The Super-Signals indicator is designed to provide traders with clear, visual cues on a price chart by identifying significant structural peaks and troughs in market movement. Instead of cluttering the screen with constant data, it focuses on highlighting specific points where the price has reached a local maximum or minimum within a defined window of time.
How the Logic Works
The core functionality of this script relies on "scanning" the market history to find extreme price points. Here is a breakdown of the logic in simple terms:
- Defining the Look-Back Window: The indicator looks at a specific range of recent price bars (defined by a fixed distance). This allows the tool to ignore minor, insignificant fluctuations and focus only on relevant price action within that specific timeframe.
- Identifying Highs and Lows: For every point on the chart, the logic automatically calculates the highest price reached and the lowest price reached within that predefined window.
- Pinpointing Extremes: The script constantly checks if the current bar being analyzed is the absolute highest or lowest in its neighborhood.
- If a bar is identified as a peak (the highest point), the indicator prepares to place a visual signal.
- If a bar is identified as a trough (the lowest point), the indicator prepares to place a corresponding visual signal.
- Visual Feedback: To ensure the signals are easy to read and do not overlap with the actual price candles, the script places two distinct arrows on the chart:
- Red Arrows: These appear above the identified peaks, highlighting areas of resistance or overhead pressure.
- Aqua Arrows: These appear below the identified troughs, highlighting areas of support or underlying floor prices.
- Spacing for Clarity: The script includes a "Signal Gap" feature. This ensures that the arrows are placed at a consistent distance away from the candles, providing a clean and professional look that allows for easier analysis at a glance.
Summary for the Trader
Essentially, this tool acts as an automated scout. It scans the market history to find where the price "turned around" or hit a ceiling/floor within a specific range. By marking these points with clear arrows, it helps you quickly identify significant price structure without having to manually hunt for every peak and valley on your chart.
/*-----------------------------+
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| Shared by www.Aptrafx.com |
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//+------------------------------------------------------------------+
//| super-signals.mq4 |
//| Copyright © 2006, Nick Bilak, beluck[AT]gmail.com |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2006, Nick Bilak"
#property link "http://www.forex-tsd.com/"
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_color1 Red
#property indicator_color2 Aqua
extern int SignalGap = 10;
int dist=24;
double b1[];
double b2[];
int init() {
SetIndexStyle(0,DRAW_ARROW,STYLE_SOLID,1);
SetIndexStyle(1,DRAW_ARROW,STYLE_SOLID,1);
SetIndexArrow(1,233);
SetIndexArrow(0,234);
SetIndexBuffer(0,b1);
SetIndexBuffer(1,b2);
return(0);
}
int start() {
int counted_bars=IndicatorCounted();
int k,i,j,limit,hhb,llb;
if (counted_bars<0) return(-1);
if (counted_bars>0) counted_bars--;
limit=Bars-1;
if(counted_bars>=1) limit=Bars-counted_bars-1;
if (limit<0) limit=0;
for (i=limit;i>=0;i--) {
hhb = Highest(NULL,0,MODE_HIGH,dist,i-dist/2);
llb = Lowest(NULL,0,MODE_LOW,dist,i-dist/2);
if (i==hhb)
b1[i]=High[hhb]+SignalGap*Point;
if (i==llb)
b2[i]=Low[llb]-SignalGap*Point;
}
return(0);
}
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