ToR_1.02
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The "Trending or Ranging?" indicator is designed to provide traders with an immediate, high-level overview of market conditions across multiple timeframes simultaneously. Its primary purpose is to help you distinguish between two different types of market environments: trending (where the price is moving consistently in one direction) and ranging (where the price is moving sideways without a clear trend).
Core Functionality
The script monitors the Average Directional Index (ADX)—a technical tool used to measure trend strength—across five distinct timeframes: 5 Minutes, 15 Minutes, 1 Hour, 4 Hours, and 1 Day. By analyzing these different windows at once, it allows you to see how short-term "noise" compares to long-term structural movements.
Visual Logic & Indicators
The tool translates complex data into simple visual cues using colors, numbers, and icons:
-
Market State Colors:
- Light Sky Blue: Indicates a Ranging Market. This suggests that the trend strength is low (specifically below 23), meaning it might be better to use oscillators or simply stay out of the market.
- Lime Green: Indicates a Bullish Trend. This occurs when the trend strength is significant and the upward momentum is stronger than the downward momentum.
- Red: Indicates a Bearish Trend. This occurs when the trend strength is significant and the downward momentum is dominant.
-
Trend Direction Icons: To make navigation even faster, the script uses specific icons (arrows and squiggles) for each timeframe:
- Squiggly Lines: Clearly signal a ranging/sideways market.
- Small Arrows: Indicate a developing or moderate trend.
- Large/Strong Arrows: Signal a powerful, high-momentum trend.
Additional Features
- Spread Monitoring: The script displays the current "spread" (the cost of entering a trade). It provides a real-time alert by turning the number Lime if it is within an acceptable threshold and Red if the spread becomes too wide, helping you avoid trading during periods of low liquidity or high cost.
- Multi-Timeframe Analysis: By displaying five timeframes in one row, the indicator helps you identify "conflicts." For example, you can see if a 5-minute chart is showing a quick trend while the 1-Day chart remains in a heavy range, helping you decide whether to trade the short-term move or wait for the long-term trend to align.
Summary for the Trader
This indicator is built for efficiency. Instead of checking multiple charts and calculating indicators manually, it summarizes everything into a single dashboard. It tells you at a glance: “Is the market moving? If so, which way? Is the cost of entry reasonable? And does the short-term move align with the big picture?”
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ToR_1.02
//+------------------------------------------------------------------+
//| Trending or Ranging? |
//| ToR_1.02.mq4 |
//| Copyright © 2007 Tom Balfe |
//| |
//| This indicator shows you whether a pair is trending or ranging. |
//| For trending markets use moving averages and for ranging |
//| market use oscillators. |
//| |
