Hi,
I have seen a proprietary MT4 indicator that shows highs and lows as horizontal lines for user specified timeframes and lets the user set how far back in history the H/L data is taken from
The theory is that H/L of major timeframes can act as important support/resistance levels in the future
Does such a marketscope indicator exist and if not could it be compiled?
For example for settings
M1, 12
W1, 20
D1, 50
H/L lines would be drawn for the prior:
12 monthly candles (24 lines in total(12H & 12L))
20 weekly candles
50 daily candles
ideally the user could specify which 3 timeframes to choose, the colour, style and thickness of each line
Because these historic line levels are absolute values, such line positions would show at the same relative price levels regardless of which chart timeframe the indicator is placed on