signallength_eng
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This script is designed to automatically identify and monitor key price boundaries—specifically "Resistance" (price ceilings) and "Support" (price floors)—on a trading chart. It functions by analyzing historical price patterns to project these boundaries into the present, alerting the user when the market price approaches or breaks through them.
How the Logic Works:
1. Identifying Key Price Points The tool scans the market history to find "fractals." In non-technical terms, these are significant peaks and valleys where the price reversed direction. The script specifically looks for these major structural points to determine where historical price action has historically pushed back.
2. Constructing Resistance and Support Lines Once the script identifies a major peak (Resistance) or a major valley (Support), it draws visual trend lines on your chart:
- Resistance Lines: Highlighted in Orange, these represent areas where price has struggled to move higher.
- Support Lines: Highlighted in Aqua, these represent areas where price has historically found a "floor" and bounced back up.
3. Projecting "Control Zones" Unlike static lines, this script projects these boundaries forward based on specific time settings. It creates a dynamic "border" that extends into the current timeframe. This allows you to see exactly which horizontal levels are currently relevant to the price action as it moves in real-time.
4. Proximity Detection and Alerts The core intelligence of the script lies in its monitoring logic. The tool constantly calculates the distance between the current live market price and the projected borders:
- Proximity Sensing: You can set a specific sensitivity level (a "Set" value). If the market price gets within this predefined distance of a border, the script triggers an action.
- Crossing Notifications: When the price moves into these proximity zones, the script creates a visual arrow on the chart and generates an immediate audio/visual alert. It distinguishes between the two types:
- An alert is triggered if the price is breaking through a Support level.
- A separate alert is triggered if the price is breaking through a Resistance level.
5. Automatic Maintenance To keep your chart clean, the script is designed to manage its own visual elements. It automatically refreshes the boundaries when you change timeframes and can be configured to delete old segments, ensuring that only the most relevant, up-to-date price levels are visible for your current trading session.
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signallength_eng
//+------------------------------------------------------------------+
//| signallength.mq4 |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2009, Vladimir Hlystov"
#property link "ñmillion@narod.ru"
extern color Color_resistance = Orange;
extern color Color_support = Aqua;
extern int Set=4,
time_set=10;
int X1u,X2u,X3u,X1d,X2d,X3d,bar_1u,bar_2u,bar_3u,bar_1d,bar_2d,bar_3d,time_period,
X1g,X2g,per;
double Y1vg,Y2vg,Y1ng,Y2ng,Y1u,Y2u,Y3u,Y1d,Y2d,Y3d;
double channel_width;
extern bool delete_segments = true;//delete segments after the period change
#property indicator_chart_window
//+------------------------------------------------------------------+
int init()
{
per=Period();
return(0);
}
//+------------------------------------------------------------------+
int deinit()
{
ObjectDelete("Resistance line");
ObjectDelete("Support line");
del("Crossing ");
if (delete_segments==true) del("border");
return(0);
}
//+------------------------------------------------------------------+
int start()
{
while(true)
{
if (time_period!=Time[0])
{
if (bar_3u != find_fractal(0, 1) || (ObjectFind("Resistance line")!=0))
{
bar_3u = find_fractal(0, 1);
bar_2u = find_fractal(bar_3u,-1);
bar_1u = find_fractal(bar_2u, 1);
X1u=Time[bar_1u];Y1u=High[bar_1u];X2u=Time[bar_3u];Y2u=High[bar_3u];
ObjectDelete("Resistance line");
ObjectCreate("Resistance line", OBJ_TREND, 0,X1u,Y1u,X2u,Y2u);
ObjectSet ("Resistance line", OBJPROP_COLOR, Color_resistance);
ObjectSet ("Resistance line", OBJPROP_STYLE, STYLE_DASH);
ObjectSet ("Resistance line", OBJPROP_WIDTH, 0);
ObjectSet ("Resistance line", OBJPROP_BACK, true);
ObjectSet ("Resistance line", OBJPROP_RAY, true);
draw_borders(Color_resistance,X1u,Y1u,X2u,Y2u);
}
//-----------------------------------------------------------------------
if (bar_3d != find_fractal(0,-1) || (ObjectFind("Support line")!=0))
