-1) || (B2==-1)) && (CurrentBar<AB))
	{
	

		if((UpDown<1) && (CurrentBar==Lowest(Symbol(),Period(),MODE_LOW,BFF*2+1,CurrentBar-BFF))) 
		{
			if(UpDown==0) { UpDown=-1; B1=CurrentBar; P1=Low[B1]; }
			else { B2=CurrentBar; P2=Low[B2];}
		}
		if((UpDown>-1) && (CurrentBar==Highest(Symbol(),Period(),MODE_HIGH,BFF*2+1,CurrentBar-BFF))) 
		{
			if(UpDown==0) { UpDown=1; B1=CurrentBar; P1=High[B1]; }
			else { B2=CurrentBar; P2=High[B2]; }
		}
		CurrentBar++;
	}
	if((B1==-1) || (B2==-1)) {DelObj(); return(-1);} 
	Step=(P2-P1)/(B2-B1);
	P1=P1-B1*Step; B1=0;
	ishift=0; iprice=0;
	if(UpDown==1)
	{ 
		PP=Low[2]-2*Step;
		for(i=3;i<=B2;i++) 
		{
			if(Low[i]<PP+Step*i) { PP=Low[i]-i*Step; }
		}
		if(Low[0]<PP) {ishift=0; iprice=PP;}
		if(Low[1]<PP+Step) {ishift=1; iprice=PP+Step;}
		if(High[0]>P1) {ishift=0; iprice=P1;}
		if(High[1]>P1+Step) {ishift=1; iprice=P1+Step;}
	} 
	else
	{ 
		PP=High[2]-2*Step;
		for(i=3;i<=B2;i++) 
		{
			if(High[i]>PP+Step*i) { PP=High[i]-i*Step;}
		}
		if(Low[0]<P1) {ishift=0; iprice=P1;}
		if(Low[1]<P1+Step) {ishift=1; iprice=P1+Step;}
		if(High[0]>PP) {ishift=0; iprice=PP;}
		if(High[1]>PP+Step) {ishift=1; iprice=PP+Step;}
	}
	
	P2=P1+AB*Step;
	T1=Time[B1]; T2=Time[AB];

	
	if(iprice!=0) ExtMapBuffer1[ishift]=iprice;
	DelObj();
	ObjectCreate("TL1",OBJ_TREND,0,T2,PP+Step*AB,T1,PP); 
		ObjectSet("TL1",OBJPROP_COLOR,Violet); 
		ObjectSet("TL1",OBJPROP_WIDTH,2); 
		ObjectSet("TL1",OBJPROP_STYLE,STYLE_SOLID); 
	ObjectCreate("TL2",OBJ_TREND,0,T2,P2,T1,P1); 
		ObjectSet("TL2",OBJPROP_COLOR,Violet); 
		ObjectSet("TL2",OBJPROP_WIDTH,2); 
		ObjectSet("TL2",OBJPROP_STYLE,STYLE_SOLID); 
	ObjectCreate("MIDL",OBJ_TREND,0,T2,(P2+PP+Step*AB)/2,T1,(P1+PP)/2);
		ObjectSet("MIDL",OBJPROP_COLOR,Violet); 
		ObjectSet("MIDL",OBJPROP_WIDTH,1); 
		ObjectSet("MIDL",OBJPROP_STYLE,STYLE_DOT);
		Comment(" Channel size = ", DoubleToStr(MathAbs(PP - P1)/Point,0), " Slope = ", DoubleToStr(-Step/Point, 2));
//----

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

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