Golden Zone Power Mining Indicator
Gold zone power mining indicators
The Golden Levels concept was born out of the pursuit of finding only the most profitable and probable S/R (Support/Resistance) levels to trade: those that would give us high returns with minimal risk. Therefore, I started a thread a few months ago discussing this trading method.
I have now released what I consider to be one of the most dynamic and advanced S/R level detection metrics for FF to date. It generates not only levels defined by recent highs or lows, but also levels on all timeframes. The strongest levels tend to be those formed by the greatest number of highs and lows, and are found deep in the price range. This indicator will find them for you.
Tutorial on Trading Gold Levels: Click Here
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Not only is this indicator very powerful, but it's also fun to use as you move the vertical line and the S/R level changes in real time. Chart and S/R (Support/Resistance) analysis becomes fun and no longer a chore.
Gold level miners will mine S/R levels that are difficult to detect with the naked eye. It will consider highs and lows from several years ago (as far back as the data source) or only highs and lows within the time frame identified by the vertical line.
How to use the Golden Zone Power Miner
Method #1 (Long term): By default, the GL power miner will calculate levels based on the highs and lows of each time frame. When you switch between timeframes it will regenerate levels based on the new TF highs and/or lows. Set removes levels on TfChange Set to false if you want to keep drawn levels when switching between TFs. This way you can see which levels are most important as they are generated multiple times in multiple TFs and overlap, creating stronger price reaction areas.
After generating levels on a specific TF. If you want to check levels on different timeframes and have the indicator generator set new levels on the TF you want to switch to, then set both Remove Level on TfChange and Remove Level on TfChange to false.
The following GBP/JPY chart shows H4 and Daily TF gold levels generated by setting TfChange to remove levels when false and switching between them.
The indicator not only identifies several turning points worth hundreds to thousands of points, but also reveals areas that caused price stagnation following Brexit news.
Method #2 (Short Term): (Really fun). Use one or two vertical lines to limit horizontal digging to a specific time frame. As you move them (one or both) within the time frame, you will see the most important levels generated in real time. If you use only one vertical line, the indicator will use the last (most recent) price bar as one of the starting points. This method is particularly useful if you want to display gold levels for a specific price range (using two vertical lines) or just get the latest levels (using one vertical line). If you want to prevent the indicator from generating levels every time it switches between TFs, set Remove levels on TfChange to false. This feature is useful if you only want to generate levels using vertical lines so that you can focus on a specific range when searching for levels.
______________________________________________________________________________________________________________
You always want to look for levels within a range that price is about to approach. This is where method #2 comes in. (If you wish, you can confirm the strength of this level by switching the TF (Method #1) to see if the level also occurs at a higher TF and earlier time.) Method #1 by itself will usually give you good scalping or swing trading.
Take EUR/USD as an example: the price fell below the range (gold frame) and then returned to the range. At what level in this range is the price likely to bounce (so that we can enter a short trade)? This indicator reveals the required levels and gives us up to three potential entry points.
The video below shows method 2 in action on EUR/GBP. We draw two vertical lines around a price range where price is close and we can expect price to reverse or at least rebound. The indicator plots 5 levels, 4 of which are closely connected and located deep within the range, making for excellent short prices. Adding the trendline as a confluence factor gives all the reasons to short from this area.
Another example with NZD/JPY. Notice how the price breaks out of the red levels that most traders would short (defined only by the outermost low range), while the first triggered gold level almost hits the pip value.
Tip #1: If you want to know where most gold levels are clustered, set LevelNumber to a higher number. Note that if the numbers are larger, it will take some time to generate them on the lower timeframes because the indicator needs to calculate more highs and lows.
Tip #2: You can always add your own levels on top of the generated gold levels. When you change the vertical line and/or time frame, the levels you added manually will remain on the chart and the generated levels will be removed.
Tip #3: Since removing the individual levels generated by the indicator can be time-consuming, download the Golden Level Remover to your MT4 scripts folder and set up a hotkey combination (eg: Ctrl+X) to effectively remove all generated levels drawn on a given chart.
IMPORTANT: Gold Power Miners will dig up tons of gold nuggets and do the hard work for you, but sometimes they need to be dusted off. Always verify that the level meets the definition of the gold level method and that there are no better levels nearby that miners may have missed. Please read the brief overview at the link below to learn more about Gold Level trading:
Gold Level Trading Tutorial
Enjoy and try out these settings.
Have fun mining and make money!