//| It shows ADX values for multiple timeframes to help you |
//| decide which trading technique to use. |
//| Sometimes you'll see short-term trends against the H4 |
//| and D1 trend. |
//| |
//| It's up to you whether you trade in a ranging market. It seems |
//| to me that trading with the long-term trend is best. |
//| Having said that, the reason why I made this indicator is to |
//| to let the trader decide at a glance what to do, or even to |
//| do nothing. Staying out of a market is a position too. |
//| |
//| If you want to chat about FOREX my friends and I made an IRC |
//| channel on Undernet called #forex. |
//| |
//| Best of luck in all your trades! |
//| |
//| Version: 1.02 |
//| |
//| Changelog: |
//| 1.02 - added arrows, ranging icon, no zero space state |
//| for icons/arrows, spacing got messed up, now |
//| fixed |
//| 1.01 - unreleased, reduced number of colors, functional |
//| 1.0 - unreleased, too many colors for ADX values |
//| |
//| http://www.forex-tsd.com/members/nittany1.html |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2007 Tom Balfe"
#property link "http://www.forex-tsd.com/members/nittany1.html"
#property link "redcarsarasota@yahoo.com"
#property indicator_separate_window
int spread;
//---- user selectable stuff
extern int SpreadThreshold=6;
extern bool Show_D1_ADX=true;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicator short name
IndicatorShortName("ToR 1.02 ("+Symbol()+")");
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//---- need to delete objects should user remove indicator
ObjectsDeleteAll(0,OBJ_LABEL);
ObjectDelete("ToR102-1");ObjectDelete("ToR102-2");ObjectDelete("ToR102-3");
ObjectDelete("ToR102-4");ObjectDelete("ToR102-5");ObjectDelete("ToR102-6");
ObjectDelete("ToR102-7");ObjectDelete("ToR102-8");ObjectDelete("ToR102-9");
ObjectDelete("ToR102-10");ObjectDelete("ToR102-11");ObjectDelete("ToR102-12");
ObjectDelete("ToR102-4a");ObjectDelete("ToR102-6a");ObjectDelete("ToR102-8a");
ObjectDelete("ToR102-10a");ObjectDelete("ToR102-12a");
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
//---- let's define some stuff
// M5 data
double adx_m5 = iADX(NULL,5,14,PRICE_CLOSE,0,0);
double di_p_m5 = iADX(NULL,5,14,PRICE_CLOSE,1,0);
double di_m_m5 = iADX(NULL,5,14,PRICE_CLOSE,2,0);
// M15 data
double adx_m15 = iADX(NULL,15,14,PRICE_CLOSE,0,0);
double di_p_m15 = iADX(NULL,15,14,PRICE_CLOSE,1,0);
double di_m_m15 = iADX(NULL,15,14,PRICE_CLOSE,2,0);
// H1 data
double adx_h1 = iADX(NULL,60,14,PRICE_CLOSE,0,0);
double di_p_h1 = iADX(NULL,60,14,PRICE_CLOSE,1,0);
double di_m_h1 = iADX(NULL,60,14,PRICE_CLOSE,2,0);
// H4 data
double adx_h4 = iADX(NULL,240,14,PRICE_CLOSE,0,0);
double di_p_h4 = iADX(NULL,240,14,PRICE_CLOSE,1,0);
double di_m_h4 = iADX(NULL,240,14,PRICE_CLOSE,2,0);
// D1 data
double adx_d1 = iADX(NULL,1440,14,PRICE_CLOSE,0,0);
double di_p_d1 = iADX(NULL,1440,14,PRICE_CLOSE,1,0);
double di_m_d1 = iADX(NULL,1440,14,PRICE_CLOSE,2,0);
//---- define colors and arrows
color adx_color_m5,adx_color_m15,adx_color_h1,adx_color_h4,adx_color_d1;
string adx_arrow_m5,adx_arrow_m15,adx_arrow_h1,adx_arrow_h4,adx_arrow_d1;
