Discussing the article: "Price Action Analysis Toolkit Development (Part 1): Chart Projector"
Congratulation on one of the biggest event in your life. Nicely done indicator, however we can achieve this by creating a SMA of Period 1, shifted by the number of periods of the time frame in a day. for 1H tF, shift by 24, for m15, shift by 1440/15=96. Looking forward to your foray into chaert studies.
Pat Patel #:
Congratulation on one of the biggest event in your life. Nicely done indicator, however we can achieve this by creating a SMA of Period 1, shifted by the number of periods of the time frame in a day. for 1H tF, shift by 24, for m15, shift by 1440/15=96. Looking forward to your foray into chaert studies.
Thank you so much
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Check out the new article: Price Action Analysis Toolkit Development (Part 1): Chart Projector.
This project aims to leverage the MQL5 algorithm to develop a comprehensive set of analysis tools for MetaTrader 5. These tools—ranging from scripts and indicators to AI models and expert advisors—will automate the market analysis process. At times, this development will yield tools capable of performing advanced analyses with no human involvement and forecasting outcomes to appropriate platforms. No opportunity will ever be missed. Join me as we explore the process of building a robust market analysis custom tools' chest. We will begin by developing a simple MQL5 program that I have named, Chart Projector.
In the illustration below, we compare the charts from two consecutive days, September 19 and 20, 2024. I have drawn lines to indicate the support and resistance levels. The comparison clearly shows how the market respects these previous levels. However, there's a limitation: the support levels identified may not always be the most significant ones. The inability to isolate only major support and resistance levels can introduce noise into the data, complicating trader's ability to make informed decisions. Without filtering out less significant levels, traders may struggle to identify genuine trends or reversals, which increases the risk of encountering false signals. This can lead to misguided entries and exits, ultimately affecting overall trading performance.
This is where our cast tool comes into play. It can identify and display the most powerful highs and lows, which greatly enhances the accuracy of our analysis. Additionally, the tool allows us to overlay the previous day's chart directly onto the current chart, making it easier to analyze and interpret price movements.
Author: Christian Benjamin