Meyney wrote: Wed May 26, 2021 3:48 am
Today was better=easy for gy 1M. Sitting on your hands while price is taking off is difficult. SD zones will help. Problem with almost all SD indi's here is they will only plot the zones when the direction is already made=when down only SD's at the highs/when up only SD's at the lows. Try to create SD zones also for 'the other side'.
Hi Meyney,
I think what you're after is a Support and Resistance indicator. The zone drawn on your chart is SR (see magenta lines on my chart)
As the theory goes, the more SR lines are tested the stronger they get, Price will eventually pass through and they would flip from S to R and the opposite, but they are not negated. (if you scroll back, the magenta lines have been a flip zone for a very long time).
On the other hand Supply and Demand are a whole different breed, the more they are tested the weaker they become until eventually price take them out even by one pip and they're negated and removed. Usually to trade S&D, one would only rely on "fresh"(non tested) zone or tested only once...
On the picture you can see that older SD zones remain above and below the current swing.
As price goes down it removes Demand zones (outlined blue zone) and create new supply zone (solid red).
For me this indicator does not draw SD zones correctly and some of them are not even valid zone on the current TF. But higher TF zones are usually good enough, that's why I have posted this modified version that allow to display Higher TF SD zones automatically as you move through different TFs.
Hope that helps
Agree htf SD zones will certainly help. Also some SD zones will stay a little bit longer, will not vanish when they are taken out by one pip.