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RulerANDpencil

Indicator for drawing standard and non-standard support and resistance lines on the current and higher timeframes.

I was inspired by the speech of one old from Wall Street, who said, "Print me the chart, give me a ruler and a pencil, and I will make profit".

After that I realized that the support and resistance lines can be the backbone of any trading strategy.

The support and resistance lines are plotted based on Elliott waves, that the indicator correctly determines with high probability.

There are numerous options for trading, the simplest are:

  1. If the support and resistance lines are placed at an angle of 0-30 to the chart, then trade rebounds right after a new line is plotted.
  2. If the support and resistance lines are placed at an angle of >45 to the chart, then trade rebounds from the line after its breakout. The case when support becomes resistance and vice versa

The other options can be seen by examining the indicator behavior in practice. The indicator has not lost its relevance for more than 10 years, as it does not depend on the market situation.

  • Period MA for search a Senior fractal - period of the МА to search for the fractals of the higher timeframe. Recommended value for currency pairs is 55-75
  • Period MA for search a Junior fractal - period of the МА to search for the fractals of the current timeframe. Recommended value for currency pairs is 17-23
  • Search frequency fractal - frequency of searching for fractals
  • Stay Lines After Delete - leave lines on the chart after deleting the indicator
  • Draw Senior Label - draw the fractal icons of the higher timeframe
  • Draw Junior Label - draw the fractal icons of the current timeframe
  • Show senior line - display the lines of the higher timeframe
  • Senior line color - line color of the higher timeframe
  • Senior line style - line style of the higher timeframe
  • Senior line width - line width of the higher timeframe
  • Senior line extension - extend the line calculated based on the distance of two fractals of the higher timeframe. Recommended value for currency pairs is 1.5-2.0
  • Senior lines on graph - the number of lines on the chart of the higher timeframe
  • Senior min difference between fractals - the minimum distance in bars between the fractals of the higher timeframe. Recommended value for currency pairs is 5-8
  • Show Junior line - display the lines of the current timeframe
  • Junior line color - line color of the current timeframe
  • Junior line style - line style of the current timeframe
  • Junior line width - line width of the current timeframe
  • Junior line extension - extend the line calculated based on the distance of two fractals of the current timeframe. Recommended value for currency pairs is 1.5-2.0
  • Junior lines on graph - the number of lines on the chart of the current timeframe
  • Junior min difference between fractals - the minimum distance in bars between the fractals of the current timeframe.
  • Text Alarm if build new Senior line - display the pop-up message when plotting a new line of the higher timeframe.
  • Sound Alarm if build new Senior line - sound message when plotting a new line of the higher timeframe.
  • Senior fractal draw offset - distance in points from the top of the candle to the fractal of the higher timeframe.
  • Senior fractal symbol - icon of the higher timeframe fractal
  • Text Alarm if build new Junior line - play the sound message when plotting a new line of the current timeframe.
  • Sound Alarm if build new Junior line - sound message when plotting a new line of the current timeframe.
  • Junior fractal draw offset - distance in points from the top of the candle to the fractal of the current timeframe.
  • Junior fractal symbol - icon of the current timeframe fractal

Good luck!

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