_TRO_GAUGE_LINREG

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Author: Copyright � 2007, Avery T. Horton, Jr. aka TheRumpledOne
_TRO_GAUGE_LINREG

Overview

The TRO_GAUGE_LINREG script is a specialized trading tool designed to provide traders with a multi-timeframe perspective on market trends. It focuses on identifying and displaying linear regression values—essentially calculating the "best fit" trend line for various periods—to help determine if the current price is trending above or below specific historical benchmarks.

Core Functionality

The script operates by pulling data from several different timeframes simultaneously. Instead of just showing you what is happening right now on your current chart, it gathers information from a wide array of intervals (such as 1-minute, 1-hour, 4-hour, daily, and weekly views) to create a comprehensive "gauge" of the market's direction.

Key Features

  • Multi-Timeframe Analysis: The tool automatically retrieves linear regression data from multiple timeframes. This allows you to see how the current price relates to trends on shorter scales (for immediate movement) as well as much larger scales (for the overall long-term direction).
  • Dynamic Visual Gauge: One of the primary functions of this script is the "Gauge" display. It creates a dedicated text dashboard on your chart that lists several distinct linear regression values (labeled X01 through X07).
  • Color-Coded Momentum Indicators: The gauge features a smart color-coding system:
    • If the current market price is below a specific timeframe's trend line, the value is highlighted in Lime (Green).
    • If the current market price is above that trend line, the value is highlighted in Red.
    • This provides an instant visual cue of whether the current price is "oversold" or "overbought" relative to those various trend lines.
  • Chart Plotting: In addition to the dashboard, the script has the capability to plot these specific linear regression points directly onto your chart as markers (arrows), allowing for a more integrated view of the data points on your price action.
  • Automatic Precision Handling: The script is designed to be smart enough to handle different types of currency pairs. It automatically detects whether you are trading JPY pairs or other currencies and adjusts the decimal precision of the displayed numbers accordingly, ensuring the information is always clean and easy to read.

Summary for the User

Think of this tool as a "Trend Dashboard." Rather than forcing you to switch back and forth between different timeframes to see the "big picture," it brings all that data into one single spot on your screen. By observing the color changes in the gauge, you can quickly identify if the current price is aligned with the broader market trend or if it is diverging from the historical norms of larger timeframes.

Orders Execution
Checks for the total of open orders
Miscellaneous
Implements a curve of type %1
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_TRO_GAUGE_LINREG 
//+------------------------------------------------------------------+
//|                       _TRO_GAUGE_LINREG                          |
//|                                                                  | 
//|   Copyright © 2007, Avery T. Horton, Jr. aka TheRumpledOne       |
//|                                                                  |
//|   PO BOX 43575, TUCSON, AZ 85733                                 |
//|                                                                  |
//|   GIFT AND DONATIONS ACCEPTED                                    | 
//|                                                                  |  
//|    http://docs.mql4.com/constants/wingdings                      |                                         |
//+------------------------------------------------------------------+

#property copyright "Copyright © 2007, Avery T. Horton, Jr. aka TheRumpledOne"
#property link      "therumpledone@gmail.com"

#property indicator_chart_window 
#property indicator_buffers 7

#property indicator_color1 White 
#property indicator_color2 Lime
#property indicator_color3 MediumTurquoise 
#property indicator_color4 Red
#property indicator_color5 Yellow
#property indicator_color6 Orange
#property indicator_color7 OrangeRed

//---- For the small screens
//extern string    Display_infos         = "=== If true, displayed on the chart ===";
//extern bool      display_on_chart      =  true ;  // If true, the open trade analysis, daily pivots and daily range will be displayed on the chart window

