One of the most important support and resistance levels using Market Profile Theory.
VERSIONS: Metatrader 4
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Get one of the most important market maker levels, in which the price could react and show the real trend of a given financial asset.
The indicator uses market profile theory to show the auction level on a user specified time basis. The Auction level is a key market level, that gives a trend bias, depending on the location of an asset's price, in relation to such market level.
How is this indicator useful?
- It will allow you to have a reference of the most important trading zones for the specified period, as well as those prior to it.
- It will allow you to trade retracement or breakout patterns, everytime they occur, in a given zone.
- Identify potential resistance or support levels. Be mindful that you can use these levels as take profit zones.
- Use the arrows signals to enter to market with a reliable pattern.
EXAMPLE OF USE
The indicator has the following components:
- Chart Lines: Signal the Auction level, a very important Support and resistance level.
- Arrows: Signal some possible entry opportunities.
- Histogram: Shows the current market's trend bias.
Buy Opportunities Strategy
- Looks for Bullish Bias.
- The price has to be higher than the auction Level.
- Looks for buy entries (buy arrows, reversal patterns on auction levels, and other triggers based on your own strategy).