This is a support indicator to the Main Indicator which has also been published.
This indicator uses a number of tools to assess for trend direction and where to place Take Profit and Stop Loss points. There are no alerts with this indicator.
I've been using this successfully on the one hour FX charts, but seems to work equally as well on higher or lower time frames (not less than 15min).
This indicator has a number of tools in the settings that can be used to assist with trading. This includes
- Multi-Timeframe points. The thicker the line is, the greater the timeframe that youre dealing with. In the 1hr chart on this script, the S&R is set at 1hr, 4hr and 1D time periods.
- Trend Direction points. Note that these have a massive tendency to repaint, however when used with something like (as in the Main Indicator) you can identify turning points (i.e. when the close of the candle is at the upper or lower boundary levels).
- Risk Management provides a high level tool for managing money based on relative ATR multiplier points.
The other indicators which are part of the suite are shown on the website which is highlighted in my signature at the bottom of the page. Purchase of the main indicator gives access to the full suite of eight indicators. I use the other indicators to confirm the direction of the trade and to determine if I want to trade or not. I use it along with the 2min, 15min and 4hr timeframes to identify the best entry window and how long I'm likely to be in the trade.
Support can be provided via private message or in the comments below.
The links are provided below for access to the indicator.
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact Mikeo82 for more information, or follow the author's instructions below.
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