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The indicator builds levels from beginning of a week or a month, or according to local Highs and Lows.
These levels are meant for detection of strong support and resistance levels on a chart.
Most big players of the market are guided by particularly these data: opening of the week or opening of the month.
Breakout of one or several Highs and price consolidation on these levels suggest that market intends to grow.
Breakout of Lows and price consolidation bears evidence of market’s intention to move down.
The idea of this indicator belongs to Ilgiz Kamaev.
Parameters:
- Day number – Number of days for displaying local Highs and Lows.
- Day level color – Color of day levels
- Width Day line – Width of day lines
- Style Day line – Style of day lines
- Week number – Number of weeks for week levels building
- Week level color – Color of week levels
- Width Week line – Width of week lines
- Style Week line – Style of week lines
- Month number – Number of months for month levels building
- Month level color – Color of month levels
- Width Month line – Width of moth lines
- Style Month line – Style of month lines
