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Oracle lines

Oracle lines are dynamic support and resistance based in and around trading, they will plot the turns in price at a particular period of a moving average.

You have the choice of setting many pre existing turns in the past as well as plotting live real time lines as they develop, recommended previous lines are to be restricted because of clutter however, you can plot them to see where price has turned in the past.

The screenshots are a great example of how price has returned and bounced off previous lines, the general idea is waiting for price to break out of plotted lines, using previous lines to see where highs and lows have been created then breakouts taking place.

A set number of plotted lines will continue, as a new one is created the last one is deleted keeping your set amount consistent on the chart.

When we see a cluster of lines within close proximity, we will be looking for a break out.

While you can set the number of dynamic line, you can also set them multi time frame, so you can show hourly lines on the 5 min chart, showing higher time frames dotted as opposed to solid current time frame line, the last screenshot shows dashed and dotted lines of different time frames, just put multiple indicators on the chart with different settings, highlighting them with different styles and colours.

It is recommended to keep the "Count" settings low, also "Ext Left Bars" until you understand how this works, too many lines will clutter the chart, sometimes they are drawn very close together because of the price "whipsawing", also the "MA Period", this setting low can show many lines close together, too high and they will take more time to develop,   

           Settings

  • Time frame     (In minutes  1,5,15,30,60,240,1440,   0,existing time frame ) 
  • MA Period       (Numerical) 
  • MA Method     (Click to choose)
  • MA Price         (Click to choose)
  • MA Shift          (shift of the Moving Average)
  • Count              (Number of lines visual on the chart, also works with Ext Left Bars, higher the number, more lines drawn)
  • Ext Left Bars   (At what turn to start the lines being drawn, number 1 most recent, 2 will be next turn previous etc..) 
  • Ext Right Bars (Default -1, if this is set higher it will cancel out Ext Left Bars settings)
  • Colour Up       (Upper Line Colour,useful if using more instances of the indicator on the same chart with higher time frame)
  • Colour Down   (Lower Line Colour,useful if using more instances of the indicator on the same chart with higher time frame)
  • Style Upper     (solid or broken,useful if using more instances of the indicator on the same chart with higher time frame)
  • Style Lower     (Solid or broken,useful if using more instances of the indicator on the same chart with higher time frame)
  • Width Upper    (line thickness,useful if using more instances of the indicator on the same chart with higher time frame)
  • Width Lower    (line thickness,useful if using more instances of the indicator on the same chart with higher time frame)


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