Primes Action
- Indicators
- Version: 1.22
- Activations: 20
Primes Action is a support and resistance indicator for MetaTrader 5 that draws the high and low levels of the previous day, week and month and shows the breakout when price breaks them, with arrows, a dashboard and alerts. Each timeframe has its own colour, so the three references are easy to tell apart. Works on Forex, gold (XAUUSD), indices and crypto; the levels come from one-minute data and are the same on every timeframe.
How the levels are found
The exact high or low of a period is often a short spike. Primes Action looks at the top eighth and the bottom eighth of the previous completed period. In each of them it draws the level where price spent the most time. The calculation uses one-minute data, not the candles of the chart you are looking at. The daily, weekly and monthly levels are therefore the same on M5, H1 or H4.
Every day ends at the New York close, 17:00 New York time. US daylight saving time is handled automatically. A week runs from Sunday 17:00 to Friday 17:00 New York time. As a result, the levels do not depend on the time zone of the broker server.
Break lines
W. D. Gann described lost motion: price can move a little past a level without breaking it. Primes Action draws a break line beyond each level, at one eighth of the range between the high and the low level. A bullish or bearish break is marked only when the current Bid passes this line. An arrow shows the candle where the break happened. The zone between a level and its break line is shaded.
Dashboard
The dashboard shows each of the three timeframes as neutral, bullish or bearish, and the distance from price to the next break. The distance is shown in pips on forex pairs and in price units on other symbols. The overall bias follows the highest timeframe that has broken.
Alerts
A terminal alert and a push notification can be sent when a level breaks.
Input parameters
- Frames: the three timeframes to analyse (default Daily, Weekly, Monthly).
- Levels: colours, line width and style, how far the lines reach past price, zone shading, price tags, break arrows.
- Board: show or hide, corner, font size.
- Alerts: terminal alert and push notification on a break.
Notes
The indicator needs one-minute history for the periods it analyses. The terminal downloads it automatically. The first calculation on a new symbol can take a few seconds.
Primes Action is an analysis tool. It does not open, modify or close trades.
