Attention: to remove graphical objects of the indicator and remove indicator from the chart window, simply set the Period of analysis = 1 and remove x-lines from the chart window.
Testing in standard tester is incorrect. Please before purchasing try free limited edition.
This indicator provides a unique opportunity for its users!
It will allow you getting information about support and resistance levels on any period of any financial instrument. You will be able to separate weak technical levels from the strong ones. Positional strength of price labels is determined using author's algorithm.
Attention: levels displayed by indicator show interesting market prices. Technically they are support and resistance levels and increased demand or supply prices).
Since weakness and strength are relative, user can adjust percentage ratio for each rate. Using X-Lines together with volume analysis and correct interpretation of financial news you will get a very powerful tool for technical analysis!
It is very easy to set up X-Lines. You can change next parameters:
- Period of analysis – used for setting up number of bars in 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 entire existing history ( default value is 4000).
- Levels Power – its name speaks for itself. The value of this parameter can vary from 1 to 100 (multiple of 1). Using this parameter user indicates positional strength of technical levels. Less is that value - more stronger are levels shown by the analyzer.
- Channel Power - the same, power of channel levels. The value of this parameter can vary from 1 to 100 (multiple of 1). Using this parameter user indicates positional strength of channel levels. Less is that value - more stronger are levels shown by the analyzer.
- Levels Color - color of horizontal levels.
- Channels Color - color of channels levels.
- Channels - on\off channels view.
Note that every financial instrument requires individual set up of X-Lines parameters! Experiment and you'll see how flexible and powerful are analytical opportunities provided by this indicator!
- Period of analysis – 4000
- Levels Power – 5
- Channel Power - 6
- Levels Color - Goldenrod
- Channels Color - Blue
- Channels - on
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2) Positional power settings are round numbers from 1 to 100.
1) Fixed bug when working with objects. Now, the indicator only edits its own data.
2) Fixed bug with time periods.
3) Added ability to plot channels of support-resistance, a completely new kind of levels.
4) Optimized initial settings of the indicator (selected by the statistical method).