I read this on another forum and I was wondering does anyone know the name of the indicator, or could someone write an indicator for MT4 please
"A similar tool I use is a Support indicator. I am not sure how it works but it looks back 100 periods and puts a dot at major price levels. I plot a horizontal line at each dot in all the timeframes and you get really good s/r. It marks all S/R that price has spent alot of time respecting etc…
If you start with this indicator at weekly, work your way down thru each timeframe, drawing horizontal lines at each dot, working down to 15min. When you zoom back out to daily you will notice clusters at certain levels. It seems price really likes to cluster at certain levels. You can then trade off these levels with pretty reliable signals."
Could this be written to read multiple time frames and display on one chart with one application, lets say read 15, 30, 60,240 and daily and show them on all time frames. Maybe too many lines for it to draw, so how about two applications with higher TF on one and lower TF on the other ?
Screen shot of chart
This sounds like it could be OK
Thanks all in advance.