The PrismExtended indicator is a logical continuation of the Prism indicator. It will be very helpful in technical analysis of the market. Its main task is to display support and resistance levels, as well as to draw trend lines. But unlike most indicators, this one not only displays lines connected through the two points.
What does it do?
- Looks for those tops and bottoms that really deserve attention.
- Draws trendlines and support/resistance levels through these tops and bottoms.
- Selects actual lines and levels. Deletes those levels and lines that have lost their relevance.
- Divides the support/resistance levels and trendlines into simple and true.
- Sorts the true support/resistance levels and trendlines in order of importance.
- Can produce all of the above actions simultaneously on multiple timeframes and display all the required lines and levels on one chart.
- count - number of bars for analysis. Recommended value is 300-500.
- timeframes - the timeframes that will be used for analysis. The order of the timeframes is not important. They are listed using a separator, which is a semicolon. Example: D1;W1;MN1. No separator is used at the end of the string.
- М1 - one-minute chart
- М5 - five-minute chart
- М15 - fifteen-minute chart
- М30 - thirty-minute chart
- Н1 - one-hour chart
- Н4 - four-hour chart
- D1 - one-day chart
- W1 - one-week chart
- MN1 - one-month chart
- colors - the colors of the lines and levels. The order of the colors should correspond to the order of the timeframes. When specifying the color, prefix "clr" and a separator should be used. Example: clrBlack;clrGreen;clrRed. No separator is used at the end of the string.
- price_type - type of the price used.
- HIGH_LOW - the levels are built based on the high and low price of the bar.
- CLOSE_OPEN - the levels are built based on the close and open price of the bar.
When an indicator is launched on the current symbol chart, trendlines and support/resistance levels appear on it. Some of them are dotted, the rest lines are solid. Dotted lines and levels are trial. If the price rolls back from this level, the test level will become true. True levels and lines are solid. These lines and levels serve as benchmarks that indicate the area of the expected end of the price movement. The width of the solid lines differs. The thicker is a line, the more important it is. In case of a true breakthrough or rollback from lines and levels, movement at least to the next line or level should be expected.