DynamicSRchannels indicator draws Dynamic Support & Resistance channel in order to predict Open value of next bar.
Space in the right side of the chart consists of SR trendlines drawn based on history data. At any point of time price movement is controlled by these SR lines. This Indicator draws these SR lines for the open price of the next bar and makes it easy to predict the movement of the price.
There can be three different possibilities of the movement of the current price:
- Break down the lower SR channel.
- Break upward the upper SR channel.
- Confine to SR channel.
As soon as new bar is opened, this Indicator draws two SR lines one above Open Price and one below Open Price. Based on Trend line one can predict the movement of the price based on location where the Open price is relative to this SR channel.