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ExtraMajorLevelExtremums

If you like trading crosses (such as AUDJPY, CADJPY, EURCHF, and similar), you should take into account what happens with major currencies (especially, USD and EUR) against the work pair: for example, while trading AUDJPY, important levels from AUDUSD and USDJPY may have an implicit effect. This indicator allows you to view hidden levels, calculated from the major rates. It finds nearest extremums in major quotes for specified history depth, which most likely form resistence or support levels, and combines them into the cross price at every bar. You may notice that in many cases these hidden levels behave as native resistence and support levels.

Parameters:

  • Base - base, major currency to look at; by default, it's "USD"; please note, this must be a currency other than work currencies in current pair, for example, it's invalid to specify "EUR" for "EURCHF" work pair;
  • Timeframe - timeframe to use for calculations; by default it's 0, meaning current timeframe; the value must be any number of minutes of standard timeframes, for example, 1, 5, 15, 30, 60, etc.; a special value -1 means next standard timeframe up, that is if current timeframe is M15, -1 denotes M30;
  • Count - number of bars in the specified timeframe to search for extremums; default - 200;

Please note that data synchronization with other instruments and timeframes may require some time before indicator is ready. If an error happens, a message is outputted into the log.

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