// indicators parameters

extern bool iPlotChart = true ;
extern bool iPlotGauge = true ;

extern string myInd1    = "Moving Averages" ;
extern int    myParm1_1 = 13 ;
extern int    myParm1_2 = 0 ;
extern int    myParm1_3 = 0 ;

extern int myPeriod  = 1440 ;
extern int myOffset  = 1 ; 
extern int myChartY = 1 ;

extern int myStyle1  = 2 ;
extern int myStyle2  = 2 ;
extern int myStyle3  = 2 ;
extern int myStyle4  = 2 ;
extern int myStyle5  = 2 ;
extern int myStyle6  = 2 ;
extern int myStyle7  = 2 ;

extern int myWingDing1  = 115 ;
extern int myWingDing2  = 115 ;
extern int myWingDing3  = 115 ;
extern int myWingDing4  = 115 ;
extern int myWingDing5  = 115 ;
extern int myWingDing6  = 115 ;
extern int myWingDing7  = 115 ;

extern color myColor1 =White ;
extern color myColor2 =Lime;
extern color myColor3 =MediumTurquoise ;
extern color myColor4 =Red;
extern color myColor5 =Yellow;
extern color myColor6 =Orange;
extern color myColor7 =OrangeRed;

//---- buffers

double P1Buffer[];
double P2Buffer[];
double P3Buffer[];
double P4Buffer[];
double P5Buffer[];
double P6Buffer[];
double P7Buffer[];


//int myPeriod = PERIOD_D1;

int TimeZone=0;
bool pivots = true;
bool alert = true;

double yesterday_high=0;
double yesterday_open=0;
double yesterday_low=0;
double yesterday_close=0;
double today_open=0;
double today_high=0;
double today_low=0;


double rates_h1[2][6];
double rates_d1[2][6];

double Q,H,L,F;

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
//---- name for indicator window

   string short_name=" ";
   IndicatorShortName(short_name);
   SetIndexBuffer(0, P1Buffer);
   SetIndexBuffer(1, P2Buffer);
   SetIndexBuffer(2, P3Buffer);
   SetIndexBuffer(3, P4Buffer);
   SetIndexBuffer(4, P5Buffer);
   SetIndexBuffer(5, P6Buffer);
   SetIndexBuffer(6, P7Buffer);
//----

SetIndexArrow(0, myWingDing1); 
SetIndexArrow(1, myWingDing2); 
SetIndexArrow(2, myWingDing3); 
SetIndexArrow(3, myWingDing4); 
SetIndexArrow(4, myWingDing5); 
SetIndexArrow(5, myWingDing6); 
SetIndexArrow(6, myWingDing7); 
 


   SetIndexStyle(0, DRAW_ARROW, myStyle1, 1);
   SetIndexStyle(1, DRAW_ARROW, myStyle2, 1);   
   SetIndexStyle(2, DRAW_ARROW, myStyle3, 1);
   SetIndexStyle(3, DRAW_ARROW, myStyle4, 1);
   SetIndexStyle(4, DRAW_ARROW, myStyle5, 1);
   SetIndexStyle(5, DRAW_ARROW, myStyle6, 1);
   SetIndexStyle(6, DRAW_ARROW, myStyle7, 1);   
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
   
   ObjectDelete("LR");
   ObjectDelete("line5LR");
   ObjectDelete("X01_LabelLR");
   ObjectDelete("X01_ValueLR");
   ObjectDelete("X02_LabelLR");
   ObjectDelete("X02_ValueLR");
   ObjectDelete("X03_LabelLR");
   ObjectDelete("X03_ValueLR");
   ObjectDelete("X04_LabelLR");
   ObjectDelete("X04_ValueLR");
   ObjectDelete("X05_LabelLR");
   ObjectDelete("X05_ValueLR");
   ObjectDelete("X06_LabelLR");
   ObjectDelete("X06_ValueLR");
   ObjectDelete("X07_LabelLR");
   ObjectDelete("X07_ValueLR");

