Recent SR indicator

I'm trying to use the indicator on candle closes, however the VisibilityLevel parameter doesn't seem to make any difference no matter what it's set to.

Can anybody pls. confirm if this is intended behaviour?

Tx

You're correct, it's intended behavior. VisibilityLevel applies only to candle highs/lows, i.e. to select only the highest high or lowest low in a sequence of candles. To avoid any future confusion, I will amend the manual attached to post #1 to explicitly state this.

Hanover, tx for clarifying this. It would be nice to have VisibilityLevel functionality on candle closes too, though.

Kruno

Download from post #1. Instructions there also.

V 1.02 addresses the request in post #63.

Problems downloading? See here.

This is working beautifully now. Thanks for the great indy, and support too

Great work with this indicator.

I have read through the thread and have used your suggestion on setting up the three Daily sets of S&R lines.

I mainly scalp on M5 and wondered if there maybe some better settings that you have used yourself for this timeframe or do you think that the daily settings are the right ones to give an overall picture of prominant S&R levels used by the market.

Thanks again.


ab1

The lowest TF I use for S/R analysis is M30. I use the indy to plot daily levels along the lines that I described in post #10. Then I draw what I consider to be 'significant' intraday S/R manually, largely because these levels are very localized and the indy is not intelligent enough to filter out those that are less than 'significant'.

Hanover, looks good as PPZ levels on your chart.
Is there a problem with MT4 build 226?
I have the indicator loaded but nothing appears on the chart.

Got it working....Thanks for the Great effort you put into this indicator.

Try the following parameter settings on an EURUSD, D1 chart:

ParameterFile = NONE
TimeFrame = D1
LookbackCandles = 50
StartDateTime = 1971.01.01 00:00
IncludeCurrentCandle = false
BandwidthPips = 5
FrequencyLevels = 1
FrequencyColors = Red
IncludeNextBandAbove = false
VisibilityLevel = 0
ClearancePips = 0
CandleHighsValid = true
CandleLowsValid = true
CandleClosesValid = false
AllCandlePointsValid = false
FilledBoxes = false
HistogramSize = 0
HistogramFontSize = 8
HistogramFont = Arial
HistogramFontColor = White
HistogramPriceMask = 4.4
ShowHistogramOnly = false
PlotProximityPips = -1
HistoricalShift = 0
RefreshEveryXMins = 1440
OutputFile =

This should plot a red box, 5 pips wide, for every candle high/low on the chart, for the last 50 candles (those settings generate the image below on my PC --- as you can see, I'm running MT4 build 226). This is an initial setting just to prove that the correct boxes are being plotted. You can then refine the parameters to suit: please read the Word doc attached to post #1 for details.

(Note: You can always press Ctrl-B to see what objects are plotted on your chart).

Our posts crossed, sorry. Hopefully my reply will help somebody else.

Yes, many thanks and good trading to you Hanover.

Thank you, this is exactly what I need to test my last scalping strategy, if S/R don't work in Forex it will mean that nothing works in Forex and I will stop trading it. Your indicator will form part of my last attempt to become profitable in Forex.

Hi David,

Have been testing this indicator, as like u I have now learnt to appreciate SR, I love how ur indicator works with auto draw/removal of the levels. Ur skills and thought process always AMAZE me and I am an ex-programmer with very high standards.

These are my suggestions hope u do not mind the comments, hope u can make these mods as it would make the screen easier to read.

1. Fibo Object - Have option to use Fibo objects instead of rectangles, as fibo objects can be created with only one price level, line style, price added to the right of chart and also ray to right of chart and hopefully the MT4 visualization tick box will work. (May lose some functionality of histogram etc, it could be a preferred option by some traders)

2. HideBrokenSR - They have a theory that if market price passes through a price level or breaks it (i.e. entire candle, of the TF the SR is on, forms on other side of a level) X times that price level is no longer a S/R level. So if in a 100 LookbackCandles a QP / VisibilityLevel that price has not passed through X times would be highlighted.

3. Changing color of levels - when using multiple instances of Recent SR and the levels of different periods are the same the rectangle has diff colors, with fibo objects this does not seem to happen. Which may be good or preferred.

4. HigherUniqueLevel - Again with multiple instances it would be nice that the higher TF rules and so only the fibo/rectangle of higher TF is shown. Say a D1 and H1 have the same price level then the D1 level overrides H1 and is shown as the SR also consider 3 instances say W1, D1 and H1 then the W1 SR would rule until broken as in #2. This may be a challenge as each instance of RecentSR would have know what the higher TF levels are.

5. One fibo object per band/zone - SR is a zone so could, as u do group QP in a band, but place fibo object on the QP that is closest to the average of the QP in the band. Will clear up the chart for easier reading

6. Notice that when I set chart to weekly it placed two rectangles on some fractals which actually made the SR rectangles disappear as the color was red. I was testing CHFJPY on IBFX weekly TF.

7. ExtremeLookbackCandles - as price heads to extremes of previous price action no candles may be in the range of normal look back parameter, however if we look back for 300 candles we will find SR levels that the market will respect. So this option would only be used if no candles/price action are range of the LookbackCandles at that price level.

Give me ur thoughts and feeback. As normal thanks for all ur work, I use PlotNews/Recent News everyday and just love it

Thanks for your feedback. I'll consider your ideas for enhancements when I get some spare time.

thanks for it!

Hello, I was wondering if you could could code something into the recent sr indicator for me! Im having a hard time knowing when new lines are pop up on my charts and was wondering if you could code something that would help with that, if you have time. It would be nice for the line to show a different color or size of the most rescent line. This would help my trading a lot thank you!!

Sorry, I don't understand. Given that all of the lines are re-plotted during the same cycle, how do you define the most recent line?

If you mean lines that have appeared since the last refresh, then it would depend on your parameter settings. For example, you could add an additional instance of the indicator to the chart, with LookbackCandles = 1, and a standout color. Then every time a line is plotted off the high/low of the last completed candle, it would be painted in the standout color.

With the settings I am using, whenever the indicator refreshes I am guessing a different line appears? When the line does appear there is a move in the opposite direction and I would like to catch the move. Is there anyway that I can get an alert for this please! A text or email alert with the price the refreshed line is at please? I would like this so when I am at work I would be able to trade. This would be so helpful to me because I am not able to sit by my computer all the time. Thank you!!

I'm sorry, I'm too busy at present to take on any more programming requests, espcially those that are complex. What you are describing is not trivial, and needs further dicsussion, as there are many unknowns in your request (e.g. what settings are you using? which lines would the alerts apply to? how far does price need to bounce from a line before the alert would sound? how far does price have to move in the original direction, to constitute a 'move'? how many times should it alert if price repeatedly bounces off a level? what if price breaks another level before it bounces? etc etc)

I have a lot of enhancements planned for this indicator, which I will attempt to address if/when I finally get some spare time. Alerts are on that list.