//---- assign color
// M5 colors
if ((adx_m5 < 23) && (adx_m5 != 0)) { adx_color_m5 = LightSkyBlue; }
if ((adx_m5 >=23) && (di_p_m5 > di_m_m5)) { adx_color_m5 = Lime; }
if ((adx_m5 >=23) && (di_p_m5 < di_m_m5)) { adx_color_m5 = Red; }
// M15 colors
if ((adx_m15 < 23) && (adx_m15 != 0)) { adx_color_m15 = LightSkyBlue; }
if ((adx_m15 >=23) && (di_p_m15 > di_m_m15)) { adx_color_m15 = Lime; }
if ((adx_m15 >=23) && (di_p_m15 < di_m_m15)) { adx_color_m15 = Red; }
// H1 colors
if ((adx_h1 < 23) && (adx_h1 != 0)) { adx_color_h1 = LightSkyBlue; }
if ((adx_h1 >=23) && (di_p_h1 > di_m_h1)) { adx_color_h1 = Lime; }
if ((adx_h1 >=23) && (di_p_h1 < di_m_h1)) { adx_color_h1 = Red; }
// H4 colors
if ((adx_h4 < 23) && (adx_h4 != 0)) { adx_color_h4 = LightSkyBlue; }
if ((adx_h4 >=23) && (di_p_h4 > di_m_h4)) { adx_color_h4 = Lime; }
if ((adx_h4 >=23) && (di_p_h4 < di_m_h4)) { adx_color_h4 = Red; }
// D1 colors
if ((adx_d1 < 23) && (adx_d1 != 0)) { adx_color_d1 = LightSkyBlue; }
if ((adx_d1 >=23) && (di_p_d1 > di_m_d1)) { adx_color_d1 = Lime; }
if ((adx_d1 >=23) && (di_p_d1 < di_m_d1)) { adx_color_d1 = Red; }
//---- feed all the ADX values into strings
string adx_value_m5 = adx_m5;
string adx_value_m15 = adx_m15;
string adx_value_h1 = adx_h1;
string adx_value_h4 = adx_h4;
string adx_value_d1 = adx_d1;
//---- 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
// M5 arrows
if (adx_m5 < 23 && adx_m5 != 0) { adx_arrow_m5 = "h"; }
if ((adx_m5 >= 23 && adx_m5 < 28) && (di_p_m5 > di_m_m5)) { adx_arrow_m5 = "ì"; }
if ((adx_m5 >= 23 && adx_m5 < 28) && (di_p_m5 < di_m_m5)) { adx_arrow_m5 = "î"; }
if ((adx_m5 >=28) && (di_p_m5 > di_m_m5)) { adx_arrow_m5 = "é"; }
if ((adx_m5 >=28) && (di_p_m5 < di_m_m5)) { adx_arrow_m5 = "ê"; }
// M15 arrows
if (adx_m15 < 23 && adx_m15 != 0) { adx_arrow_m15 = "h"; }
if ((adx_m15 >= 23 && adx_m15 < 28) && (di_p_m15 > di_m_m15)) { adx_arrow_m15 = "ì"; }
if ((adx_m15 >= 23 && adx_m15 < 28) && (di_p_m15 < di_m_m15)) { adx_arrow_m15 = "î"; }
if ((adx_m15 >=28) && (di_p_m15 > di_m_m15)) { adx_arrow_m15 = "é"; }
if ((adx_m15 >=28) && (di_p_m15 < di_m_m15)) { adx_arrow_m15 = "ê"; }
// H1 arrows
if (adx_h1 < 23 && adx_h1 != 0) { adx_arrow_h1 = "h"; }
if ((adx_h1 >= 23 && adx_h1 < 28) && (di_p_h1 > di_m_h1)) { adx_arrow_h1 = "ì"; }
if ((adx_h1 >= 23 && adx_h1 < 28) && (di_p_h1 < di_m_h1)) { adx_arrow_h1 = "î"; }
if ((adx_h1 >=28) && (di_p_h1 > di_m_h1)) { adx_arrow_h1 = "é"; }
if ((adx_h1 >=28) && (di_p_h1 < di_m_h1)) { adx_arrow_h1 = "ê"; }
// H4 arrows
if (adx_h4 < 23 && adx_h4 != 0) { adx_arrow_h4 = "h"; }
if ((adx_h4 >= 23 && adx_h4 < 28) && (di_p_h4 > di_m_h4)) { adx_arrow_h4 = "ì"; }
if ((adx_h4 >= 23 && adx_h4 < 28) && (di_p_h4 < di_m_h4)) { adx_arrow_h4 = "î"; }
if ((adx_h4 >=28) && (di_p_h4 > di_m_h4)) { adx_arrow_h4 = "é"; }
if ((adx_h4 >=28) && (di_p_h4 < di_m_h4)) { adx_arrow_h4 = "ê"; }
// D1 arrows
if (adx_d1 < 23 && adx_d1 != 0) { adx_arrow_d1 = "h"; }
if ((adx_d1 >= 23 && adx_d1 < 28) && (di_p_d1 > di_m_d1)) { adx_arrow_d1 = "ì"; }
if ((adx_d1 >= 23 && adx_d1 < 28) && (di_p_d1 < di_m_d1)) { adx_arrow_d1 = "î"; }
if ((adx_d1 >=28) && (di_p_d1 > di_m_d1)) { adx_arrow_d1 = "é"; }
