Omega Support Resistance MT5
- Indicators
-
James Erasmus
Trader, developer
With a focus on mt5 and extensive research in: Astro finance, broker comparison and technical strategies
Get in touch for more about astro trend bias, trade management and broker analysis - Version: 1.6
- Activations: 7
A unique indicator for buy low, sell high strategies
Reversal type entries, as price rises to the full length line, expect price to turn/swing/reverse
Can trade 1-5min charts with 4hr for interday setups or m15 and higher with daily, 1hr with weekly for long term setups
High precision future price predictor for high or low of any product for Weekly, Daily, 4hr and even 1hr charts
Best to use SonicR color bar indictor or similar to avoid entry at certain levels, watch the videos for how and why
MT4 version is free and so no support will be provided, only mt5 customers will receive support
Also see this video for standard usage of indicator: https://www.youtube.com/watch?v=uf7ydGso2Cc
<< Strategy >>
Buy at lower full length lines, sell at upper full length
Delay entry with opposite color candle
<< Steps >>
Attach indicator change input period_D1, then use 15min chart
(Period_4hr use 5min chart or lower)
Download SonicR PVA Candles from forexfactory or other site
Add to chart, these give color candles. Red and purple are range and volume downside risk.
So if looking to buy at or near full length lower lines (ignore short lines) then observe the red and purple bars, delay entry for 3 or 4 bars after
Each red or purple, this will help when price is pushing down hard, delay entry is the idea. Also if several bars/candles close over the line such as 5 then consider the
Full length line exhausted and price may fall lower to the next full length line.
Features
Color bar indicator is SonicR PVA Candles, I will try add to product list soon for now try find online
Important for trading and testing ***
Select Inputs timeframe: 1hr when trading min 1-5
When setting up chart, sometimes changing time frames helps load the data, so change to 5 min then back to your desired time frame, perhaps a few other time frames until all levels can be seen on chart.
Some advice
Money management and discipline are key, no one strategy or indicator will produce success, understanding losses will occur and how to recover them is key. Some days are all about giving back to the market, making small wins or losses, then some days wins can roll in, its about consistency and patience. Know your trading products as best as possible, their pros and cons; are they volatile or do they produce small moves, lower time frames should be for low spread products. Understand trade size and always trade safe, risk more with a separate account if you have a strategy with that in mind. Practice and back testing makes a great trader.
Installation
Once downloaded the file will save automatically to indicators/market, drag and drop onto chart, adjust settings
