The "Tickwatcher" script is designed as a multi-currency dashboard for MetaTrader, providing traders with a real-time visual summary of market conditions across several different currency pairs and timeframes simultaneously. Instead of forcing you to switch between different charts to see what is happening, it aggregates essential data into a single, easy-to-read display window.
Core Functionality
The script monitors up to three specific currency pairs (which can be customized by the user) across four primary timeframes: 4-Hour, Daily, Weekly, and Monthly. It focuses on identifying market strength, direction, and trend momentum.
Data Analysis Logic
The logic operates by processing two distinct types of technical analysis for each timeframe:
1. Trend Strength and Direction (ADX Analysis) The tool utilizes the Average Directional Index (ADX) to measure the "power" behind a move.
- Momentum Detection: It checks if the market is in a strong trend (typically above a specific threshold) or ranging sideways.
- Color Coding: The dashboard changes colors based on these values. For example, it distinguishes between an active trend and a stagnant market using visual cues like Lime (upward momentum), Red (downward momentum), or Light Sky Blue (neutral/ranging).
- Directional Arrows: It uses specific symbols to represent the "health" of the trend:
- Strong upward or downward movements are marked with distinct directional arrows.
- Moderate trends are indicated by smaller directional cues.
- Sideways or "choppy" markets are marked with a squiggly line symbol.
2. Price Action Smoothing (Heiken Ashi Analysis) In addition to raw momentum, the script incorporates a smoothed version of Heiken Ashi price action. This helps filter out "market noise" and provides a clearer picture of the underlying trend.
- It compares the current price movement against its own smoothed history to determine if the trend is accelerating or decelerating.
- This data is displayed as a secondary set of labels on the dashboard, allowing you to see if the price action "agrees" with the momentum indicators.
User Interface and Experience
The script generates a clean, organized layout on your screen:
- Automatic Positioning: It automatically spaces out the information for different currency pairs so they do not overlap.
- Customizable View: Users can toggle specific timeframes on or off to focus only on the data that matters most to their trading style.
- Instant Visibility: By translating complex mathematical calculations into simple colors and arrows, it allows a trader to glance at the screen and immediately understand if a pair is trending up, trending down, or staying flat across multiple time horizons at once.
Price Data Components
Indicators Used
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Tickwatcher3
//+------------------------------------------------------------------+
//+------------------------------------------------------------------+
#property copyright ""
#property link ""
#property link ""
#property indicator_separate_window
#property indicator_minimum 0
#property indicator_maximum 1
#define labelNames "Tickwatcher"
//---- user selectable stuff
extern string __1 = "Chose pairs";
extern string pair_1 = "GBPUSD";
extern string pair_2 = "USDCAD";
extern string pair_3 = "AUDUSD";
extern string __2 = "Chose timeframes";
extern bool show4h = true;
extern bool showDaily = true;
extern bool showWeekly = true;
extern bool showMonthly = true;
//
//
//
//
//
#define maxLabels 75
int totalLabels;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
