Maks aka ug
The indicator uses the construction method described by Vladislav Antonov (for those who read his session reviews on Viac or Alpari). Here is a small excerpt from his method:
No need to explain the meaning of resistance and support. There are many methods to determine price levels, but I use my calculations. Dynamic levels of support/resistance are defined using MA lines, and statistic lines are calculated using the higher timeframe.
In this review I calculate support and resistance levels using the daily candlestick of the previous day. Thus, the price levels will be valid for the entire day, and the next day they should be recalculated. Example. For example, take daily candle 02.11.06: High = 1.2786 Low = 1.2736 Close = 1.2780. We get the levels for the current day, and use them on all charts smaller than the daily timeframe. The next day, new levels are calculated.
There are 3 methods of calculation, depending on the size of the previous candlestick:
To decide which method of calculation to use, you should do your own research and gather the statistics of the levels. As to me, I don't keep up with the items described above (this is averagely for the pound). So far, I choose methods guided by my intuition and by the expected price pattern
If you want to read more: http://www.viac.ru/ds/21950.
This indicator was first implemented in MQL4 and published in Code Base at mql4.com on 24.02.2008.
Figure 1. The Levels indicator.
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/1794
The indicator draws bars based on Elder's impulse system.Relative Momentum Index (RMI)
The RMI (Relative Momentum Index) indicator is an improved version of RSI, momentum is included in the calculation.