This thread is to discuss settings and uses for the Historical SR indicator found here:
This indicator looks for levels that price has 'bounced' off of before. It then filters these levels by several user-controlled settings and groups nearby levels together to create SR zones (known as Groups in the parameters), and displays a rectangle to represent the SR zone. A single line within each SR zone represents the average price of the levels within.
By default the indicator looks at as much history as possible, so you will want to adjust the settings of your mt4 to hold as much historical data as possible.
You could also use this indicator with less history, to locate only levels where price has reacted recently.
Keep in mind that on charts without much history to the left, such as when price is breaking new ground, there will be fewer lines than on charts where price is revisiting areas recently traded.
A ninja version of this is coming up, but I decided to release the mt4 version for feedback first. The developer is more comfortable in mt4 so we're finalizing the features in mt4 first before porting to NT.
Settings:
ShowAveragedLinesInGroup - displays a line at the average point of each group.
ShowBox_GroupRange - turns the rectangles marking SR zones/line groups on/off
AutoAdjustGroupRange - uses the presets for each time frame
M1 thru W1 GroupRange settings - sets the default group range value for each time frame
DefaultGroupRange - the value used if AutoAdjustGroupRange is set to false.
MinimumLinesRequiredToshow - hides groups with less than X lines. Useful for only showing the strongest zones.
GroupBoxLinesWidth - the line width of SR zone rectangles
GroupBoxBackgroundColor - background color of sr zone rectangles
Lines Width, Lines Color, and LabelsColor - settings for the average point lines in each SR zone.
UseSpikinessInPips - filters bounces by only counting bounces with at least X pips of spikiness. A way of looking only for bounces involving pin bars.
SpikinessInPipsAllFrames - default setting, used if AutoAdjust is Off
AutoAdjustSpikinessInPips - auto adjusts each time frame using SpikinessInPips settings for each time frame
M1 thru W1 SpikinessInPips settings - used if AutoAdjustSpikinessInPips is on
Use Protrusion A - A way of filtering for larger bounces, this setting checks that the bar X bars before and after the bounce are still in the direction of the bounce.
Protusion A BarsBefore - checks the bar X bars before the bounce to see that it is in direction of the bounce.
Protusion A BarsAfter - checks the bar X bars after the bounce to see that it is in direction of the bounce. For example, if a value of 50 is entered, then the 50th bar after the bounce must stil be in the correct direction from the bounce to qualify.
UseProtrusionB - a more 'picky' way of filtering for bounce size and bounce power. To qualify for ProtrusionB, each bar must be further away from the bounce than each previous bar. By demanding that every bar is moving away from bounce, this method looks for zones that produced 'strong' bounces where price did not retrace within X bars.
UseProtrusionBCountInsideBArs - if true, inside bars are counted the same as bars that continue in the bounce direction.
ProtrusionB_BarsBefore - checks that EVERY bar within X bars before the bounce is moving in direction of the bounce.
ProtrusionB_BarsAfter - checks that EVERY bar within X bars after the bounce is moving in direction of the bounce. For example, with a ProtrusionB setting of 4, then only bounces where the next 4 bars all made new progress in direction of bounce and did not retrace are considered.
AutoAdjustBArstoProcess - leftover from earlier stage in development. Just leave this at false.
BarsToProcess - lookback period. In most cases, the more the better.
Note - the default settings are adjusted to use ProtrusionB with the EUR/USD. For other products, adjustments will need to be made.
Please feel free post screenshots or settings that work …