HeatMap MT4 allows traders to see inside the charts.
This indicator plots congestion zones over a certain period of time, known as "Lookback", by analyzing thousand of variables simultaneously.
These spots act like strong supports and resistances and now are easy to see.
- Computations - define whether the algorithm works continuously or only at the opening of each candle (default: New Candle).
- Lookback in Bars - define the period to analyze (in bars).
- Volume Weighted ? - if set to 'true', volumes statistics are added to the analysis (default: 'false').
- High Presence Color - set the color for the heavy congestion zones.
- Medium Presence Color - set the color for the medium congestion zones.
- Low Presence Color - set the color for the light congestion zones.