Essentially a support or resistance would be defined as the low or high of a level 5 fractal.
(In case anyone is not familiar with fractals, and how they are defined, please see my drawing below)
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Lets assume that the lookback period is 5,000 bars.
The indicator would look for all the level 5 fractals over the last 5000 bars, and draw a horizontal line at the high or low defining that fractal.
I want my screen to be literally covered in hundreds of historical horizontal lines.
The idea being that I can instantly get a visual idea of where historical support and resistance is, and how strong that support/resistance is simply by gauging how "thick" the clustering of horizontal lines are in a particular region.
If you want fewer lines, simply specify a higher fractal level (eg level 30 fractal), and If I want even MORE lines, simply use a lower fractal like level 2 fractal).
Basically you might call it a kind of heat-map based on horizontal lines. (These horizontal lines would need to be on chart background so as not to obscure the candles, and would need to be "non-clickable" so that every time you click on the chart you are not highlighting a horizontal line).
Any feedback would be appreciated.
Last edited by Sufyan; February 17th, 2015 at 01:25 PM.
Hi cory, I've searched for the swingray indicator, but I can't find any where the lines are kept permanently on the chart the way I want (they are deleted once the line is violated). Did you have a particular version in mind that doesnt delete the lines?
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Personally I am well aware of the random line stuff you talked about. I have done it myself (ie asking, am i crazy to think this works, I wonder if I changed the settings/values to some random amount If I would still "see" the same concidences".)
I can save you the trouble of covering your entire screen with lines. Mark support and resistance from higher timeframes, those will be the most significant. Reason being you have big money looking at them and subsequently all the lower time frame looking at them as well. If you trade such a thing, trade the zone, not that exact-to-the-tick line itself. Trade confluence of areas that you think is significant with a bunch of different shit that people look at overlapping on an area. That's not to say that price will reverse at those levels, but if you do want to go for a reversal, those are probably your best chance.
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