IndicatorShortName("Tickwatcher");
totalLabels = 0;
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
for(int i = 1; i < totalLabels ; i++)
{
ObjectDelete(labelNames+i); deleteObject(i);
}
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int m = 80;
totalLabels = 0;
if (iClose(pair_1,0,2)!=0 )
{
showPair(pair_1,m);
m = m + 270;
}
if (iClose(pair_2,0,2)!=0 )
{
showPair(pair_2,m);
m = m + 270;
}
if (iClose(pair_3,0,2)!=0 )
{
showPair(pair_3,m);
m = m + 270;
}
//
//
//
//
//
for (m = totalLabels+1;m <= maxLabels; m++)
ObjectDelete(labelNames+m);
//
//
//
//
//
return(0);
}
//
//
//
//
//
void showPair(string pair, int xdistance)
{
int currentY = 15;
//
//
//
//
//
double adx_h4 = iADX(pair,PERIOD_H4,14,PRICE_CLOSE,0,0);
double di_p_h4 = iADX(pair,PERIOD_H4,14,PRICE_CLOSE,1,0);
double di_m_h4 = iADX(pair,PERIOD_H4,14,PRICE_CLOSE,2,0);
double adx_d1 = iADX(pair,PERIOD_D1,14,PRICE_CLOSE,0,0);
double di_p_d1 = iADX(pair,PERIOD_D1,14,PRICE_CLOSE,1,0);
double di_m_d1 = iADX(pair,PERIOD_D1,14,PRICE_CLOSE,2,0);
double adx_w1 = iADX(pair,PERIOD_W1,14,PRICE_CLOSE,0,0);
double di_p_w1 = iADX(pair,PERIOD_W1,14,PRICE_CLOSE,1,0);
double di_m_w1 = iADX(pair,PERIOD_W1,14,PRICE_CLOSE,2,0);
double adx_m1 = iADX(pair,PERIOD_MN1,14,PRICE_CLOSE,0,0);
double di_p_m1 = iADX(pair,PERIOD_MN1,14,PRICE_CLOSE,1,0);
double di_m_m1 = iADX(pair,PERIOD_MN1,14,PRICE_CLOSE,2,0);
//
//
//
//
//
double haso_h4 = iCustom(pair,PERIOD_H4 ,"Heiken_Ashi_Smoothed_Alert",2,6,3,2,false,false,5,0);
double hasc_h4 = iCustom(pair,PERIOD_H4 ,"Heiken_Ashi_Smoothed_Alert",2,6,3,2,false,false,6,0);
double haso_d1 = iCustom(pair,PERIOD_D1 ,"Heiken_Ashi_Smoothed_Alert",2,6,3,2,false,false,5,0);
double hasc_d1 = iCustom(pair,PERIOD_D1 ,"Heiken_Ashi_Smoothed_Alert",2,6,3,2,false,false,6,0);
double haso_w1 = iCustom(pair,PERIOD_W1 ,"Heiken_Ashi_Smoothed_Alert",2,6,3,2,false,false,5,0);
double hasc_w1 = iCustom(pair,PERIOD_W1 ,"Heiken_Ashi_Smoothed_Alert",2,6,3,2,false,false,6,0);
double haso_m1 = iCustom(pair,PERIOD_MN1,"Heiken_Ashi_Smoothed_Alert",2,6,3,2,false,false,5,0);
double hasc_m1 = iCustom(pair,PERIOD_MN1,"Heiken_Ashi_Smoothed_Alert",2,6,3,2,false,false,6,0);
//---- define colors and arrows
color adx_color_h4,adx_color_d1,adx_color_w1,adx_color_m1;
string adx_arrow_h4,adx_arrow_d1,adx_arrow_w1,adx_arrow_m1;
color has_color_h4,has_color_d1,has_color_w1,has_color_m1;
string has_arrow_h4,has_arrow_d1,has_arrow_w1,has_arrow_m1;
has_color_h4 = setHColor(haso_h4,hasc_h4);
has_color_d1 = setHColor(haso_d1,hasc_d1);
has_color_w1 = setHColor(haso_w1,hasc_w1);
has_color_m1 = setHColor(haso_m1,hasc_m1);
has_arrow_h4 = setHArrow(haso_h4,hasc_h4);
has_arrow_d1 = setHArrow(haso_d1,hasc_d1);
has_arrow_w1 = setHArrow(haso_w1,hasc_w1);
has_arrow_m1 = setHArrow(haso_m1,hasc_m1);
//
//
//
//
//
string adx_value_h4 = adx_h4;
string adx_value_d1 = adx_d1;
string adx_value_w1 = adx_w1;
string adx_value_m1 = adx_m1;
adx_color_h4 = setColor(adx_h4 ,di_p_h4 ,di_m_h4);
adx_color_d1 = setColor(adx_d1 ,di_p_d1 ,di_m_d1);
adx_color_w1 = setColor(adx_w1 ,di_p_w1 ,di_m_w1);
adx_color_m1 = setColor(adx_m1 ,di_p_m1 ,di_m_m1);
adx_arrow_h4 = setArrow(adx_h4 ,di_p_h4 ,di_m_h4);
adx_arrow_d1 = setArrow(adx_d1 ,di_p_d1 ,di_m_d1);
adx_arrow_w1 = setArrow(adx_w1 ,di_p_w1 ,di_m_w1);
adx_arrow_m1 = setArrow(adx_m1 ,di_p_m1 ,di_m_m1);
setObject(next(),pair,xdistance,2);
if (show4h) { setLabel( "4 hours:",xdistance ,currentY,adx_value_h4 ,adx_color_h4 ,adx_arrow_h4); currentY += 13;}
if (showDaily) { setLabel( "1 day:" ,xdistance ,currentY,adx_value_d1 ,adx_color_d1 ,adx_arrow_d1); currentY += 13;}
