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Omega Support Resistance

FREE

Published: 15 June 2023

Current version: 1.4

Omega Support Resistance

Indicators
James Erasmus
Version: 1.4
Updated: 18 June 2023

Omega Support & Resistance

A unique indicator for buy low, sell high strategies

Reversal type entries, as price rises to the full length line, expect price to turn/swing/reverse

Can trade 4hr for interday setups or daily, weekly for long term entries

High precision future price predictor for high or low of any product for Weekly, Daily, 4hr and even 1hr charts

Best to use SonicR color bar indictor or similar to avoid entry at certain levels, watch the videos for how and why

MT4 version is free and so no support will be provided, only mt5 customers will receive support

Latest short video (improved strategy): https://youtu.be/dpi4lsVRlqE

For indicator, template and suggestions feel free to message jaypipin@gmail.com

Want to know which days are bullish, bearish or flat for BTC, Nasdaq, DJ, Oil, Gold and more watch this: https://youtu.be/fSYRTgvjjmY

Features

Unique support and resistance price levels

Limit to amount of days in history

Inputs to change lines, colors

Usage

This Indicator can be used solely for trading or in combination with other strategies

Providing high and low price levels for expected target and turning points, unique support and resistance -- see my videos for examples

This Indicator can be used with most asset groups, forex, commodities, indices etc

All time frames, non repaint, fast loading

When testing with MT5 simulator be sure to change input for ATR to less than 500

Color bar indicator is SonicR PVA Candles, I will try add to product list soon for now try find online

Important for trading and testing ***

Select Inputs timeframe: Daily when trading m10, m15, m30 chart

Select Inputs timeframe: 4hr when trading min 1-5

Select Inputs timeframe: 1hr when trading min 1-5

When setting up chart, sometimes changing time frames helps load the data, so change to 5 min then back to your desired time frame, perhaps a few other time frames until all levels can be seen on chart.

Some advice

Money management and discipline are key, no one strategy or indicator will produce success, understanding losses will occur and how to recover them is key. Some days are all about giving back to the market, making small wins or losses, then some days wins can roll in, its about consistency and patience. Know your trading products as best as possible, their pros and cons; are they volatile or do they produce small moves, lower time frames should be for low spread products. Understand trade size and always trade safe, risk more with a separate account if you have a strategy with that in mind. Practice and back testing makes a great trader.

Installation

Once downloaded the file will save automatically to indicators/market, drag and drop onto chart, adjust settings

Testing can be done with a demo - mt5 simulator for EA or indicators watch YouTube on how to test in mt5 simulator

*Using a color/volume indicator can show when to pause and not trade, search for SonicR PVA candles online -- be sure to use ATR 500 or less when testing

Updates

12 Mar 2023 - Added ATR value for inputs, change this to 500 or less for testing with simulator

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Version 1.4 2023.06.18

Changed ATR lower to 500, so that when testing it can begin immediately.
When trading demo or live change ATR to 1000 and save template.

Be sure to see description for link to color bar indicator and template for best testing and future use of this indicator.