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Re: Trading Pullbacks System

743 by schmurex
Here is a modified version of the Supply and demand indicator.
Since I believe that using 3 TF is critical I have added an auto TF feature that allow to display S&D on 1 or 2 TFs above (what I use)
I have added a 3 TFs Up option that would allow to see H1 from M1 as you do Meyney.
(M30) is discounted as too close to M15 and H1...)
Hope it works for you as I'm no coder, just learning, thanks to the great coders here who offer their works as mql4 files for everyone to study their code,
(edited indicator to get the full input line "CommentTfUp" readable with all options available)
II_SupDem_v2.32_AutoTF.mq4 Downloaded 372 times 64.96 KiB
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Re: Trading Pullbacks System

746 by Meyney
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'.
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Re: Trading Pullbacks System

747 by schmurex
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
GY_M1250521.JPG

Re: Trading Pullbacks System

748 by Meyney
schmurex wrote: Wed May 26, 2021 7:30 am 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 helpsGY_M1250521.JPG
We have had already a few discussions here about SR and SD in this thread we know the difference, so perhaps scroll back to find out . Chart attached for you (SD not SR), hope this will help ;) 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.
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Re: Trading Pullbacks System

749 by schmurex
Meyney wrote: Wed May 26, 2021 8:13 am We have had already a few discussions here about SR and SD in this thread we know the difference, so perhaps scroll back to find out . Chart attached for you (SD not SR), hope this will help ;) 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.
Sorry I didn't see that discussion although I thought I had read the thread from the beginning. I probably missed it.
According to the code SD zones taken out will be removed at the next candle.
If you're looking at H1 SD zones on a M1 chart, next H1 candle might be a lot of of M1 candle away. I have tried to modify the code to get it removed right away but so far I didn't succeed.
I probably misunderstood your remark about the indicator plotting zones only when the direction is already made.... ;)

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