if ((adx_d1 >=28) && (di_p_d1 < di_m_d1)) { adx_arrow_d1 = "ê"; }
//---- defines what spread is
spread=MarketInfo(Symbol(),MODE_SPREAD);
//----====>>>> creates text "Current Spread: "
ObjectCreate("ToR102-1", OBJ_LABEL, WindowFind("ToR 1.02 ("+Symbol()+")"), 0, 0);
ObjectSetText("ToR102-1","Current Spread:", 10, "Lucida Sans Regular", LightSteelBlue);
ObjectSet("ToR102-1", OBJPROP_CORNER, 0);
ObjectSet("ToR102-1", OBJPROP_XDISTANCE, 110);
ObjectSet("ToR102-1", OBJPROP_YDISTANCE, 2);
//---- creates spread number, Lime if less than threshold, Red if above it
ObjectCreate("ToR102-2", OBJ_LABEL, WindowFind("ToR 1.02 ("+Symbol()+")"), 0, 0);
if (spread<=SpreadThreshold)
{
ObjectSetText("ToR102-2",DoubleToStr(spread ,0),10, "Lucida Sans Regular", Lime);
}
else
ObjectSetText("ToR102-2",DoubleToStr(spread ,0),10, "Lucida Sans Regular", Red);
ObjectSet("ToR102-2", OBJPROP_CORNER, 0);
ObjectSet("ToR102-2", OBJPROP_XDISTANCE, 215);
ObjectSet("ToR102-2", OBJPROP_YDISTANCE, 2);
//----====>>>> ADX STUFF
//----====>>>> creates text "5 Min: "
ObjectCreate("ToR102-3",OBJ_LABEL, WindowFind("ToR 1.02 ("+Symbol()+")"), 0, 0);
ObjectSetText("ToR102-3","5 Min:", 10, "Lucida Sans Regular", LightSteelBlue);
ObjectSet("ToR102-3", OBJPROP_CORNER, 0);
ObjectSet("ToR102-3", OBJPROP_XDISTANCE, 240);
ObjectSet("ToR102-3", OBJPROP_YDISTANCE, 2);
//---- create 5 min value
ObjectCreate("ToR102-4",OBJ_LABEL, WindowFind("ToR 1.02 ("+Symbol()+")"), 0, 0);
ObjectSetText("ToR102-4", " ADX "+StringSubstr(adx_value_m5,0,5)+" ",9, "Lucida Sands Regular",adx_color_m5);
ObjectSet("ToR102-4", OBJPROP_CORNER, 0);
ObjectSet("ToR102-4", OBJPROP_XDISTANCE, 280);
ObjectSet("ToR102-4", OBJPROP_YDISTANCE, 2);
//---- create 5 min arrow, squiggle if ranging
ObjectCreate("ToR102-4a",OBJ_LABEL, WindowFind("ToR 1.02 ("+Symbol()+")"), 0, 0);
ObjectSetText("ToR102-4a",adx_arrow_m5,9, "Wingdings",adx_color_m5);
ObjectSet("ToR102-4a", OBJPROP_CORNER, 0);
ObjectSet("ToR102-4a", OBJPROP_XDISTANCE, 345);
ObjectSet("ToR102-4a", OBJPROP_YDISTANCE, 2);
//----====>>>> create text "15 Min: "
ObjectCreate("ToR102-5",OBJ_LABEL, WindowFind("ToR 1.02 ("+Symbol()+")"), 0, 0);
ObjectSetText("ToR102-5","15 Min:", 10, "Lucida Sans Regular", LightSteelBlue);
ObjectSet("ToR102-5", OBJPROP_CORNER, 0);
ObjectSet("ToR102-5", OBJPROP_XDISTANCE, 370);
ObjectSet("ToR102-5", OBJPROP_YDISTANCE, 2);
//---- create 15 min value
ObjectCreate("ToR102-6",OBJ_LABEL, WindowFind("ToR 1.02 ("+Symbol()+")"), 0, 0);
ObjectSetText("ToR102-6", " ADX "+StringSubstr(adx_value_m15,0,5)+" ",9, "Lucida Sands Regular",adx_color_m15);
ObjectSet("ToR102-6", OBJPROP_CORNER, 0);
ObjectSet("ToR102-6", OBJPROP_XDISTANCE, 420);
ObjectSet("ToR102-6", OBJPROP_YDISTANCE, 2);
//---- create 15 min arrow, squiggle if ranging
ObjectCreate("ToR102-6a",OBJ_LABEL, WindowFind("ToR 1.02 ("+Symbol()+")"), 0, 0);
ObjectSetText("ToR102-6a",adx_arrow_m15,9, "Wingdings",adx_color_m15);
ObjectSet("ToR102-6a", OBJPROP_CORNER, 0);
ObjectSet("ToR102-6a", OBJPROP_XDISTANCE, 485);
ObjectSet("ToR102-6a", OBJPROP_YDISTANCE, 2);
//----====>>>> create text "1 Hr: "
