The future day channel
Currency pair: EURUSD.
The future day channel indicator draws diagonal support and resistance lines for a future trading period of 24 hours. Thus, we obtain an estimated price channel. The calculation of diagonals is performed once per 24 hours. The lines are built based on history with the use of strict mathematical equations. Since local trend reversals happen at these lines, their use is necessary for finding market entry and exit points.
NOTE: The indicator works only on H1.
It does not repaint.
- Diagonals calculation time is set in the StartHour field.
- Amount of history days is set in the HistoryDay field.
- fRS1 - show/hide Channel R1/Channel S1 support/resistance lines.
- fRS2 - show/hide Channel R2/Channel S2 support/resistance lines.
- fRS3 - show/hide Channel R3/Channel S3 support/resistance lines.
- fRSMiddle - show/hide intermediate support/resistance lines.