SHI_Channel_true3_v1
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This script is designed to identify and visualize a specific price channel on a trading chart by automatically detecting structural trends in the market. Instead of relying on standard moving averages, it looks for significant high and low points (fractals) to determine the geometry of the market's movement.
Core Logic Overview
The indicator operates through a systematic three-step process:
1. Fractal Identification and Trend Detection The script scans the recent history of price bars (up to a user-defined limit, such as 240 bars) to locate two key "fractals." A fractal is essentially a peak or a valley—a point where the price reaches a significant high or low compared to the bars immediately surrounding it. The script looks for:
- A significant high point.
- A significant low point.
The timeframe of your chart automatically dictates how much history is checked to define these points, ensuring that the "importance" of a peak or valley is scaled correctly whether you are looking at 1-minute charts or daily charts.
2. Channel Calculation and Slope Analysis Once two valid fractal points are identified, the script calculates the mathematical "slope" of the market movement between them. It treats these two points as the foundation of a linear channel.
- It determines the rate of change (the step) between the price at the first point and the price at the second point.
- It then projects this slope forward to create a parallel channel structure, effectively drawing a corridor that represents the current trend direction.
3. Dynamic Adjustment and Visual Projection To ensure the visual representation is accurate to current market conditions, the script performs a refinement check:
- Boundary Validation: It checks if the most recent price action has "broken" the projected boundaries of the channel. If the price breaches the expected path, the script recalculates the base point to ensure the lines remain relevant to the live price.
- Visual Construction: Finally, it draws three distinct visual elements on your chart:
- The Upper Boundary: The top edge of the price corridor.
- The Lower Boundary: The bottom edge of the price corridor.
- The Median Line: A dotted center line representing the "fair value" or midpoint of the channel.
User Information Display
In addition to the visual lines, the script provides a real-time data comment on the chart. This informs you of two critical metrics:
- Channel Size: The total vertical distance between the top and bottom boundaries.
- Slope: The specific rate at which the trend is climbing or falling (expressed in price points).
In summary, this tool automates the process of identifying market "corridors," helping traders visualize the prevailing trend by anchoring a dynamic channel to significant historical price pivots.
//+------------------------------------------------------------------+
//| 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;
extern int SHI_LineWidth = 2;
extern int SHI_MidLineWidth = 1;
extern color SHI_LineColor = Magenta;
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; //AB-êîëè÷åñòâî îáñ÷èòûâàåìûõ áàðîâ
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; //ñ÷èòàåì ñ òðåòüåãî áàðà, ÷òîáû ôðàêòàë "çàêðåïèëñÿ
B1=-1; B2=-1; UpDown=0;
while(((B1==-1) || (B2==-1)) && (CurrentBar<AB))
{
//UpDown=1 çíà÷èò ïåðâûé ôðàêòàë íàéäåí ñâåðõó, UpDown=-1 çíà÷èò ïåðâûé ôðàêòàë
//íàéäåí ñíèçó, UpDown=0 çíà÷èò ôðàêòàë åù¸ íå íàéäåí.
//Â1 è Â2 - íîìåðà áàðîâ ñ ôðàêòàëàìè, ÷åðåç íèõ ñòðîèì îïîðíóþ ëèíèþ.
//Ð1 è Ð2 - ñîîòâåòñòâåííî öåíû ÷åðåç êîòîðûå áóäåì ëèíèþ ïðîâîäèòü
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);} // Çíà÷èò íå íàøëè ôðàêòàëîâ ñðåäè 300 áàðîâ 8-)
Step=(P2-P1)/(B2-B1);//Âû÷èñëèëè øàã, åñëè îí ïîëîæèòåëüíûé, òî êàíàë íèñõîäÿùèé
P1=P1-B1*Step; B1=0;//ïåðåñòàâëÿåì öåíó è ïåðâûé áàð ê íóëþ
//À òåïåðü îïîðíóþ òî÷êó ïðîòèâîïîëîæíîé ëèíèè êàíàëà.
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;}
}
//Òåïåðü ïåðåñòàâèì êîíå÷íóþ öåíó è áàð íà ÀÂ, ÷òîáû ëèíèè êàíàëà ðèñîâàëèñü ïîäëèííåå
P2=P1+AB*Step;
T1=Time[B1]; T2=Time[AB];
//Åñëè íå áûëî ïåðåñå÷åíèÿ êàíàëà, òî 0, èíà÷å ñòàâèì ïñèñó.
if(iprice!=0) ExtMapBuffer1[ishift]=iprice;
DelObj();
ObjectCreate("TL1",OBJ_TREND,0,T2,PP+Step*AB,T1,PP);
ObjectSet("TL1",OBJPROP_COLOR,SHI_LineColor);
ObjectSet("TL1",OBJPROP_WIDTH,SHI_LineWidth);
ObjectSet("TL1",OBJPROP_STYLE,STYLE_SOLID);
ObjectCreate("TL2",OBJ_TREND,0,T2,P2,T1,P1);
ObjectSet("TL2",OBJPROP_COLOR,SHI_LineColor);
ObjectSet("TL2",OBJPROP_WIDTH,SHI_LineWidth);
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,SHI_LineColor);
ObjectSet("MIDL",OBJPROP_WIDTH,SHI_MidLineWidth);
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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