{
bar_3d = find_fractal(0, -1);
bar_2d = find_fractal(bar_3d, 1);
bar_1d = find_fractal(bar_2d,-1);
X1d=Time[bar_1d];Y1d=Low[bar_1d];X2d=Time[bar_3d];Y2d=Low[bar_3d];
ObjectDelete("Support line");
ObjectCreate("Support line", OBJ_TREND, 0,X1d,Y1d,X2d,Y2d);
ObjectSet ("Support line", OBJPROP_COLOR, Color_support);
ObjectSet ("Support line", OBJPROP_STYLE, STYLE_DASH);
ObjectSet ("Support line", OBJPROP_WIDTH, 0);
ObjectSet ("Support line", OBJPROP_BACK, true);
ObjectSet ("Support line", OBJPROP_RAY, true);
draw_borders(Color_support,X1d,Y1d,X2d,Y2d);
}
//-----------------------------------------------------------------------
int d=0;
int X_1,X_2;
double Y_1,Y_2;
color COLOR;
for(int n=ObjectsTotal()-1; n>=0; n--)
{
string Obj_N=ObjectName(n);
if (StringFind(Obj_N,"border",0)!=-1 && ObjectType(Obj_N)==OBJ_TREND)
// we have found an object - trend for calculation of the approach
{
X_1 = ObjectGet(Obj_N, OBJPROP_TIME1);
X_2 = ObjectGet(Obj_N, OBJPROP_TIME2);
if (X_1==X_2) {ObjectDelete(Obj_N);continue;}
Y_1 = ObjectGet(Obj_N, OBJPROP_PRICE1);
Y_2 = ObjectGet(Obj_N, OBJPROP_PRICE2);
COLOR= ObjectGet(Obj_N, OBJPROP_COLOR);
// drawing the control zone (Obj_N, COLOR, X_1,Y_1,X_2,Y_2);
if (X_1<=Time[0] && X_2>=Time[0])//it's in the time range
{
X3d=Time[0];Y3d=Y_1+(Y_2-Y_1)*(X3d-X_1)/(X_2-X_1);// line equation
//Comment((Y3d-Bid)/Point);
if (MathAbs(Y3d-Bid)/Point < Set)
{
if (COLOR==Color_resistance)//Lower border
{d=-1;break;}
else {d= 1;break;}
}
}
}
}
//-----------------------------------------------------------------------
if (d!=0)
{
ObjectCreate("Crossing "+Obj_N+" "+Time[0], OBJ_ARROW,0,Time[0],Bid,0,0,0,0);
ObjectSet ("Crossing "+Obj_N+" "+Time[0], OBJPROP_WIDTH, 0);
if (d==1)
{
ObjectSet ("Crossing "+Obj_N+" "+Time[0], OBJPROP_ARROWCODE,233);
ObjectSet ("Crossing "+Obj_N+" "+Time[0], OBJPROP_COLOR, Color_support); // Color
Alert(Symbol()+"Crossing the border of support "+Obj_N);
}
else
{
ObjectSet ("Crossing "+Obj_N+" "+Time[0], OBJPROP_ARROWCODE,234);
ObjectSet ("Crossing "+Obj_N+" "+Time[0], OBJPROP_COLOR, Color_resistance); // Color
Alert(Symbol()+"Crossing the border of resistance "+Obj_N);
}
time_period=Time[0];
}
}
if ((ObjectFind("Lower border "+string_period(per))==0)&&(ObjectFind("Upper border "+string_period(per))==0))
return(0);
else
{
ObjectDelete("Resistance line");
ObjectDelete("Support line");
time_period=Time[1];
}
}
}
//+------------------------------------------------------------------+
int find_fractal(int bar, int UP_DN)
{
while(true)//looking for 1 fractal after bar
{
bar++;
if (UP_DN == 1 && iFractals(NULL, 0, MODE_UPPER, bar) != 0) return(bar);
if (UP_DN ==-1 && iFractals(NULL, 0, MODE_LOWER, bar) != 0) return(bar);
}
return(0);
}
//+------------------------------------------------------------------+
int del(string Ob)
{
for(int n=ObjectsTotal()-1; n>=0; n--)
{
string Obj_Name=ObjectName(n);
if (StringFind(Obj_Name,Ob,0) != -1) ObjectDelete(Obj_Name);
}
return;
}
//+------------------------------------------------------------------+
string string_period(int p)
{ switch(p)
{ case 1 : return("M_1"); break; //1 min
case 5 : return("M_5"); break; //5 min
case 15 : return("M15"); break; //15 min
case 30 : return("M30"); break; //30 min
case 60 : return("H 1"); break; //1 hour
case 240 : return("H_4"); break; //4 hours
case 1440 : return("D_1"); break; //1 day
case 10080: return("W_1"); break; //1 week
case 43200: return("MN1"); break; //1 month
}return("period error");
}
//+------------------------------------------------------------------+
int draw_borders(color COLOR,int X1,double Y1,int X2,double Y2)
{
string Name = "border "+string_period(per);
if (COLOR==Color_resistance) Name = "Upper "+Name;
if (COLOR==Color_support) Name = "Lower " +Name;
if (ObjectFind(Name)==0) return; //If the object exists
X1g=Time[0];X2g=Time[0]+per*60*time_set;
if (COLOR==Color_resistance) {Y1vg=Y1+(Y2-Y1)*(X1g-X1)/(X2-X1);Y2vg=Y1+(Y2-Y1)*(X2g-X1)/(X2-X1);
ObjectCreate(Name, OBJ_TREND, 0,X1g,Y1vg,X2g,Y2vg);}
if (COLOR==Color_support) {Y1ng=Y1+(Y2-Y1)*(X1g-X1)/(X2-X1);Y2ng=Y1+(Y2-Y1)*(X2g-X1)/(X2-X1);
ObjectCreate(Name, OBJ_TREND, 0,X1g,Y1ng,X2g,Y2ng);}
ObjectSet (Name, OBJPROP_COLOR, COLOR);
ObjectSet (Name, OBJPROP_STYLE, STYLE_SOLID);
ObjectSet (Name, OBJPROP_WIDTH, 4);
ObjectSet (Name, OBJPROP_BACK, false);
ObjectSet (Name, OBJPROP_RAY, false);
return;
}
//+------------------------------------------------------------------+
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