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Indicators: ThreeLineBreak on Chart S/R

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MetaQuotes Software Corp.
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MetaQuotes Software Corp.  

ThreeLineBreak on Chart S/R:

Steve Nison 'three line break' strategy on chart.

Author: Ulterior

MQL4 Comments
16319
MQL4 Comments  

I have been using this indicator with much success! I simply attach it to my m5/m15 chart and use it to adjust my stops and profit targets. It has really saved me much time by dynamically adding and updating support and resistance without me having to do it manually.

Thank you, thank you, thank you!

MQL4 Comments
16319
MQL4 Comments  

Why can't coders take a LITTLE more time and include INSTRUCTIONS at the top of the code!!!!!? Is user supposed to use indicator window and turn off everything but the timeframe matching the chart the indicator is being put onto??????? Really, there IS NO EXCUSE FOR NOT INCLUDING INSTRUCTIONS ON THE USE OF EVERY INDICATOR!!!! I get one blue solid line and one red dotdotdash line.......USELESS!!!

Michael Boyd
10
Michael Boyd  
MQL4 Comments:

Why can't coders take a LITTLE more time and include INSTRUCTIONS at the top of the code!!!!!? Is user supposed to use indicator window and turn off everything but the timeframe matching the chart the indicator is being put onto??????? Really, there IS NO EXCUSE FOR NOT INCLUDING INSTRUCTIONS ON THE USE OF EVERY INDICATOR!!!! I get one blue solid line and one red dotdotdash line.......USELESS!!!

This is a reply to an old post, but it may help others going forward.

I got this from the original (Russian) site:


"Interpretation of the Stieve Nisson 'Three Line Break' strategy. The levels are determined by closing prices.

Blue lines - support, Reds - resistance

Dotted lines are candidates.

The parameter of the LB indicator is controlled by the number of levels taken into account for penetration.

When a certain number of points passes, the level lines on the indicated TF are pulled up.

The graph displays only higher TF levels."


Candidates seem to be future lines of support and resistance based on Ulterior's comment below:

"if the price is closed, breaking through a solid level - it disappears, and the candidate becomes a level."

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