Rally Base Drop SND Pivots HTF for MT4
- Indicators
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Minh Truong Pham
Hello, my name is Pham and I am a programmer and trader! At here, I create amazing forex indicators and expert advisors for Metatrader.
I will try:
+ Provide best tools base on my 5 years experience as a trader and 10 years as a programmer. - Version: 1.0
- Activations: 5
The Rally Base Drop SND Pivots indicator uses "Rally", "Base", and "Drop" Candles to determine pivot points at which supply and demand (SND) levels are drawn. (Figure 1)
🔶 USAGE
Figure 2
Rally, Base, and Drop (RBD) candles create a formula for seeing market structure through a fixed methodology. We are able to use this concept to point out pivot areas where Rallies and Drops directly meet.The RBD SND Pivots are similar to traditionally identified "fractal" pivot points, with one key difference.
RBD SND Pivots detect a specific number of Rally and Drop candles directly back-to-back, requiring one side of the pivot to contain entirely green candles and the other to be entirely red candles or vice versa.
Figure 3
Since these pivot levels are based on Rally, Base, and Drop candles, the method directly implements rigid logic to further structure a trading system when utilizing these pivot levels with traditional SND concepts.Furthermore, by implementing this logic when looking for pivots, a significant portion of potential noise is naturally filtered out.
🔶 DETAILS
In typical SND systems, the term "Base" is used for multiple meanings.
In this indicator, the base is a product of a pivot being formed. Once a Pivot is identified, the "Base" is marked as the first Rally or Drop of the second half of the pivot formation.
Once the pivot is identified, the high or low of the base candle is used to measure the pivot level.
🔶 SETTINGS
- Length: Sets the number of Rally and Drop Candles that the script will require to identify pivots.
Ex. "3" = 3 Rally followed by 3 Drop - Historical Lookback:
When set to 0, all Levels will display. (0 by default) - Higher Timeframe setting
- Notification setting
