XO with Alert
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The XO indicator is designed to help traders identify the prevailing trend of a financial instrument by monitoring price movements and tracking how "persistent" those movements are. Instead of looking at simple price fluctuations, this tool focuses on identifying significant momentum shifts to separate true trends from minor market noise.
Core Logic and Mechanics
Trend Tracking The indicator works by establishing boundaries based on recent price action. It looks for specific instances where the market moves significantly enough to trigger a "step" in one direction.
- Upward Movement: If the price climbs beyond a specific predefined distance from its previous high, the indicator registers an upward trend signal.
- Downward Movement: Conversely, if the price drops below a specific distance from its previous low, it registers a downward trend signal.
Momentum Scoring Unlike many indicators that simply tell you if the price is "up" or "down" at any given second, this script keeps a running tally of these movements. It essentially counts how many times the price has successfully pushed in one direction without being significantly reversed by the other. This creates a visual representation of trend strength:
- XO Up: Represents a cumulative count of upward trend pushes.
- XO Down: Represents a cumulative count of downward trend pushes.
The visual output uses histograms to represent these counts, allowing a trader to see not just which way the market is moving, but how forcefully it is moving in that direction.
Alerts and Notifications
To ensure traders do not have to constantly stare at the screen, the script includes a notification system that monitors for "trend shifts."
The logic is designed to detect the exact moment the trend changes. When the indicator detects that a previous movement has been overtaken by a new, significant move in the opposite direction, it triggers an alert. These alerts can be customized to provide:
- Visual/Pop-up Alerts: On-screen messages to notify you immediately.
- Audio Alerts: Sound files to grab your attention during active trading sessions.
- Email Notifications: Automated messages sent to your registered email, allowing you to keep track of trend changes even when you are away from your computer.
Key Usage Features
- Bar Close Validation: The script can be set to wait for a candle to fully close before confirming a trend shift, which helps filter out "false starts" or "fake outs" that happen mid-candle.
- Dynamic Timeframe Support: The notification system automatically identifies the specific timeframe (e.g., 1-minute, 1-hour, Daily) you are currently viewing, ensuring your alerts contain relevant context.
//+------------------------------------------------------------------+
//| XO.MQ4 |
//| |
//| V1. Original Author SHARIPOV AINUR |
//| Conversion to MT4 and modification only adoleh2000 |
//| V2. Completed by Tim Hyder 2008 |
//| a) Added Audio, Visual and eMail alerts |
//| |
//| Copyright © 2008, Tim Hyder aka Hiachiever |
//| |
//| PO BOX 768, Hillarys, Western Australia, Australia, 6923 |
//| |
//| GIFTS AND DONATIONS ACCEPTED |
//| All my indicators should be considered donationware. That is |
//| you are free to use them for your personal use, and are |
//| under no obligation to pay for them. However, if you do find |
//| this or any of my other indicators help you with your trading |
//| then any Gift or Donation as a show of appreciation is |
//| gratefully accepted. |
//| |
//| Gifts or Donations also keep me motivated in producing more |
//| great free indicators. :-) |
//| |
//| PayPal - hiachiever@gmail.com |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2007, Tim Hyder."
#property link "http://www.the4xtrader.com"
#define vers "11Feb.2008"
#define major 2
#define minor 0
#property indicator_separate_window
#property indicator_buffers 2
#property indicator_color1 Lime //XO up
#property indicator_color2 Red //XO down
extern string NOTESETTINGS = " - - - INDICATOR SETTINGS - - - ";
extern double KirPER=5;//10
extern string NOTEALERTS = " - - - - ALERTS - - - - ";
extern bool CheckonBarClose = True;
extern bool StrongAlertsOnly = false;
extern bool MsgAlerts = true;
extern bool SoundAlerts = true;
extern string SoundAlertFile = "alert.wav";
extern bool eMailAlerts = false;
double cb,valuel,valueh,CurrentBar;
double Kir ,Hi, Lo, KirUp, KirDn,mode,cnt,cnt1,cur,kr,no;
double ExtMapBuffer1[]; // XO up
double ExtMapBuffer2[]; // Xo down
int loopbegin, LastTime;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
IndicatorBuffers(2);
//---- drawing settings
SetIndexBuffer(0,ExtMapBuffer1);//bbMacd line
SetIndexStyle(0,DRAW_HISTOGRAM,STYLE_SOLID,3);//2
SetIndexBuffer(1,ExtMapBuffer2);//Upperband line
SetIndexStyle(1,DRAW_HISTOGRAM,STYLE_SOLID,3);//2
IndicatorShortName("XO ("+KirPER+"), "+valueh+","+valuel);
SetIndexLabel(0,"XO Up");
SetIndexLabel(1,"XO Down");
LastTime = Time[0];
//---- indicators
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
string base, Msg, Subj;
int limit, Bar;
int 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--;
loopbegin = Bars-1;
for(int i = loopbegin; i >= 0; i--)
{
if (Kir<1)
{
Hi=Close[i];
Lo=Close[i];
Kir=1;
}
cur=(Close[i]);
if (cur > (Hi+KirPER * Point))
{
Kir=Kir+1;
Hi=cur;
Lo=cur-KirPER*Point;
KirUp=1;
KirDn=0;
kr=kr+1;
no=0;
}
if (cur < (Lo-KirPER*Point))
{
Lo=cur;
Hi=cur+KirPER*Point;
KirUp=0;
KirDn=1;
Kir=Kir+1;
no=no+1;
kr=0;
}
valueh=kr;
ExtMapBuffer1[i]=valueh;//XO up
if (valueh < 0) ExtMapBuffer1[i] = 0;
if (valueh > 0) ExtMapBuffer1[i] = 1;
valuel=0-no;
ExtMapBuffer2[i]=valuel;// XO down
if (valuel > 0) ExtMapBuffer2[i] = 0;
if (valuel < 0) ExtMapBuffer2[i] = -1;
}
Bar = 0;
if (CheckonBarClose) Bar = 1;
if (LastTime != Time[0])
{
base = Symbol()+ ", TF: " + TF2Str(Period());
//-> UP
if (ExtMapBuffer1[Bar] != 0 && ExtMapBuffer1[Bar+1] == 0)
{
Subj = base + ". XO Up Trend Alert";
Msg = Subj + " @ " + TimeToStr(TimeLocal(),TIME_SECONDS);
DoAlerts(Msg,Subj);
LastTime = Time[0];
}
//<- Down
if (ExtMapBuffer2[Bar] != 0 && ExtMapBuffer2[Bar+1] == 0)
{
Subj = base + ". XO Down Trend Alert";
Msg = Subj + " @ " + TimeToStr(TimeLocal(),TIME_SECONDS);
DoAlerts(Msg,Subj);
LastTime = Time[0];
}
}
//----
return(0);
}
//+------------------------------------------------------------------+
void DoAlerts(string msgText,string eMailSub)
{
if (MsgAlerts) Alert(msgText);
if (SoundAlerts) PlaySound(SoundAlertFile);
if (eMailAlerts) SendMail(eMailSub, msgText);
}
string TF2Str(int period)
{
switch (period)
{
case PERIOD_M1: return("M1");
case PERIOD_M5: return("M5");
case PERIOD_M15: return("M15");
case PERIOD_M30: return("M30");
case PERIOD_H1: return("H1");
case PERIOD_H4: return("H4");
case PERIOD_D1: return("D1");
case PERIOD_W1: return("W1");
case PERIOD_MN1: return("MN");
}
return (Period());
}
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