Speedlines

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Speedlines

Postby Apprentice » Mon Feb 26, 2018 4:30 pm

Speedlines.png

LUA Original:

Description: viewtopic.php?f=17&t=2783

This is the MT4 version of the LUA original indicator "speedlines". Speed resistance lines are a fan similar to the Fibonacci fan. However, rather than using Fibonacci numbers, the fan uses calculations by thirds.

Draw a Trend Line object from the minimum and maximum points of an identifiable trend to create the reference line. Three other lines are drawn fanning out from this line at angles of 33.33%, 50.0% and 66.66%. These lines represent lines of possible price support on retracement. They may give insight not only to the degree of retracement but also the rate of retracement (hence the term "speed lines").

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