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Strongest Higher Level

Description

Strongest Higher Level is an indicator that automatically plots the nearest level of strongest resistance and support in the main chart based on prices of the higher timeframe that differs it from Strongest Level indicator.

Repeated usage of the indicator with various number of bars creates a system of support and resistance!

The indicator calculates and plots levels based on number of bars set by the user. It is recommended to set numbers from a golden ratio according to Fibonacci (13, 21, 34, 55, 89, 144, 233, 377, 610 etc.).

Users can define the colors of the levels.

At the request of the user, the indicator can show the levels with different ways of display and comments (see Input Parameters).


Purpose

The indicator can be used for manual or automated trading as part of an Expert Advisor. For automated trading, use the indicator buffer of double type:

  1. Level value - buffer 0, must not be equal to zero.

Input Parameters

  1. Bars_Number - number of bars.
  2. Timeframe - chart period:
    • 0 - PERIOD_M1
    • 1 - PERIOD_M5
    • 2 - PERIOD_M15
    • 3 - PERIOD_M30
    • 4 - PERIOD_H1
    • 5 - PERIOD_H4
    • 6 - PERIOD_D1
    • 7 - PERIOD_W1
    • 8 - PERIOD_MN
  3. Line_Type - type of the line:
    • 0 - horizontal line (by default).
    • 1 - line long by number of bars.
  4. Style - style of the line:
    • 0 - solid line (by default).
    • 1 - dashed line.
    • 2 - dotted line.
    • 3 - dashed and dotted line.
    • 4 - dashed and double dotted line.
  5. Width - width of the line.
  6. Line_Color - color of the line.
  7. Symbol_Right_Price - flag for setting Symbol_Right_Price.
  8. Screen_Info - flag for information about number of bars.
When timeframe is chosen mistakenly as current or lower, the indicator will automatically adjust execution for the nearest higher timeframe. Exception, of course, is the monthly period

Recommendations

The indicator can be used successfully together with another indicators such as Keltner Channel + Heiken Ashi, Price ChannelImpulse Systems, Fibo Levels etc.

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