Dynamic Level Volume Profile
Hello Guys! Today I want to share with you an indicator that everyone should have! The indicator plots SUPPORTS AND RESISTANCES DYNAMICALLY on the chart, identifying different levels of interest based on the price action. Every trader knows that indicators are important, but they often provide the signal "with a candle of delay", therefore when we open a trade the signal has already lost its effectiveness. This is why knowing the levels given by price action is essential for profitable trading. Moreover, the indicator allows you to track the volume profile, creating a powerful combination with dynamic levels.
I recommend to use the Time Frame H1 and H4, with a zoom of the graph of 2-3
# Back candles for Sup/Res: this is the only input that affects the calculation parameters of the dynamic levels. The suggested value I've seen after so many experiments is 64 (as set by default)
Al the other parameters concern the graphical interface of the indicator, so it's up to you to find the style that best suits your chart. In the comments i'll share the template you see in the screenshots, so you can use that.
Trading Range: Level where the price has the most chance to bounce up and down;
Reversal Level Major: Level where we can expect a reversal pattern;
Weak Resistance/Support: Weak level for a reversal, but if the price breaks this level it can retrace to use it as support and continue the tend;
Strong Resistance/Support: When the price reaches this level a rapid reversal can be expected, often on the same candle;
OverBought/OverSold && Extreme OverBought/Oversold: When the price reaches this level it has probably run out of strength
There is nothing more to add, you just have to try the indicator and have fun!
ATTENTION: The indicator can give some problems on some types of MT4. For a correct functioning I recommend:
- Always run the indicator with the "Autoscroll" activated (is the button with the green triangle in a chart);
- When you close the platform and the reopen it, please remove and reload the indicator if you see the error message (ArrayOutOfRange)
To allow you to test the indicator at its best, the price for the rental for 1 Month is only 10 USD (minimum price), so do your tests and if you have any problems do not hesitate to write me!