en Multidiagonals 2.0
Metatrader Indicator (MT4/MT5)
-
ℹ Overview
This indicator connects past price points drawing diagonals and trend lines, which converge in the future creating hidden reversal points.
- Find hidden reversal points
- Spot convergence zones easily
- It shows the future short-term price range
- Dense criss-cross zones are reversal points
- Configurable amount of lines and price points
- Configurable colors
The indicator draws several lines on the chart, and where many of these lines converge and criss-cross each other in the future, a potential reversal zone exists. It also draws trend-lines and channels as a by-product of its drawing logic, as well as confluence lines, which are drawn from old past prices to the current price, projecting the foreseeable short-term future price range.
- The price range projected by the confluence lines (blue lines) is the foreseeable short-term future price range.
- The diagonals drawn in the chart mean nothing, but when several lines are found together or crossing each other, there is a hidden reversal zone.
Anatomy of the indicator
The indicator draws several lines in the chart, and where many of these lines converge and criss-cross each other in the future, a potential reversal zone exists. It also draws trend-lines and channels as a by-product of its drawing logic, as well as confluence lines, which are drawn from old past prices to the current price, projecting the foreseeable short-term future price range.
- The price range projected by the confluence lines (blue lines) is the foreseeable short-term future price range.
- The diagonals drawn in the chart mean nothing, but when several lines are found together or crossing each other, there is a hidden reversal zone.
- ≡
Input parameters
When loading the expert to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks.
- Period
- This parameter controls the minimum size in bars between alternative prices points iterated by the indicator. A higher period means price points will be more separated from each other.
- Price Points
- This parameter is the amount of price points to select from the price history, to later connect them using lines from past to present.
- Ignored Points
- It is possible to prevent the indicator from drawing diagonals using the latest price points, to ascertain how accurate has been the indicator recently. By ignoring the last two price points, for example, you can see if the last two price reversals coincided with a past diagonal.
- Display Diagonals
- Enable this parameter to display diagonals in the chart. A diagonal is drawn by connecting a past price point with another past price point.
- Depth to display
- This parameter controls how many of the price points selected are connected to future price points. For example, if you choose to select 10 price points from the past and connect only 3 of them, the oldest 3 price points will be interconnected to the future, decreasing the line density.
- Line Color
- Choose the line color of the diagonal lines.
- Line Width
- Choose the line size of the diagonal lines.
- Display Confluences
- Enable this parameter to display confluence lines on the chart. A confluence line is drawn by connecting an old price point with the current market price, and it is useful to guess the foreseeable short-term future price range.
- Line Color
- Choose the line color of the confluence lines.
- Line Width
- Choose the line size of the confluence lines.
- ?
FAQ
- Does the indicator repaint?
- Yes, it must repaint as new price points appear in the chart.
- Can I decide how many diagonals to display?
- The amount of diagonals depend on the amount of price points you want to look back to the past, and the depth of the indicator iterating those price points to the future. Both can be controlled with input parameters.
- How do I find reversal points?
- Diagonals converge and criss cross each others in the future. Those are the key levels at which the market is more likely to react with a swing or a reversal in direction.
- I want to see less lines!
- Decrease the depth parameter and you'll see less lines.
- I want to see more lines!
- Increase the depth parameter to draw more diagonals.
- I want to see even more lines!
- Increase the Price Points and the Depth parameters of the indicator to see even more lines. This will look back more price points into the past, and make more connections into the future.
Screenshots
