The Mid Line Indicator shows the 50% retracement on impulse wave.
Have Mid Line Indicators of different periods from M1 to H1 shown on M1 time frame.
Trade the previous highest Mid Line for short.
Trade the previous lowest Mid Line for long.
Suitable for signals coming from BiDirectional Indicator.
This indicator is preferably used for placing limit orders at levels that are far from the market.
You will notice that this indicator does repaint every time it computes the impulse waves. It is as intended.
- Set the period for the Mid Line. (M1 to D1 are provided. But you should use M1 to H1 instead if you are doing scalping on M1 time frame).