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The SilverTrend indicator is designed to help traders identify market momentum and potential trend reversals by analyzing price extremes over a specific period. Instead of looking at individual price ticks, it focuses on the "highs" and "lows" to smooth out market noise and provide a clearer picture of where the price is heading.
Core Logic and Visuals
The script operates by scanning a fixed number of recent bars (defined by the user) to identify the highest peak and the lowest valley within that timeframe. It then calculates a specific percentage-based threshold relative to the distance between those two points.
In your trading window, this logic is translated into a dual-color histogram:
- Trend Identification: The tool compares two dynamic data points. When the calculated trend value shifts in one direction, it triggers a change in the histogram colors (typically Royal Blue and Deep Pink).
- Directional Bias: These colors serve as a visual guide to tell you whether the current momentum is leaning toward an upward movement or a downward movement.
Key Features
- Automated Signal Detection: The script constantly monitors the transition between these two data points. When the trend switches from one state to another, it identifies a potential "Up" or "Down" signal.
- Smart Alert System: To prevent repetitive notifications, the tool includes a logic gate that ensures you only receive one alert per trend change. For example, if the market turns bullish, it will notify you once and remain silent until the trend actually flips to bearish, and vice versa.
- Customizable Sensitivity: Users can adjust how many bars the indicator looks back at, allowing for a choice between faster, more sensitive reactions to price changes or a slower, "smoothed out" view of the long-term market trend.
How to Read It
Essentially, this indicator acts as a momentum filter. By visualizing the relationship between recent price extremes, it helps you see whether the market is currently pushing higher or lower, providing a simplified visual cue for your trading decisions without the clutter of raw price action.
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//+------------------------------------------------------------------+
//| SilverTrend.mq4 |
//| SilverTrend rewritten by CrazyChart |
//| http://viac.ru/ |
//| modified by Kalenzo bartlomiej.gorski@gmail.com |
//+------------------------------------------------------------------+
#property copyright "SilverTrend rewritten by CrazyChart"
#property link "http://viac.ru/ "
#property indicator_separate_window
#property indicator_buffers 2
#property indicator_color1 RoyalBlue //Aqua
#property indicator_color2 DeepPink //Red
extern int SSP=7;
extern double Kmax=50.6; //24 21.6 21.6
extern bool Alerts=False;
extern int CountBars=300;
//---- buffers
bool SAO=false; // Used to stop constant alerts
bool BAO=false; // Used to stop constant alerts
double ExtMapBuffer1[];
double ExtMapBuffer2[];
double ExtHBuffer1[];
double ExtHBuffer2[];
double SubeBaja[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
IndicatorBuffers(4);
SetIndexStyle(0,DRAW_HISTOGRAM,0,4);
SetIndexBuffer(0,ExtHBuffer1);
SetIndexStyle(1,DRAW_HISTOGRAM,0,4);
SetIndexBuffer(1,ExtHBuffer2);
SetIndexBuffer(2,ExtMapBuffer1);
SetIndexBuffer(3,ExtMapBuffer2);
SetIndexBuffer(4,SubeBaja);
IndicatorShortName("SilverTrend");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
if (CountBars>=Bars) CountBars=Bars;
SetIndexDrawBegin(0,Bars-CountBars+SSP);
SetIndexDrawBegin(1,Bars-CountBars+SSP);
int i, counted_bars=IndicatorCounted();
double SsMax, SsMin, smin, smax, val1, val2;
if(Bars<=SSP+1) return(0);
if(counted_bars<SSP+1)
{
for(i=1;i<=SSP;i++) ExtMapBuffer1[CountBars-i]=0.0;
for(i=1;i<=SSP;i++) ExtMapBuffer2[CountBars-i]=0.0;
}
for(i=CountBars-SSP;i>=0;i--) {
SsMax = High[iHighest(NULL,0,MODE_HIGH,SSP,i-SSP+1)];
SsMin = Low[iLowest(NULL,0,MODE_LOW,SSP,i-SSP+1)];
smax = SsMax-(SsMax-SsMin)*Kmax/100;
ExtMapBuffer1[i-SSP+6]=smax;
ExtMapBuffer2[i-SSP-1]=smax;
val1 = ExtMapBuffer1[0];
val2 = ExtMapBuffer2[0];
}
for(int b=CountBars-SSP;b>=0;b--)
{
if(ExtMapBuffer1[b]>ExtMapBuffer2[b])
{
ExtHBuffer1[b]=1;
ExtHBuffer2[b]=0;
}
else
{
ExtHBuffer1[b]=0;
ExtHBuffer2[b]=1;
}
if (val1 > val2){
if(Alerts==true && BAO==false){
PlaySound("alert.wav");
Alert(Symbol() + " " + "(ST) UP signal " + "M" + Period());
BAO=true;
SAO=false;
}
}
if (val1 < val2){
if(Alerts==true && SAO==false){
PlaySound("alert.wav");
Alert(Symbol() + " " + "(ST) DN signal " + "M" + Period());
BAO=false;
SAO=true;
}
}
}
return(0);
}
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