paaax

[PX] MTF Standard Deviation Level

Hello guys,

once again, I want to show you a different method for detecting support and resistance level. Today's approach is similar to the one I posted recently, but the way the level will be detected is different. I call it the multi-timeframe standard deviation level.

How does it work?


The method is similar to the way Bollinger Bands work. First, the indicator calculates the standard deviation, which can be influenced by the "Sensitivity"- and "Length"-setting.

  • Sensitiitiy - the higher the value, the fewer level will be shown
  • Length - simply the length for the standard deviation formula

Second, the detected value will be added (for resistance level ) or substracted (for support level ) from the current close. Once the upper or lower boundaries are crossed, a level will appear and keeps moving until the up- or downward movement finishes. Then the level will settle and stay in place.

Again, as seen in my previous indicator, you can control all the different styles and colors for the levels. The best part is, the whole thing works in a multi-timeframe fashion. In an example, you could select the "Daily" level and plot them on a 4-hour chart.

If you find this indicator useful, please leave a "like" and hit that "follow" button :)

Have fun, happy trading and once again Merry Christmas :)))
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http://www.pascal-simon.de - Custom indicator development

Comments

Very good. Clean and simple. Thanks bro
+1 Reply
@AGW, thanks man
Reply
Awesome script. Can you check your pm?

Thanks
Reply
Very cool! Well done!!!
Reply
paaax VASILYNIK
@VASILYNIK, thank you
Reply
i cant see the lines
Reply
Sorry bro....its working fine ,thanks lot
Reply
Hi bro,its not working
Reply
paaax guru484sn
@guru484sn, what specifically isn't working? found a bug? feel free to share
Reply
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