ObjectCreate("ToR102-7",OBJ_LABEL, WindowFind("ToR 1.02 ("+Symbol()+")"), 0, 0);
ObjectSetText("ToR102-7","1 Hr:", 10, "Lucida Sans Regular", LightSteelBlue);
ObjectSet("ToR102-7", OBJPROP_CORNER, 0);
ObjectSet("ToR102-7", OBJPROP_XDISTANCE, 510);
ObjectSet("ToR102-7", OBJPROP_YDISTANCE, 2);
//---- create 1 hour value
ObjectCreate("ToR102-8",OBJ_LABEL, WindowFind("ToR 1.02 ("+Symbol()+")"), 0, 0);
ObjectSetText("ToR102-8", " ADX "+StringSubstr(adx_value_h1,0,5)+" ",9, "Lucida Sands Regular",adx_color_h1);
ObjectSet("ToR102-8", OBJPROP_CORNER, 0);
ObjectSet("ToR102-8", OBJPROP_XDISTANCE, 540);
ObjectSet("ToR102-8", OBJPROP_YDISTANCE, 2);
//---- create 1 hour arrow, squiggle if ranging
ObjectCreate("ToR102-8a",OBJ_LABEL, WindowFind("ToR 1.02 ("+Symbol()+")"), 0, 0);
ObjectSetText("ToR102-8a",adx_arrow_h1,9, "Wingdings",adx_color_h1);
ObjectSet("ToR102-8a", OBJPROP_CORNER, 0);
ObjectSet("ToR102-8a", OBJPROP_XDISTANCE, 605);
ObjectSet("ToR102-8a", OBJPROP_YDISTANCE, 2);
//----====>>>> create text "4 Hr: "
ObjectCreate("ToR102-9",OBJ_LABEL, WindowFind("ToR 1.02 ("+Symbol()+")"), 0, 0);
ObjectSetText("ToR102-9","4 Hr:", 10, "Lucida Sans Regular", LightSteelBlue);
ObjectSet("ToR102-9", OBJPROP_CORNER, 0);
ObjectSet("ToR102-9", OBJPROP_XDISTANCE, 630);
ObjectSet("ToR102-9", OBJPROP_YDISTANCE, 2);
//---- create 4 hour value
ObjectCreate("ToR102-10",OBJ_LABEL, WindowFind("ToR 1.02 ("+Symbol()+")"), 0, 0);
ObjectSetText("ToR102-10", " ADX "+StringSubstr(adx_value_h4,0,5)+" ",9, "Lucida Sands Regular",adx_color_h4);
ObjectSet("ToR102-10", OBJPROP_CORNER, 0);
ObjectSet("ToR102-10", OBJPROP_XDISTANCE, 665);
ObjectSet("ToR102-10", OBJPROP_YDISTANCE, 2);
//---- create 1 hour arrow, squiggle if ranging
ObjectCreate("ToR102-10a",OBJ_LABEL, WindowFind("ToR 1.02 ("+Symbol()+")"), 0, 0);
ObjectSetText("ToR102-10a",adx_arrow_h4,9, "Wingdings",adx_color_h4);
ObjectSet("ToR102-10a", OBJPROP_CORNER, 0);
ObjectSet("ToR102-10a", OBJPROP_XDISTANCE, 730);
ObjectSet("ToR102-10a", OBJPROP_YDISTANCE, 2);
if (Show_D1_ADX==true)
{
//----====>>>> create text "1 Day: "
ObjectCreate("ToR102-11",OBJ_LABEL, WindowFind("ToR 1.02 ("+Symbol()+")"), 0, 0);
ObjectSetText("ToR102-11","1 Day:", 10, "Lucida Sans Regular", LightSteelBlue);
ObjectSet("ToR102-11", OBJPROP_CORNER, 0);
ObjectSet("ToR102-11", OBJPROP_XDISTANCE, 760);
ObjectSet("ToR102-11", OBJPROP_YDISTANCE, 2);
//---- create 15 min value
ObjectCreate("ToR102-12",OBJ_LABEL, WindowFind("ToR 1.02 ("+Symbol()+")"), 0, 0);
ObjectSetText("ToR102-12", " ADX "+StringSubstr(adx_value_d1,0,5)+" ",9, "Lucida Sands Regular",adx_color_d1);
ObjectSet("ToR102-12", OBJPROP_CORNER, 0);
ObjectSet("ToR102-12", OBJPROP_XDISTANCE, 810);
ObjectSet("ToR102-12", OBJPROP_YDISTANCE, 2);
ObjectCreate("ToR102-12a",OBJ_LABEL, WindowFind("ToR 1.02 ("+Symbol()+")"), 0, 0);
ObjectSetText("ToR102-12a",adx_arrow_d1,9, "Wingdings",adx_color_d1);
ObjectSet("ToR102-12a", OBJPROP_CORNER, 0);
ObjectSet("ToR102-12a", OBJPROP_XDISTANCE, 880);
ObjectSet("ToR102-12a", OBJPROP_YDISTANCE, 2);
}
//----
return(0);
}
//+------------------------------------------------------------------+
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