Retracement grid indicator - MT4/MT5 resources
I was wondering if anyone knew of an indicator or could build one like the example below.
Level 20Y times
Level 19X times
Level 18 W times
Level 17 T times
Level 16 S times
Level 15 R times
Level 14 Q times
Level 13 P times
Level 12 O times
Level 11 N times Level 10 M times
Level 9 L level 8K times
Level 7 J times
Level 6 H times
Level 5 F times
Level 4 E times
Level 3 D
Level 2 C
Level 1 B
Level 0 A time
Input of the indicator:
Point value (distance between levels)
x1 represents the step
y1 is the reverse period length (the period the indicator will check)
ex 1:
Value = 50 points The price starts at level 0 and goes up to level 1 or above, but not to level 2 (worth 50 points or more, but not above 100 points), then the price goes back to level 0.
So level 1 will be displayed once
ex 2:
The price starts at level 0 and rises to level 2 or passes but does not reach level 3, then the price returns to level 1. So level 2 will be displayed 1 time.
Every time the price returns to the "value" in this case, 50, it starts counting from the new 0 level
The indicator will plot points at each specific level on the chart and display the number of that level next to it.
Send an alert when the current price reaches a specified level.
Level 20Y times
Level 19X times
Level 18 W times
Level 17 T times
Level 16 S times
Level 15 R times
Level 14 Q times
Level 13 P times
Level 12 O times
Level 11 N times Level 10 M times
Level 9 L level 8K times
Level 7 J times
Level 6 H times
Level 5 F times
Level 4 E times
Level 3 D
Level 2 C
Level 1 B
Level 0 A time
Input of the indicator:
Point value (distance between levels)
x1 represents the step
y1 is the reverse period length (the period the indicator will check)
ex 1:
Value = 50 points The price starts at level 0 and goes up to level 1 or above, but not to level 2 (worth 50 points or more, but not above 100 points), then the price goes back to level 0.
So level 1 will be displayed once
ex 2:
The price starts at level 0 and rises to level 2 or passes but does not reach level 3, then the price returns to level 1. So level 2 will be displayed 1 time.
Every time the price returns to the "value" in this case, 50, it starts counting from the new 0 level
The indicator will plot points at each specific level on the chart and display the number of that level next to it.
Send an alert when the current price reaches a specified level.
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