   
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {

  int j,total=OrdersTotal();
   for(j=0;j<total;j++)
   {
    OrderSelect(j, SELECT_BY_POS, MODE_TRADES);
   }
   
   color color_common_line = White;
   color color_common_text = White;
   color color_ind = PowderBlue;
   color color_indic;
   color color_pivots_1=Orchid;
   double x;
  
   int i, dayi, counted_bars = IndicatorCounted();
//---- check for possible errors
   if(counted_bars < 0) 
       return(-1);
//---- last counted bar will be recounted
   if(counted_bars > 0) 
       counted_bars--;  
   int limit = Bars - counted_bars;
//----   
   for(i = limit - 1; i >= 0; i--)
     {
     
     int sPeriod = Period();

     if (myPeriod != NULL){ sPeriod= myPeriod ;}

     string CustomTrend = "_LinReg" ;
			
	
	double X01 = iCustom(NULL,1,CustomTrend, 60 ,0,0 );
   double X02 = iCustom(NULL,1,CustomTrend, 60 ,0,59 );
   double X03 = iCustom(NULL,1,CustomTrend, 60 ,0,2 );
   double X04 = iCustom(NULL,60,CustomTrend, 60 ,0,0 );	
   double X05 = iCustom(NULL,240,CustomTrend, 60 ,0,0 );	
   double X06 = iCustom(NULL,1440,CustomTrend, 60 ,0,0 );
	double X07 = iCustom(NULL,PERIOD_W1,CustomTrend, 60 ,0,0 );
 

if ( iPlotChart ) { 
	
	P1Buffer[i] = X01 ;
	P2Buffer[i] = X02 ;
   P3Buffer[i] = X03 ;
	P4Buffer[i] = X04 ;
	P5Buffer[i] = X05 ;
   P6Buffer[i] = X06 ;
   P7Buffer[i] = X07 ;
   
} // iPlotChart

    } // FOR 

if ( iPlotGauge ) {  
    
string StrX01 = "LR M1    " ; 
string StrX02 = "-XO2" ; 
string StrX03 = "-XO3" ; 
string StrX04 = "-XO4" ; 
string StrX05 = "-XO5" ; 
string StrX06 = "-XO6" ; 
string StrX07 = "-XO7" ; 
             
   color color_X01=Red;
   color color_X02=Red;
   color color_X03=Red;
   color color_X04=Red;
   color color_X05=Red;
   color color_X06=Red;
   color color_X07=Red;  
   	
	if( Close[0] < X01) { color_X01=Lime; } 
	if( Close[0] < X02) { color_X02=Lime; } 	
	if( Close[0] < X03) { color_X03=Lime; } 
	if( Close[0] < X04) { color_X04=Lime; } 
	if( Close[0] < X05) { color_X05=Lime; } 
	if( Close[0] < X06) { color_X06=Lime; }		
	if( Close[0] < X07) { color_X07=Lime; }	
		
	int Precision, dig;	

   if( StringFind( Symbol(), "JPY", 0) != -1 ) { Precision = 100; dig = 2;}
   else                                        { Precision = 10000; dig = 4; }


       	
//---- Set labels

   int WindowToUse;
   int Corner_line, Xdist_line;
   int Corner_text, Corner_ValueLR, Xdist_text, Xdist_ValueLR;
   int Ydist_line5;
   int Corner_pivots, Xdist_pivots, Ydist_pivots;
   int Ydist_X01, Ydist_X02, Ydist_X03, Ydist_X04, Ydist_X05, Ydist_X06, Ydist_X07;
   int YdistInc ;
   
    WindowToUse =  0;
    Corner_line = 1;
    Corner_text = 1; 
    Corner_ValueLR = 1;
    Xdist_line = 21; 
    Xdist_text = 93; 
    Xdist_ValueLR = 23;
    Corner_pivots = 1; 
    Xdist_pivots = 21; 
    
    Ydist_pivots = myChartY;  
    Ydist_line5 = 
    Ydist_pivots + 11; 
    YdistInc = 15 ;
    Ydist_X01 = Ydist_pivots + 25; 
    Ydist_X02 = Ydist_X01 + YdistInc; 
    Ydist_X03 = Ydist_X01 + YdistInc*2; 
    Ydist_X04 = Ydist_X01 + YdistInc*3; 
    Ydist_X05 = Ydist_X01 + YdistInc*4; 
    Ydist_X06 = Ydist_X01 + YdistInc*5; 
    Ydist_X07 = Ydist_X01 + YdistInc*6;