if (showWeekly) { setLabel( "1 week:" ,xdistance ,currentY,adx_value_w1 ,adx_color_w1 ,adx_arrow_w1); currentY += 13;}
if (showMonthly){ setLabel( "1 month:",xdistance ,currentY,adx_value_m1 ,adx_color_m1 ,adx_arrow_m1);}
currentY = 15;
if (show4h) { setLabel( "4 hours:",xdistance+150,currentY," " ,has_color_h4 ,has_arrow_h4,false); currentY += 13;}
if (showDaily) { setLabel( "1 day:" ,xdistance+150,currentY," " ,has_color_d1 ,has_arrow_d1,false); currentY += 13;}
if (showWeekly) { setLabel( "1 week:" ,xdistance+150,currentY," " ,has_color_w1 ,has_arrow_w1,false); currentY += 13;}
if (showMonthly){ setLabel( "1 month:",xdistance+150,currentY," " ,has_color_m1 ,has_arrow_m1,false);}
}
//+------------------------------------------------------------------+
//| Custom functions and procedures |
//+------------------------------------------------------------------+
string next()
{
totalLabels += 1;
return(totalLabels);
}
color setHColor(double first,double second)
{
color retColor;
if (NormalizeDouble(first,Digits) <NormalizeDouble(second,Digits)) retColor = Red;
if (NormalizeDouble(first,Digits) >NormalizeDouble(second,Digits)) retColor = Lime;
if (NormalizeDouble(first,Digits)==NormalizeDouble(second,Digits)) retColor = LightSkyBlue;
return(retColor);
}
color setColor(double first,double second,double third)
{
color retColor;
if ((first < 23) && (first != 0)) { retColor = LightSkyBlue; }
if ((first >=23) && (second > third)) { retColor = Lime; }
if ((first >=23) && (second < third)) { retColor = Red; }
return(retColor);
}
//
//
// ---- assign arrows
// strong up: { adx_arrow_ = "é"; }
// strong down: { adx_arrow_ = "ê"; }
// up: { adx_arrow_ = "ì"; }
// down: { adx_arrow_ = "î"; }
// range: { adx_arrow_ = "h"; }
// use wingdings for these, the h is squiggly line
//
//
string setHArrow(double first, double second)
{
string arrow;
if (NormalizeDouble(first,Digits) <NormalizeDouble(second,Digits)) arrow = "ê";
if (NormalizeDouble(first,Digits) >NormalizeDouble(second,Digits)) arrow = "é";
if (NormalizeDouble(first,Digits)==NormalizeDouble(second,Digits)) arrow = "h";
return(arrow);
}
string setArrow(double first, double second, double third)
{
string arrow;
if ( first < 23 && first != 0) { arrow = "h"; }
if ((first >= 23 && first < 28) && (second > third)) { arrow = "ì"; }
if ((first >= 23 && first < 28) && (second < third)) { arrow = "î"; }
if ( first >= 28 && (second > third)) { arrow = "é"; }
if ( first >= 28 && (second < third)) { arrow = "ê"; }
return(arrow);
}
//
//
//
//
//
void setLabel(string text,int x,int y,string value, color theColor, string arrow, bool isADX=true)
{
string addition = " HAS ";
int last = 90;
if (isADX) {addition = " ADX "; last=128;}
setObject(next(),text ,x ,y);
setObject(next(),addition+StringSubstr(value,0,5),x+55 ,y,theColor);
setObject(next(),arrow ,x+last,y,theColor,"Wingdings");
}
//
//
//
//
//
void setObject(string name,string text,int x,int y,color theColor = LightSteelBlue, string font = "Lucida Sans Regular")
{
string indNames = "Tickwatcher";
int window = WindowFind(indNames);
if (ObjectFind(labelNames+name) == -1)
{
ObjectCreate(labelNames+name,OBJ_LABEL,window,0,0);
ObjectSet(labelNames+name,OBJPROP_CORNER,0);
}
//
//
//
//
//
ObjectSet(labelNames+name,OBJPROP_XDISTANCE,x);
ObjectSet(labelNames+name,OBJPROP_YDISTANCE,y);
ObjectSetText(labelNames+name,text,9,font,theColor);
}
void deleteObject(int name)
{
if (ObjectFind(labelNames+name) > 0) ObjectDelete(labelNames+name);
}
//+------------------------------------------------------------------+
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