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Alt 05.03.13
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Sorry for the confusion, I neglected to post the this indicator. The Trade Assistant EA is looking for the levels created by our support and resistance indicator to determine TP and SL and reinforcing trades.

This is not your ordinary support and resistance, it is derived from the following, which is based on the principal that previous signs of strength or weakness, based on volume and spread configuration, create levels of support or resistance, unlike the normal idea of support and resistance which is about psychological levels or trendlines.

UP Bar = the close of this bar is above the close of the previous bar
DOWN Bar = the close of this bar is below the close of the previous bar

Creation of SR lines
*An up bar that produces a green support/resistance (SR) line means that the bar exhibits a sign of buying (up movement) strength and higher volume than the previous bar.
*An up bar that produces a red SR line means that the bar exhibits a sign of selling strength and higher volume than the previous bar.

*A down bar that produces a SR line means that the bar exhibits a sign of selling (down movement) strength and higher volume than the previous bar.
*A down bar that produces a SR line means that the bar exhibits a sign of buying strength and higher volume than the previous bar.

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The Deletion of SR lines
* green (up strength) SR lines are ONLY deleted when there is a down strength bar created that closes below the close of the former UP or DOWN(down bar that shows buying strength) bar that created the green SR line.

*red (Down strength) SR lines are ONLY deleted when there is an UP strength bar created that closes above the the close of the former DOWN or UP(up bar that shows selling strength) bar that created the red SR line.

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Signs of buying strength for UP bars:

1. Signs of buying strength in UP bar
- the close of the bar is above the open
- the close is at or above the exact middle point of the bar (middle determined bet. high and low of bar)
- OR both open and close are at the same price level but above the middle of bar
- volume is higher than the previous bar

Signs of buying strength for DOWN bars:

2. Signs of buying Strength in Down bar
- the close of the bar is below the open
- the close is above the exact middle point of the bar (middle determined bet. high and low of bar)
- OR both open and close are at the same price level but below the middle of bar
- volume is higher than the previous bar

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Signs of selling strength for DOWN bars:

1. Signs of selling strength for DOWN bars:
- the close of the bar is below the open
- the close is at or below the exact middle point of the bar (middle determined bet. high and low of bar)
- OR both open and close are at the same price level but below the middle of bar
- volume is higher than the previous bar

2. Signs of selling strength for UP bars:
- the close of the bar is above the open
- the close is below the exact middle point of the bar (middle dertermined bet. high and low of bar)
- OR both open and close are at the same price level but below the middle of bar
- volume is higher than the previous bar

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***These rules only apply to 1hr and Daily charts
***Both the 1hr SR lines and Daily SR lines should appear on the 1hr chart - Daily SR lines are solid horizontal lines and 1hr SR lines are dotted
***ONLY the Daily SR lines should appear on the Daily chart - soild horizontal lines
****The lines should update at the open of every new 1hr bar



Angehängte Dateien
Dateityp: mq4 MetaNeural_VSA_SR.mq4 (8,7 KB, 64x aufgerufen)
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