ToR_1[1].02

Author: Copyright � 2007 Tom Balfe

This script is designed to help traders quickly identify the current state of the market—specifically, whether a currency pair is moving in a clear trend or is currently "ranging" (moving sideways without a clear direction). By providing this information at a glance, it helps you decide which trading strategy to apply: trend-following tools for moving markets, or oscillators for ranging ones.

Core Functionality

Multi-Timeframe Analysis The script calculates and displays data across five different timeframes simultaneously: 5 Minutes, 15 Minutes, 1 Hour, 4 Hours, and Daily (D1). This allows you to see how the "big picture" compares to short-term price action. For example, you might notice a strong upward trend on the Daily chart even while the 5-minute chart shows minor fluctuations.

Trend Strength Indicators The logic relies on an indicator known as ADX (Average Directional Index). The script interprets these values into three distinct visual states for every timeframe:

Ranging State: If the market strength is low (below a specific threshold), the display turns Light Sky Blue and shows a "squiggly line" icon. This signals that there is no significant trend, and traditional trend-following strategies may not be effective here.
Moderate Trend: If the market strength is rising but still relatively low, the script provides specific icons to indicate the direction of the move.
Strong Trend: Once the market strength exceeds a higher threshold, the script highlights a clear trend. It uses Lime (Green) for an upward trend and Red for a downward trend, accompanied by bold arrows pointing in the direction of the momentum.

Spread Monitoring In addition to trend data, the script monitors the "Spread" (the cost of entering a trade). It displays the current spread value on your screen and changes its color based on a user-defined threshold:

Lime: The spread is within an acceptable range.
Red: The spread is high, which may indicate low liquidity or high costs.

Summary of User Experience

Instead of forcing you to look at multiple separate charts, this tool consolidates the "health" of the market into a single dashboard. It provides a snapshot of:

Market Character: Is it trending or ranging?
Trend Direction: Is it moving up or down?
Momentum Strength: How powerful is that move?
Execution Cost: Is the current spread favorable for trading?

The ultimate goal of this logic is to help you decide whether to take a position, change your strategy, or—just as importantly—stay out of the market entirely when conditions are unfavorable.

Indicators Used

Miscellaneous

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ToR_1[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;
double alertBar;
double prev;

//+------------------------------------------------------------------+
//| 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"; }

//alert 
    if (prev != 1 && adx_arrow_m5 == "é" && adx_arrow_m15 == "é" && adx_arrow_m5 != "h" && adx_arrow_m15 != "h" && Bars>alertBar) {Alert("5 & 15 min ToR  changing to Up on ",Symbol(),Period());alertBar = Bars;prev=1;}   
    if (prev != 2 && adx_arrow_m5 == "ê" && adx_arrow_m15 == "ê" && adx_arrow_m5 != "h" && adx_arrow_m15 != "h" && Bars>alertBar) {Alert("5 & 15 min ToR  changing to Down on ",Symbol(),Period());alertBar = Bars;prev=2;}   

   // 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, 95);
     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, 200);
     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, 215);
     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, 255);
     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, 320);
     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, 340);
     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, 390);
     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, 455);
     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, 477);
     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, 507);
     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, 572);
     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, 597);
     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, 632);
     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, 697);
     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, 717);
     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, 757);
     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, 827);
     ObjectSet("ToR102-12a", OBJPROP_YDISTANCE, 2);
   }


//----
   return(0);
  }
//+------------------------------------------------------------------+

ToR_1[1].02

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