SmoothCandle C v1.00_v1
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The SmoothCandle S is a custom technical analysis tool designed for the MetaTrader 4 platform. Its primary purpose is to filter out "market noise" by smoothing the price action of traditional Japanese candlesticks, allowing traders to see more stabilized trends rather than volatile, erratic price movements.
How the Logic Works
The script operates by calculating a Simple Moving Average (SMA) specifically for each individual component of a candlestick. In standard trading, candles are defined by four key price points:
- Open: The price when the candle started.
- High: The highest price reached during the period.
- Low: The lowest price reached during the period.
- Close: The final price when the candle ended.
Instead of plotting these raw, jagged values, the SmoothCandle S takes a user-defined number of previous candles (the "SMA" setting) and calculates the average for each of those four points.
Key Features of the Logic
- Multi-Point Smoothing: Rather than just smoothing the closing price, the script simultaneously smooths the Open, High, Low, and Close prices. This creates a cohesive set of averaged data points that represent the "core" movement of the market over a specific timeframe.
- Visual Shift: The tool incorporates a built-in visual shift. By aligning the smoothed data with the SMA period, it ensures that the lines appear correctly positioned on your chart relative to the current price action, preventing the visual clutter that often occurs with lagging indicators.
- Trend Clarification: By averaging the highs and lows alongside the opens and closes, the indicator helps traders identify the prevailing direction of the market. It suppresses minor fluctuations (wicks and small body movements) to highlight the underlying trend.
Summary for Traders
Essentially, this script acts as a "lens" that blurs out the immediate chaos of the market. By using a moving average to redraw the boundaries of the candles, it provides a cleaner visual representation of price history, making it easier to identify significant support, resistance, and trend shifts without being distracted by insignificant price spikes.
//+------------------------------------------------------------------+
//| SmoothCandle S v1.00.mq4 |
//| Copyright © 2005, Varus Henschke |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2005, Varus Henschke"
//---- indicator settings
#property indicator_chart_window
#property indicator_buffers 4
#property indicator_color1 Red
#property indicator_color2 DimGray
#property indicator_color3 DimGray
#property indicator_color4 Blue
//---- indicator parameters
extern int SMA=5;
//---- indicator buffers
double nOpen[];
double nHigh[];
double nLow[];
double nClose[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicator line
IndicatorBuffers(4);
SetIndexStyle(0,DRAW_LINE);
SetIndexStyle(1,DRAW_LINE);
SetIndexStyle(2,DRAW_LINE);
SetIndexStyle(3,DRAW_LINE);
//---- line shifts when drawing
SetIndexShift(0,SMA);
SetIndexShift(1,SMA);
SetIndexShift(2,SMA);
SetIndexShift(3,SMA);
//---- indicator buffers mapping
if(!SetIndexBuffer(0,nOpen) && !SetIndexBuffer(1,nHigh) && !SetIndexBuffer(2,nLow) && !SetIndexBuffer(3,nClose))
Print("cannot set indicator buffers!");
//---- name for DataWindow and indicator subwindow label
//IndicatorShortName("SmoothCandle S SMA ( " +SMA+ " )");
//SetIndexLabel(0,"Open");
//SetIndexLabel(1,"High");
//SetIndexLabel(2,"Low");
//SetIndexLabel(3,"Close");
//---- initialization done
return(0);
}
//+------------------------------------------------------------------+
//| Moving Averages of Candlestick |
//+------------------------------------------------------------------+
int start()
{
int limit;
int counted_bars=IndicatorCounted();
//---- check for possible errors
if(counted_bars<0) return(-1);
//---- last counted bar will be recounted
if(counted_bars>0) counted_bars--;
//----
limit=Bars-counted_bars-SMA-1;
//----
for(int i=SMA; i<limit; i++)
{ // Does not work if i=0 so included SetIndexShift above. That does my head in.
nOpen[i] =0;
nHigh[i] =0;
nLow[i] =0;
nClose[i]=0;
//----
for(int j=i-SMA; j<i; j++)
{
nOpen[i] =nOpen[i] + (Open[j] /SMA);
nHigh[i] =nHigh[i] + (High[j] /SMA);
nLow[i] =nLow[i] + (Low[j] /SMA);
nClose[i]=nClose[i] + (Close[j]/SMA);
}
}
//---- done
return(0);
}
//+------------------------------------------------------------------+
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