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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

Jean-Sebastien Laurent
3976
2015.10.30 20:33 
 

Honor to Igor, for this good one indicator, i'm not disapointed like always... old friend :)