   ObjectCreate("LR", OBJ_LABEL, WindowToUse, 0, 0);
   ObjectSetText("LR",sPeriod + " LR ",9, "Verdana", color_pivots_1);
   ObjectSet("LR", OBJPROP_CORNER, Corner_pivots);
   ObjectSet("LR", OBJPROP_XDISTANCE, Xdist_pivots);
   ObjectSet("LR", OBJPROP_YDISTANCE, Ydist_pivots);
   
   ObjectCreate("line5LR", OBJ_LABEL, WindowToUse, 0, 0);
   ObjectSetText("line5LR","---------------------",7, "Verdana", color_pivots_1);
   ObjectSet("line5LR", OBJPROP_CORNER, Corner_line);
   ObjectSet("line5LR", OBJPROP_XDISTANCE, Xdist_line);
   ObjectSet("line5LR", OBJPROP_YDISTANCE, Ydist_line5);
   
   ObjectCreate("X01_LabelLR", OBJ_LABEL, WindowToUse, 0, 0);
   ObjectSetText("X01_LabelLR",StrX01,9, "Verdana", myColor1);
   ObjectSet("X01_LabelLR", OBJPROP_CORNER, Corner_text);
   ObjectSet("X01_LabelLR", OBJPROP_XDISTANCE, Xdist_text);
   ObjectSet("X01_LabelLR", OBJPROP_YDISTANCE, Ydist_X01);
   
   ObjectCreate("X01_ValueLR", OBJ_LABEL, WindowToUse, 0, 0);
   ObjectSetText("X01_ValueLR"," "+DoubleToStr(X01,dig),9, "Verdana", color_X01);
   ObjectSet("X01_ValueLR", OBJPROP_CORNER, Corner_ValueLR);
   ObjectSet("X01_ValueLR", OBJPROP_XDISTANCE, Xdist_ValueLR);
   ObjectSet("X01_ValueLR", OBJPROP_YDISTANCE, Ydist_X01);
   
   ObjectCreate("X02_LabelLR", OBJ_LABEL, WindowToUse, 0, 0);
   ObjectSetText("X02_LabelLR",StrX02,9, "Verdana", myColor2);
   ObjectSet("X02_LabelLR", OBJPROP_CORNER, Corner_text);
   ObjectSet("X02_LabelLR", OBJPROP_XDISTANCE, Xdist_text);
   ObjectSet("X02_LabelLR", OBJPROP_YDISTANCE, Ydist_X02);
   
   ObjectCreate("X02_ValueLR", OBJ_LABEL, WindowToUse, 0, 0);
   ObjectSetText("X02_ValueLR"," "+DoubleToStr(X02,dig),9, "Verdana", color_X03);
   ObjectSet("X02_ValueLR", OBJPROP_CORNER, Corner_ValueLR);
   ObjectSet("X02_ValueLR", OBJPROP_XDISTANCE, Xdist_ValueLR);
   ObjectSet("X02_ValueLR", OBJPROP_YDISTANCE, Ydist_X02);
 
   ObjectCreate("X03_LabelLR", OBJ_LABEL, WindowToUse, 0, 0);
   ObjectSetText("X03_LabelLR",StrX03,9, "Verdana", myColor3 );
   ObjectSet("X03_LabelLR", OBJPROP_CORNER, Corner_text);
   ObjectSet("X03_LabelLR", OBJPROP_XDISTANCE, Xdist_text);
   ObjectSet("X03_LabelLR", OBJPROP_YDISTANCE, Ydist_X03);
   
   ObjectCreate("X03_ValueLR", OBJ_LABEL, WindowToUse, 0, 0);
   ObjectSetText("X03_ValueLR"," "+DoubleToStr(X03,dig),9, "Verdana", color_X03);
   ObjectSet("X03_ValueLR", OBJPROP_CORNER, Corner_ValueLR);
   ObjectSet("X03_ValueLR", OBJPROP_XDISTANCE, Xdist_ValueLR);
   ObjectSet("X03_ValueLR", OBJPROP_YDISTANCE, Ydist_X03);

