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Price Marshes

The indicator shows psychologically "viscous" price levels: the levels, at which the trend reversals occurred, or the price movement slowed down significantly. These levels are not full-fledged lines of support and resistance, but they allow us to assume the nature of the nearest price behavior with a high degree of certainty. The indicator statistically analyzes the midpoints of the candle shadows for building the levels (MathMax(OPEN, CLOSE)+HIGH)/2 and (MathMin(OPEN, CLOSE)+LOW)/2), so it does not indicate the exact price of a reversal or deceleration, but only an approximate price range.

 

Using the indicator

The indicator displays a gradient field behind the price chart consisting of horizontal lines of different saturation of the color indicator specified at the start. The denser the color of the level (brighter), the greater the probability of stopping the price movement while moving in this direction. And vice versa - if the price crosses a field consisting of weakly saturated lines, then it is most likely that there will be no stopping of the movement until the price reaches the next bright level.

The indicator has no prediction of the direction of the price movement, it does not contain clear signals to enter or exit the market. It can be useful for visual confirmation of other strategies or for beginners.


Inputs

  • Marshes lines color [color] – determines the color of the "marsh". Levels will be displayed by a gradient from the background color to the selected color (the denser the color, the more often the price stopped at this level). It is recommended to choose contrasting (in relation to the background color) colors: for schemes with a dark background - light and vice versa.
  • Refresh time in bars [integer] – time of levels redrawing (in bars). The minimum value is 1 ("Marshes" will be redrawn at the appearance of each new bar), but practical application suggests that the optimal value is 10-15 (more frequent updates do not lead to noticeable changes in the picture).
  • Contrast mode [Normal/High Dynamic Range] – with the "Normal" mode selected, the density of the color level directly depends on how often the price is braked on it, the color is denser - the level is more significant. This mode allows you to get a clear picture of past price behaviors, but with this scheme it is sometimes difficult to see a weak but significant level. In the "HDR" mode, all levels are much more noticeable, but it becomes more difficult to relate them to each other.
  • Show system messages  [yes/no]  - enable the output of system messages to the log of experts.
  • Draw calculation boundary [yes/no]  - enable drawing a vertical line to indicate the last calculation time.
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