TCotOD MT5 (The calculation of the opening day) building levels and areas of support / resistance at the opening of the trading day. the opening of the trading day is considered to 0:00 GMT (UTC).
Indicator is represented by five and ten Zones levels (five levels of support and resistance levels five). The levels are distributed throughout the day range. The last of them form the boundaries beyond which the price in the halcyon days, does not come out. In those days, when the expected important news (non-farm payrolls, the data on interest rates, unemployment data, it Heads of central banks), these limits can be breached. Therefore, extreme levels serve as an excellent venue for pending orders on the rebound, but only until the end of the day. With the end of the day these orders (both pending and open) must be closed. The central zone (gray) is fulfilled well enough during the trends. Also this area works well during lateral movement, provided that the distance between the inner zone (pink zone and a zone of a light green color) over 50 points for four-quotations or more than 500 points for five-digit quotes. Levels for display of pending orders serve as a zone boundary, and the middle of this zone (this option is preferred).
If the distance between the inner zone of about 50 points for four-quotes (about 500 points for the five-digit quotes) or less, then, in the quiet days, the boundaries of these zones are the levels to be placed pending orders rebound. The outer zones have the same function as the internal, but the distance between the inner and outer zones no role.
An important point – prior to placing orders it is necessary to determine the current trend (upward or downward) in the timeframe H4 or D1.
If the expected yield of important news, the levels TCotOD MT5 indicator can be used as benchmarks for pending orders at the breakdown.
The indicator works on the timeframes under D1.
- days – the number of days to display
- gmt_shift – the difference (in hours) between the time GMT (UTC) and time of the terminal. Example 3; -5; 1, etc.
- show_levels – show / hide the levels and areas. true – and the zone levels are displayed; false – will be displayed only the central zone.
- zone_opening_day – the color of the central zone
- zone_resistance1 – Color inner upper zone
- zone_resistance2 – color external upper zone
- zone_support1 – the color of the inside of the lower zone
- zone_support2 – the color of the outside of the lower zone
- color levels of resistance
- rendering styles resistance levels
- resistance levels Width
- color support levels
- styles of drawing support levels
- levels of support width
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