UPDATE - version 2 introduces a few more features that allow customization.
It all starts with level and ends with levels. Being able to identify key Support and Resistance zones is crucial to your success.
WHAT IT DOES?
The Infrared Mode indicator finds the zones on the chart, where most of the orders took place. Real zones formed by real orders/volume. Those levels are natural support/resistances.
- Different colors (light red to dark red) show you where the zones of interest are (darkest color). This is usually where the price tends to bounce.
- Automatic adjustment. Simply zoom in or zoom out and the indicator will calculate the zones for the visible part of the chart.
HOW TO USE IT?
- Implement it in any trading strategy/method.
- Buy above the darkest zones
- Sell below the darkest zones
- If there are multiple zones - you can trade in between them.
It is pretty straightforward. If you have any question, please use the comment section.