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Random Walk (The unbeatable!) - MT4/MT5 Resources

author EAcpu | 5 reads | 0 comments |
It is said that the market is a random walk. After many years of trading, I do believe that the market is a random walk with drift (drift means the current trend).
So, in a roulette sense, the random walk is black or red with a 50% probability (ignoring zero). Some of you will argue that markets are not random. I totally respect that. But unfortunately, the market is very close to a random walk.
I designed a support and resistance indicator (using the Abquark indicator, kudos to him). You'll find that the prices do fit within these levels. Try these indicators and you'll see how important they are.

Just use RW-SupportResistanceALL on the chart (these indicators are calculated using ATR-Close). Please use this indicator on a 5-minute chart for it to work properly.
After attaching them to the chart, you have to draw Fibonacci retracements starting from "D1 Res 0" towards "D1 Sup 0". Attached is a chart image

Attached picture (click to enlarge)
Click to Enlarge

Name: ES_M17M2.png
Size: 56 KB


That's it for now.

EDIT: I modified the indicator so that only this indicator (RW-SupportResistanceALL) is used on the chart. It will use ATR-Close indy in the background so both must be downloaded

appendix
[EX4] ATR-Close.ex4 10 KB | 2,408 downloads

appendix
[EX4] RW-SupportResistanceALL.ex4 17 KB | 2,501 downloads
ES_M17M2.pngGBPJPYH1.pngzscore.pngRLITS 336.png
ES_M17M2.pngGBPJPYH1.pngzscore.pngRLITS 336.png
ES_M17M2.pngGBPJPYH1.pngzscore.pngRLITS 336.png
ES_M17M2.pngGBPJPYH1.pngzscore.pngRLITS 336.png
ES_M17M2.pngGBPJPYH1.pngzscore.pngRLITS 336.png
ES_M17M2.pngGBPJPYH1.pngzscore.pngRLITS 336.png

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