Cups and Caps
The indicator shows the support and resistance lines by the method developed by Joe Stowell.
It draws line based on Cups and Caps and 3-bar net line (Three-Bar Net Line).
Data of higher timeframes can be displayed on the current timeframe.
Among others, you can change the following parameters:
- TimeFrame - You can set a definite timeframe (for example D1), or the one next to the current or the next but one. Note that M30 is unavailable.
- Extremum finding sensitivity, Depth of search 3-bar net-line, Which bar determines 3-bar net-line? - the parameters define search for patterns.
- Mark Extremums - a label on a bar with extreme values among those specified in Extremum finding sensitivity.
- Draw 3-bar net-line - show/hide this line.
- Mark Cups and Caps (high/low) - add a label on the found pattern by High/Low prices
- Draw Cups and Caps line (high/low) - draw support and resistance using High and Low prices
- Mark Cups and Caps (close) - add a label on the found pattern by Close prices
- Draw Cups and Caps line (close) - draw support and resistance using the Close price
- Work with current bar - use the current bar data or wait till bar completion
- Limit bars to count - maximum processed history depth (default 0, i.e. the whole history)
An example of a strategy based on three-bar net line is the Powerful Tool