It is used to detect volume resistors in a personalized way, since it allows the user to enter the volume in which he wishes the resistance to jump automatically.
It does not mark the black line and the graphic that's just to help understand how it works
in the above image can see the indicator works on 30 minutes chart...
Here is my take on BB and MTF, based on the most excellent work of
"PineCoders" (MTF Selection Framework functions)!
The big advantage is that on 1 image you can easily see where
price is compared to 5 or less BB Bands (each of different Time Frames).
This gives a lot of Support and Resistance...
Autogeneration of support and resistance lines. Posts a horizontal line of the open/close for the past 40 daily candles.
DM for a PowerPoint describing this indicator and the rest of Iconik in detail.
Iconik Trading Suite Indicator List:
ITS-OSC: Oscillators (v2)
ITS-PAA: Price Action Alerts (v2)
ITS-ASR: Auto Support/Resistance
-> Daily (v2)
-> 3 Day (v2)
Set the maximum data points to look back for a support resistance line, then set the pivot point threshold and your off to the races.
Very effective solution to have your support resistance points automatically show up on your chart. A good tip is to include 2 or 3 of this indicator on your chart with varying levels of degree for support and resistance...
Indicator returns an average of 5 SMAs. an interesting point that I have noticed that the price has several times reacted on it.
Note 1: Do not just use this as a criterion for buying and selling, use as one more aid.
Note 2: It is possible to leave in the chart all the averages, if you feel it...
Indicator to fill the ZONE between two EMAs (9 and 21 is the default)
RULES of completion:
CLOSE above "EMAs" and "EMA SLOW", and "EMA FAST" > "EMA SLOW" = green fill
CLOSE below "EMAs" and "EMA SLOW" ,and "EMA FAST" < "EMA SLOW" = red fill
CLOSE between EMAs = white fill
Moving average of High, Low & Close with Fibonacci bands calculated from the average high and low. Four upper levels are to the power of 1.618, 2.618, 3.618 & 4.618. Four lower levels are to the power of 0.618, 1.618, 2.618 & 3.618. Included are a choice of time frames either current, semi-custom or fully custom allowing freedom to set any period you like which...