Class: graphic patterns
Trading type: reversal trading
Time frame: any
Purpose: detection of levels
Level of aggressiveness: standard
The “Synthetic Levels” indicator is designed to determine synthetic levels both .
Synthetic levels are price zones where the most likely prices will change direction, but these zones are not obtained by determining chart patterns, they are the result of specific calculations.
Levels are determined based on a unique author's algorithm, which includes the most common techniques for determining levels: , fractals, fibo levels, as well as extreme points approach.
By processing and comparing the values of levels generated by different technics (see the list above), the “Synthetic Levels” indicator determines the actual price parameters of the levels, as well as their power at a particular point in time.
The “Synthetic Levels” indicator displays three variants of lines, which allows the trader to independently regulate the level of aggressiveness of the trading strategy, and can also can be used to build new trading strategies based on averaging and Martingale.
The information provided by the “Synthetic Levels” indicator can also be used to determine entry points (sell from resistance levels and buy from support levels), as well as to determine stop-losses and take-profits. Stops for buying are set below the support levels, and for sells - above the resistance levels. Profits for buys can be placed near the resistance lines, and for sells - in front of support lines.
The level power (displayed as a numerical value from 1 to 4 near each level line) allows to determine the trade of the position. The higher the power of the level is, the more aggressive the can be entered into the transaction. The power of a level is determined by the number of coincidences of the values of the levels calculated by different techniques. For example, if at some point the calculated values of the based on the “Pivots” technique turned out to be equal to the values obtained by the “Fractals” technique, the level power will be 2.
!!! WARNING!!! Although the level looks like a line, that is a specific price, but in fact it is not so. The level line is rather a starting point for the formation of a price zone where prices will change the direction.
Structure of the indicator
Indicator consists of the following elements:
- Support lines incl. their power – 3 blue lines. Each of them displays variant of support line. The power of the level is displayed near the level line.
- Resistance lines incl. their power – 3 red lines. Each of them displays variant of resistance line. The power of the level is displayed near the level line.
Parameters of the indicator
To configure the indicator, the following parameters are provided:
- Fibo period (default value - 34) - period for determining the Fibo lines. The higher the value is, the deeper the Indicator will dig in past prices.
- Period to calculate levels (default value - 13) - period for determining the levels used by Extreme points approach. The higher the value is, the deeper the Indicator will dig in past prices.
- Error in pips (default value - 10) – size of the price zone where levels are treated as the same ones.
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 Trade24Fx for more information, or follow the author's instructions below.
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