This script is designed to provide a specialized visual representation of market price movement, specifically focusing on the relationship between different price types (Bid and Ask) and their median values over a specific timeframe. Instead of just showing a single line for the current price, it creates a dynamic "zone" or "envelope" that helps traders visualize volatility and price range.
Core Functionality
The logic operates by tracking three primary data points simultaneously:
- The Bid Price: The price at which the market is willing to buy.
- The Ask Price: The price at which the market is willing to sell.
- The Median Price: The midpoint between the highest and lowest prices reached during a specific period.
How the Logic Works
The script performs several automated actions to translate these numbers into a visual chart:
- Historical Tracking: It maintains a rolling memory of recent price data (defined by a user-set period). As new price information arrives, the script updates this memory, allowing it to "remember" the highest and lowest prices reached recently.
- Dynamic Boundary Detection: The script identifies the extreme highs and lows within that memory. It then uses these extremes to determine where the current price sits in relation to recent volatility.
- Visual "Envelope" Creation: Rather than just plotting a line, the logic calculates a specific width (buffer) around the current price. This creates a visual representation of the spread or the "trading zone." It specifically highlights whether the current price is pushing toward its recent high or low boundaries.
- Timed Updates: To ensure the chart remains smooth and readable, the script performs a full recalculation of these data points at regular intervals. This prevents the visual elements from jumping erratically, providing a more stable view of market movement for the user.
Summary for the User
In simple terms, this tool helps you see not just where the price is now, but where it has been recently and how much room it has to move before hitting "resistance" or "support" levels based on its recent history. It effectively maps out a visual corridor of market activity, highlighting the gap between buying and selling prices while grounding them against the median price point.
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Tick_Chart_+_Median
//+------------------------------------------------------------------+
//| Tick Chart + Median.mq4 |
//| Copyright © 2005, MetaQuotes Software Corp. © 2010, J.Arent. |
//| http://www.metaquotes.net/, http://www.fxtools.info |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2005, MetaQuotes Software Corp."
#property link "http://www.metaquotes.net"
#property indicator_separate_window
#property indicator_buffers 4
#property indicator_color1 Red
#property indicator_color2 Cornsilk
#property indicator_color3 Blue
#property indicator_color4 Gray
extern int period=2000;
extern int width=50;
//---- buffers
double ExtMapBuffer1[];
double ExtMapBuffer2[];
double ExtMapBuffer3[];
double ExtMapBuffer4[];
int tik,t;
double buf[],buf2[],buf3[],MaxB,MinB=1000;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
SetIndexStyle(0,DRAW_SECTION);
SetIndexBuffer(0,ExtMapBuffer1);
SetIndexStyle(1,DRAW_NONE);
SetIndexBuffer(1,ExtMapBuffer2);
SetIndexStyle(2,DRAW_SECTION);
SetIndexBuffer(2,ExtMapBuffer3);
SetIndexStyle(3,DRAW_SECTION,EMPTY,2);
SetIndexBuffer(3,ExtMapBuffer4);
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int i,b;
//----
t++;
b=period;
ArrayResize(buf,b);
ArrayResize(buf2,b);
ArrayResize(buf3,b);
if(tik==0)
{
for(i=0;i<b;i++)
{
buf[i]=Bid;
buf2[i]=Ask;
buf3[i]=(High[0]+Low[0])/2;
}
ExtMapBuffer2[0]=Bid+width*Point;
ExtMapBuffer2[1]=Bid-width*Point;
tik=1;
}
MaxB=0;MinB=1000;
for(i=b-1;i>0;i--)
{
buf[i]=buf[i-1];
if(MaxB<buf[i])MaxB=buf[i];
if(MinB>buf[i])MinB=buf[i];
buf2[i]=buf2[i-1];
if(MaxB<buf2[i])MaxB=buf2[i];
if(MinB>buf2[i])MinB=buf2[i];
buf3[i]=buf3[i-1];
if(MaxB<buf3[i])MaxB=buf3[i];
if(MinB>buf3[i])MinB=buf3[i];
}
buf[0]=Bid;
buf2[0]=Ask;
buf3[i]=(High[0]+Low[0])/2;
for(i=0;i<b;i++)
{
ExtMapBuffer1[i]=buf[i];
ExtMapBuffer3[i]=buf2[i];
ExtMapBuffer4[i]=buf3[i];
}
if(MathCeil(t/10)*10==t)
{
for(i=b;i<Bars;i++)
{
ExtMapBuffer1[i]=Bid;
ExtMapBuffer3[i]=Ask;
ExtMapBuffer4[i]=(High[0]+Low[0])/2;
}
ArrayInitialize(ExtMapBuffer2,Bid);
if(MaxB-Bid<width*Point)ExtMapBuffer2[0]=Bid+width*Point;
if(Bid-MinB<width*Point)ExtMapBuffer2[1]=Bid-width*Point;
}
//----
return(0);
}
//+------------------------------------------------------------------+
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