Lighthouse is a support and resistance indicator.
It displays the most important trading levels and draws them according to their relevance.
If a level is clearly broken, it changes its role and color. Support becomes resistance and vice versa.
- Automated adjustment to the underlying time frame
- Displays only significant support and resistance levels
- Immediate graphical response if a level is clearly broken
- Thicker drawn SR levels are more important than thinner ones
- Analysis mode: Select between three different scan modes (intraday, medium and high time frames) or use the automatic adjustment which is set by default
- Sensitive mode: The sensitive mode identifies more support and resistance levels. We recommend using it if you are an intraday trader. Set this to false if you like to reduce the number of drawn SR levels
- SR Distance in Pips: This changeable value is the basis for the built-in support and resistance level distance check. It measures the distance between the current price and the next Lighthouse levels.
The default and recommended minimum value is 5 pips. If the current price is closer than 5 pips to the next support or resistance level, you will see the state „WAIT“.
If the distance between the current price and the next support or resistance level is bigger than 5 pips, you will see „GO“.
The value for SR Distance in pips is customizable. So please fill it with the value that suits your strategy best.
- Fill buffers with: The price values of the SR levels OR the results of the built-in calculations.
This option is especially for EA developers. According to your requirements, you can use the Lighthouse calculation and buffers in two ways.
By default, Lighthouse fills all eight accessible buffers with the values of the eight most important support and resistance levels.
But you can fill it with the following values as well: SRDistanceCheckResult, HighestSR, LowestSR, NextAbove, NextBelow
Please send a confirmation of your Lighthouse purchase to receive the according code snippets.
- Display SR check box: Displays the result of the built-in SR level distance check at the left side of your chart. Set to false if you like to hide this check box.
- Display Lighthouse levels: This parameter is responsible for all drawn support and resistance levels. If false, the drawn lines are hidden.
- Display Levels in the background: Displays all SR levels behind the price candles. Set to true if you like to draw them in the foreground.
- Color, Font and Thickness settings: You are able to change the defaults of the text blocks and set your own colors for the drawn support and resistance levels. Create it as you like it best.
- Enable SR distance warning: Set to true and you will get an alert if the price comes close to the next SR level.
- Enable SR switch notification: Set to true and you will get an alert if a SR Level changes its role from support to resistance or vice versa.
- AlertsOn: You will benefit from several alert and notification options like audio, e-mail or mobile notifications. False disables all alerts.
- AlertsMessage: You will get an alert message in your MetaTrader 4 platform.
- AlertsSound: You will get an audio notification in your MetaTrader 4 platform.
- AlertsEMail: You will get an e-mail if you set up the correct e-mail settings for your e-mail provider at your MetaTrader 4 platform.
- AlertsNotification: You will get a notification on your mobile device if you set up the mobile notification settings of your MetaTrader 4 platform.
- Soundfile: Enter the name of a sound file to hear an individual audio notification. The selected sound file must be installed in the “Sounds” directory of your MetaTrader 4 platform.
This allows you to run and compare different analysis mode settings.
You can choose between three different modes like intraday trading, medium and high time frames
or use the new automatic mode adjustment based on your underlying chart time frame (default)
Redesign of the Lighthouse properties
The position of the SR checkbox will now be saved permanently
Added new alert if price comes close to an SR level
Added new buffers with detailed information about MinSRLevel, MaxSRLevel, NextAbove and NextBelow
- Added automatic detection of sunday candle
- Added built-in fully automated SR level distance calculation.
- Added Lighthouse SR Check display.
- Added sensitive calculation mode option.