Q
The Golden Levels concept was born out of the pursuit of finding only the most profitable and probable S/R (Support/Resistance) levels to trade: those that would give us high returns with minimal risk. Therefore, I started a thread a few months ago discussing this trading method.
I have now released what I consider to be one of the most dynamic and advanced S/R level detection metrics for FF to date. It generates not only levels defined by recent highs or lows, but also levels on all timeframes. The strongest levels tend to be those formed by the greatest number of highs and lows, and are found deep in the price range. This indicator will find them for you.
Tutorial on Trading Gold Levels: Click Here
______________________________________________________________________________________________________________
Not only is this indicator very powerful, but it's also fun to use as you move the vertical line and the S/R level changes in real time. Chart and S/R (Support/Resistance) analysis becomes fun and no longer a chore.
Gold level miners will mine S/R levels that are difficult to detect with the naked eye. It will consider highs and lows from several years ago (as far back as the data source) or only highs and lows within the time frame identified by the vertical line.
How to use the Golden Zone Power Miner
Method #1 (Long term): By default, the GL power miner will calculate levels based on the highs and lows of each time frame. When you switch between timeframes it will regenerate levels based on the new TF highs and/or lows. Set removes levels on TfChange Set to false if you want to keep drawn levels when switching between TFs. This way you can see which levels are most important as they are generated multiple times in multiple TFs and overlap, creating stronger price reaction areas.
After generating levels on a specific TF. If you want to check levels on different timeframes and have the indicator generator set new levels on the TF you want to switch to, then set both Remove Level on TfChange and Remove Level on TfChange to false.
The following GBP/JPY chart shows H4 and Daily TF gold levels generated by setting TfChange to remove levels when false and switching between them.
The indicator not only identifies several turning points worth hundreds to thousands of points, but also reveals areas that caused price stagnation following Brexit news.
Method #2 (Short Term): (Really fun). Use one or two vertical lines to limit horizontal digging to a specific time frame. As you move them (one or both) within the time frame, you will see the most important levels generated in real time. If you use only one vertical line, the indicator will use the last (most recent) price bar as one of the starting points. This method is particularly useful if you want to display gold levels for a specific price range (using two vertical lines) or just get the latest levels (using one vertical line). If you want to prevent the indicator from generating levels every time it switches between TFs, set Remove levels on TfChange to false. This feature is useful if you only want to generate levels using vertical lines so that you can focus on a specific range when searching for levels.
______________________________________________________________________________________________________________
You always want to look for levels within a range that price is about to approach. This is where method #2 comes in. (If you wish, you can confirm the strength of this level by switching the TF (Method #1) to see if the level also occurs at a higher TF and earlier time.) Method #1 by itself will usually give you good scalping or swing trading.
Take EUR/USD as an example: the price fell below the range (gold frame) and then returned to the range. At what level in this range is the price likely to bounce (so that we can enter a short trade)? This indicator reveals the required levels and gives us up to three potential entry points.
The video below shows method 2 in action on EUR/GBP. We draw two vertical lines around a price range where price is close and we can expect price to reverse or at least rebound. The indicator plots 5 levels, 4 of which are closely connected and located deep within the range, making for excellent short prices. Adding the trendline as a confluence factor gives all the reasons to short from this area.
Insert video
Another example with NZD/JPY. Notice how the price breaks out of the red levels that most traders would short (defined only by the outermost low range), while the first triggered gold level almost hits the pip value.
Insert video
Tip #1: If you want to know where most gold levels are clustered, set LevelNumber to a higher number. Note that if the numbers are larger, it will take some time to generate them on the lower timeframes because the indicator needs to calculate more highs and lows.
Tip #2: You can always add your own levels on top of the generated gold levels. When you change the vertical line and/or time frame, the levels you added manually will remain on the chart and the generated levels will be removed.
Tip #3: Since removing the individual levels generated by the indicator can be time-consuming, download the Golden Level Remover to your MT4 scripts folder and set up a hotkey combination (eg: Ctrl+X) to effectively remove all generated levels drawn on a given chart.
IMPORTANT: Gold Power Miners will dig up tons of gold nuggets and do the hard work for you, but sometimes they need to be dusted off. Always verify that the level meets the definition of the gold level method and that there are no better levels nearby that miners may have missed. Please read the brief overview at the link below to learn more about Gold Level trading:
Gold Level Trading Tutorial
Enjoy and try out these settings.
Have fun mining and make money!
Q
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