Any chance of you building us an indicator that draws the Resistance/Support Highs & Lows based on the CLOSE of the price rather than the High/Lows? Attached an example for your kind perusal.
In my ignorance I was wondering if the ZZ would not do the right job seeing that we are only interested in already defined Hi/Lo areas?
Your kind comments would be appreciated.
Thanks in advance.
Do you have any math (or a description) that we could use in coding such an indicator?
Mladen, I am afraid I don't other than what I had given you. But thanks anyway.
I was thinking that we start off where the ZZ anchors itself, but that we use the close rather than the Hi/Lo as I mentioned. Lines in stead of blocks will suffice too, but from what you can see, these areas are extremely important areas.
From the example picture, it looks more like a market profile should be used for support resistance than some kind of a zigzag. Have you considered that option?
Sorry for the delay in replying to you, but I had to think through what you were actually suggesting and I decided to reply with a true story:
A prominent heart surgeon who rides a Harley over weekends, took his bike in for a knock somewhere in the engine. Month later he could collect his bike. The repair charges were astronomical and so he asked the owner of the bike shop why it is so expensive to which the owner replied that the heart surgeon charged twice the price.
Not to be outdone, the surgeon asked the owner/mechanic whether he can work on the piston and valves of the bike whilst the engine is running. "Obviously not" replied the mechanic, to which the surgeon answered, "I do it all the time"
In this case, consider you to be the surgeon, my friend.
Best wishes always.
So to make an open heart surgery? :):)
Most support and resistance theories are based on some kind of minimum and maximum, but that is the idea I do not like too much (from experience it is never exactly at those minimums or maximums but a bit shifted towards the median of the two). Hence was the market profile idea : more orientated to a frequency than to extremes seems to be a bit more logical choice.
Need some time to sort out the whole idea (since I do not use support an resistance) and to see what can be cooked
This is an upgraded eclock (made at a request of one members) where you can see 2 time frame timers stacked one above the other. The parameter to take care of is the AlertCandleCorner. If it is >= 0 the it will show the second time frame timer the same way as before (in some of the chosen corners). If it is set to < 0, then the two timers are going to be displayed one above the other near the current price (like on the example picture)
PS: just to remind - that is an EA not an indicator. EAs do not need to be enabled though (this one works even when the rest of EAs don't)
Rapid RSI of adaptive T3 pre-filtered prices
It is using the standard deviations adaptive T3 to filter out the prices before applying rapid rsi calculation. That way some of the false signals are filtered out and since T3 is adaptive it keeps it responsiveness to sudden price changes quite well. It seems that with a usage of adaptive T3 for price filtering the indicator is gaining a bit in how useful it is
PS: it is a multi time frame with alerts version already
PPS: default settings are using original Tim Tillson calculation. If you wish a "faster" (in the sense of responsiveness to price changes) calculation set the T3Original to false
updated version posted here: https://www.mql5.com/en/forum/general
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