This indicator provides a unique opportunity for its users!
It will allow you getting the information about the support and resistance levels on any period of any financial instrument. In addition, owing to the functions of dynamic adjustment you will be able to separate weak technical levels from the strong ones. Positional strength of price labels is determined using the author's algorithm.
Attention: the levels displayed by the indicator show the prices that are of interest to the market (technically, they are support and resistance levels and increased demand or supply prices).
Since weakness and strength are relative, a user can adjust the percentage ratio for each rate. When used together with volume analysis and corrected interpretation of financial news, the indicator becomes a very powerful tool for technical analysis!
It is very easy to set up X-Lines. You can change three parameters:
- Period of analysis – used for setting up the number of bars of the current period that are considered during analysis. For example, 800 means that it will analyze last 800 bars including the current one. 0 value is for analyzing the entire existing history (the default value is 0).
- Positional Power – its name speaks for itself. The value of this parameter can vary from 0.01 to 1 (multiple of 0.0001). Using this parameter, a user indicates the positional strength of technical levels. The less is the value, the stronger are the levels shown by the analyzer.
You can also set the color for the price levels that are of interest to you:
Note that every financial instrument requires individual set up of the indicator parameters! Experiment and you'll see how flexible and powerful are the analytical opportunities provided by the indicator!
- Level Color – Yellow.
- Period of analysis – 0.
- Positional Power – 0.114.
2) Fixed bug with time periods.
3) Added ability to highlight key levels.
4) Added automatic noise reduction.