MAD Levels - Long Term Lines - May 2024
MAD Levels
Long Term Lines
For the month of : May 2024
Updated as of : 20204.05.02
Points to note:
1. This indicator is to be drawn on a S&P /ES futures chart.
2. The starting point of a line may not land on a candlestick bar on your chart due to 2 reasons:
(a). Futures contract rollover happens every 3 months, so charting platforms adjust prices of the expired futures contract in order to transition smoothly to the price of the new futures contract.
(b). The levels are grouped together by the day they are detected, and are arbitrarily assumed to have started past midnight New York time. Therefore, they may not match your current local timezone or your chart timeframe.
The above visual differences will not impact the effectiveness of the lines.
3. Adjustment of the time zone on your chart to coincide with New York time zone is not necessary as these lines are drawn to last for months and a few hours' difference is not significant.
4. Short term lines look back 3 months and long term lines look back 4 months. So when new ones appear, old ones that fall out of this range will be dropped.
5. The TradingView platform has its limitations, therefore the indicator-drawn lines will not draw as well as compared with manually-drawn lines. These limitations include:
(a). When multiple semi-transparent lines of the same color and same level are drawn over each other, they do not appear to be of a more solid shade.
(b). When a Long-Term line of a certain color overlaps a Short-Term line of a different color, a new color should appear. However, if there are too many lines to be drawn, resource limitations of TradingView may prohibit the overlapped lines' colors to show correctly, or may even only show one set of lines instead. If this happens, one may need to hide and unhide one set of lines and visually infer where they overlap.
6. A new indicator is released every month. If you would like to receive updated indicators, please send an email to: rainmakersg@gmail.com
Long Term Lines
For the month of : May 2024
Updated as of : 20204.05.02
Points to note:
1. This indicator is to be drawn on a S&P /ES futures chart.
2. The starting point of a line may not land on a candlestick bar on your chart due to 2 reasons:
(a). Futures contract rollover happens every 3 months, so charting platforms adjust prices of the expired futures contract in order to transition smoothly to the price of the new futures contract.
(b). The levels are grouped together by the day they are detected, and are arbitrarily assumed to have started past midnight New York time. Therefore, they may not match your current local timezone or your chart timeframe.
The above visual differences will not impact the effectiveness of the lines.
3. Adjustment of the time zone on your chart to coincide with New York time zone is not necessary as these lines are drawn to last for months and a few hours' difference is not significant.
4. Short term lines look back 3 months and long term lines look back 4 months. So when new ones appear, old ones that fall out of this range will be dropped.
5. The TradingView platform has its limitations, therefore the indicator-drawn lines will not draw as well as compared with manually-drawn lines. These limitations include:
(a). When multiple semi-transparent lines of the same color and same level are drawn over each other, they do not appear to be of a more solid shade.
(b). When a Long-Term line of a certain color overlaps a Short-Term line of a different color, a new color should appear. However, if there are too many lines to be drawn, resource limitations of TradingView may prohibit the overlapped lines' colors to show correctly, or may even only show one set of lines instead. If this happens, one may need to hide and unhide one set of lines and visually infer where they overlap.
6. A new indicator is released every month. If you would like to receive updated indicators, please send an email to: rainmakersg@gmail.com