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Historical SR version 1.0
Here it is, my first indicator.
This indicator looks for levels where 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.
Thread with information on the settings is here:
https://nexusfi.com/elite-circle/2676-historical-support-resistance.html
I should mention that this is for mt4 not NT. An NT version is in the works.
Category
The Elite Circle
Details:
Historical SR version 1.0
Category:
The Elite Circle
February 15th, 2010
Size: 15.09 KB
Keywords:
goldstandard
sr
335
GoldStandard
Comments/ratings
cbratton
February 25th, 2010 06:53 PM
This is kind of like the ATW DPTL indicator. Hope to see this in NinjaTrader soon.
Big Mike
March 4th, 2010 03:57 PM
No Comment
PlatinumTrader
April 8th, 2010 01:17 PM
Looks great, any idea when it will be available for ninja? would be awesome!!!
john2000
April 21st, 2010 08:55 AM
Thanks Goldstandard. It would be great to see this in NT.
Target
October 3rd, 2016 06:23 PM
Thanks for sharing.
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All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.