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XLines

This indicator provides a unique opportunity for its users!

It will allow you getting the information about the support and resistance levels on any period of any financial instrument. In addition, owing to the functions of dynamic adjustment you'll be able to separate weak technical levels from the strong ones. Positional strength of price labels is determined using the author's algorithm.

Since weakness and strength are relative, a user can adjust the percentage ratio for each rate. When used together with volume analysis and corrected interpretation of financial news the indicator becomes a very powerful tool for technical analysis!


Indicator Settings

It is very easy to set up X-Lines. You can change 3 parameters:

  • Period of analysis – used for setting up the number of bars of the current period that are considered during analysis. For example, 800 means that it will analyze last 800 bars including the current one. 0 value is for analyzing the entire existing history.
  • Positional Power High Range – its name speaks for itself. The value of this parameter can vary from 0.01 to 1 (multiple of 0.0001). Using this parameter, a user indicates the positional strength of STRONG technical levels. The less is the value, the stronger are the levels shown by the analyzer.
  • Positional Power Medium Range – its name speaks for itself. The value of this parameter can vary from 0.02 to 1 (multiple of 0.0001). Using this parameter, a user indicates the positional strength of MEDIUM technical levels. The less is the value, the stronger are the levels shown by the analyzer. Attention! In order to avoid confusion, the value of this parameter must be greater than the value of High Range. Otherwise you'll need to interpret the situation inversely.
  • Positional Power Z Range – positional strength of current trade channel borders. The value of this parameter can vary from 0.02 to 1 (multiple of 0.0001). Using this parameter, a user indicates the positional strength of STRONG trade channel borders. The less is the value, the stronger are the levels shown by the analyzer.
  • Channel – enable \ disable display of the trade channel borders.

You can also set the color for the corresponding line in parameters:

  • High Level – color of strong levels.
  • Medium Level – color of weak levels.
  • Channel Level – color trade channel borders.

Note that every financial instruments requires individual set up of the indicator parameters! Experiment and you'll see how flexible and powerful are the analytical opportunities provided by the indicator!

Default settings:

  • High Level Color – Red.
  • Medium Level Color – Yellow.
  • Channel Level – Blue.
  • Period of analysis – 1200.
  • Positional Power High Range – 0.08.
  • Positional Power Medium Range – 0.15.
  • Positional Power Z Range – 0.15.
  • Channel – True (channel display is enabled by default).
No reviews
Version 1.20 - 2016.10.14
Version 1.20 - 10.02.2016
1) Fixed bug when working with objects. Now, the indicator only edits its own data.
2) Fixed bug with time periods.
3) Added ability to plot channels of support-resistance, a completely new kind of levels.
4) Optimized initial settings of the indicator (selected by the statistical method).