MT4. Multi-function indicator automatically detects and draws wave channels, as well as support and resistance lines. reveals this trend of the younger phase and the breakout limit of the older one. This is not a regular channel. It functions on a completely new principle. The algorithm for constructing the channel is based on the principle of the law of the golden section. It functions on the charts of any instrument.
For superior perception, the channels are colored in different colours.
- the channel with a blue background is the main channel up.
- the channel with the red background is the main channel down.
- the channel with a green background is a side channel (flat).
- blue channel without background-correction up.
- red channel without background-correction down
- the blue ray is an inclined support line. The border of the higher trend to the bottom.
- the red ray is an inclined resistance line. The border of the higher trend to the top.
Control is performed by one parameter from the graph, by entering a value from 5 to 300 in the cell field. This value is comparable to the value of the average Moving Average. Given the price change at an early stage, the channel may expand, but in the future it will not narrow its scope and will show the direction and boundaries of the wave. Correction and side channels are predictive in nature and may not always be further developed.
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Additionally, the resulting calculations are displayed on the screen:
- numbered pattern by the vertices and depressions of the graph.
- lines of round levels.
- Fibonacci levels.
Each pattern has its own unique number. For example, pattern 3939 would mean trend up, 7171 or 6161 trend down.
In the menu, you can enable drawing resistance and support lines along the ZigZag vertices.
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