I am looking for an indicator that will draw horizontal s/r lines based on fractals.
The indicator should have a setting which allows me to define the wave i am looking at.
It should also allow me to select wether i want the support levels to appear or the resistance levels.
If it can have a mtf settings so that i can see 4hr or 1 hr levels on different timeframes it would be a bonus.
I have attached a chart so you can have a visualisation as to its usage. The basic principle is that all the topside failures in the last wave down represent resistance and all bottom side failures in the last wave up are support.
I've been drawing these manually for too long!!!
The indicator should have a setting which allows me to define the wave i am looking at.
It should also allow me to select wether i want the support levels to appear or the resistance levels.
If it can have a mtf settings so that i can see 4hr or 1 hr levels on different timeframes it would be a bonus.
I have attached a chart so you can have a visualisation as to its usage. The basic principle is that all the topside failures in the last wave down represent resistance and all bottom side failures in the last wave up are support.
I've been drawing these manually for too long!!!
bull in a china shop