JTrader
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Maybe people got to be aware of that indicator.
The reason being -
It is based on fractals - if middle (3rd) candle is lower/higher than the 2 candles on either side, a new S/R level appears on the 3rd candle. If however, on that 3rd candle/candle of appearance, price penetrates through the S/R level, then that S/R level disappears!
This leaves a very neat looking chart, but it is misleading, as in real-time, more S/R levels were being drawn than are shown in history.
I have monitored this indicator, and tests have shown that about 1 in 4 S/R levels disappear in this way, on the same candle that they first appeared on. So, it is to be treat with caution IMO.
wasp
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Cheers Jtrader... All S/R indicators seem to be fractal based which is pointless so I'll steer clear thanks.
JTrader
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TRO's S/R indicator
TRO has an S/R indicator that uses "iperiods" (a user input). With eg. an iperiods 5, it basically shows a dot at a new 5 bar high/low (i think). If that level acts as S/R, then the dots make a horizontal line, if not, then a new dot appears on the next bar, but at least the dot remains on the previous bar and doesn't disappear.
These horizontal lines don't extend indefinately.
TRO has an S/R indicator that uses "iperiods" (a user input). With eg. an iperiods 5, it basically shows a dot at a new 5 bar high/low (i think). If that level acts as S/R, then the dots make a horizontal line, if not, then a new dot appears on the next bar, but at least the dot remains on the previous bar and doesn't disappear.
These horizontal lines don't extend indefinately.
trendie
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int start()
{
i = Bars;
while(i >= 0)
{
val1 = iFractals(NULL, 0, MODE_UPPER, i);
//----
if(val1 > 0)
v1 = High;
else
v1 = v1[i+1];
val2 = iFractals(NULL, 0, MODE_LOWER, i);
//----
if(val2 > 0)
v2 = Low;
else
v2 = v2[i+1];
i--;
}
return(0);
}
wasp,
open file in editor, and look for the bits I have highlighted.
replace the "High" with Open or close.
and replace "Low" with open or clsoe as you see fit.
then recompile and see if it works.
(just an initial analysis. you may have to be more detailed as to when the open or close should be used.)
play around with those two parameters.
hope you had a good week.
wasp
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JTrader
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. Thats his dynamic fibs/SR indicator. Theres one that plots just the blue/red S/R lines.
wasp
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hmmm, still seems a bit excessive...
JTrader
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This should be TRO's normal S/R indicator. The lower the iperiods input, the more S/R dots/horixontal levels are marked.
JTrader
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I trade off a daily chart & iy gives me all the info I need for Multi lot trading.
Have a good one JT.
I trade off a daily chart & it gives me all the info I need for Multi lot trading.
Have a good one JT.
JTrader
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It just changed appearance actually in my chart view. Now it shows numbers & %'s, so i'm guessing it is some kind of fibonacci projection. Before that it was just showing the linescovering the last 2 bars. So maybe it is now slightly more useful IMO.
Hello JT. No, nothing as fancy as that. Just simple % of previous bars H/L or O/C.
JTrader
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Yes. I have yet to see/find an S/R indicator for any platform that is of significant use.