   ObjectCreate("X04_LabelLR", OBJ_LABEL, WindowToUse, 0, 0);
   ObjectSetText("X04_LabelLR",StrX04,9, "Verdana", myColor4 );
   ObjectSet("X04_LabelLR", OBJPROP_CORNER, Corner_text);
   ObjectSet("X04_LabelLR", OBJPROP_XDISTANCE, Xdist_text);
   ObjectSet("X04_LabelLR", OBJPROP_YDISTANCE, Ydist_X04);
   
   ObjectCreate("X04_ValueLR", OBJ_LABEL, WindowToUse, 0, 0);
   ObjectSetText("X04_ValueLR"," "+DoubleToStr(X04,dig),9, "Verdana", color_X04);
   ObjectSet("X04_ValueLR", OBJPROP_CORNER, Corner_ValueLR);
   ObjectSet("X04_ValueLR", OBJPROP_XDISTANCE, Xdist_ValueLR);
   ObjectSet("X04_ValueLR", OBJPROP_YDISTANCE, Ydist_X04);

   ObjectCreate("X05_LabelLR", OBJ_LABEL, WindowToUse, 0, 0);
   ObjectSetText("X05_LabelLR",StrX05,9, "Verdana", myColor5 );
   ObjectSet("X05_LabelLR", OBJPROP_CORNER, Corner_text);
   ObjectSet("X05_LabelLR", OBJPROP_XDISTANCE, Xdist_text);
   ObjectSet("X05_LabelLR", OBJPROP_YDISTANCE, Ydist_X05);
   
   ObjectCreate("X05_ValueLR", OBJ_LABEL, WindowToUse, 0, 0);
   ObjectSetText("X05_ValueLR"," "+DoubleToStr(X05,dig),9, "Verdana", color_X05);
   ObjectSet("X05_ValueLR", OBJPROP_CORNER, Corner_ValueLR);
   ObjectSet("X05_ValueLR", OBJPROP_XDISTANCE, Xdist_ValueLR);
   ObjectSet("X05_ValueLR", OBJPROP_YDISTANCE, Ydist_X05);
    
   ObjectCreate("X06_LabelLR", OBJ_LABEL, WindowToUse, 0, 0);
   ObjectSetText("X06_LabelLR",StrX06,9, "Verdana", myColor6 );
   ObjectSet("X06_LabelLR", OBJPROP_CORNER, Corner_text);
   ObjectSet("X06_LabelLR", OBJPROP_XDISTANCE, Xdist_text);
   ObjectSet("X06_LabelLR", OBJPROP_YDISTANCE, Ydist_X06);
   
   ObjectCreate("X06_ValueLR", OBJ_LABEL, WindowToUse, 0, 0);
   ObjectSetText("X06_ValueLR"," "+DoubleToStr(X06,dig),9, "Verdana", color_X06);
   ObjectSet("X06_ValueLR", OBJPROP_CORNER, Corner_ValueLR);
   ObjectSet("X06_ValueLR", OBJPROP_XDISTANCE, Xdist_ValueLR);
   ObjectSet("X06_ValueLR", OBJPROP_YDISTANCE, Ydist_X06);
   
   ObjectCreate("X07_LabelLR", OBJ_LABEL, WindowToUse, 0, 0);
   ObjectSetText("X07_LabelLR",StrX07,9, "Verdana", myColor7 );
   ObjectSet("X07_LabelLR", OBJPROP_CORNER, Corner_text);
   ObjectSet("X07_LabelLR", OBJPROP_XDISTANCE, Xdist_text);
   ObjectSet("X07_LabelLR", OBJPROP_YDISTANCE, Ydist_X07);
   
   ObjectCreate("X07_ValueLR", OBJ_LABEL, WindowToUse, 0, 0);
   ObjectSetText("X07_ValueLR"," "+DoubleToStr(X07,dig),9, "Verdana", color_X07);
   ObjectSet("X07_ValueLR", OBJPROP_CORNER, Corner_ValueLR);
   ObjectSet("X07_ValueLR", OBJPROP_XDISTANCE, Xdist_ValueLR);
   ObjectSet("X07_ValueLR", OBJPROP_YDISTANCE, Ydist_X07);

} // iPlotGauge
    
   return(0);
  }

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