Hey there, fellow traders! Let’s dive into the world of the Madlen 5.0 indicator, which is a fantastic tool for identifying support and resistance levels in your trading strategy.
The Madlen lines are much like your classic support and resistance lines. The beauty of these lines is that they avoid those pesky false breakouts; you might even call them the "true trend lines." They come into play when you draw them based on specific trading signals.
Here’s how it works: when you draw a line that slopes up at a 45-degree angle, you're looking at a support line. Conversely, if the line slopes down at a 315-degree angle, that's your resistance line. Simple, right?
Remember, the more traders focus on a particular support or resistance line, the more likely it is that those lines will flip roles in the future. For example, a support line can become a resistance line and vice versa. A solid signal to watch for is when the body of a candlestick closes beyond the line or when a new candlestick opens outside that area. This is when the price starts to form parallel trend channels.
But that’s not all! Different types of triangles can also form within these channels. Pay special attention to the midpoint of the triangle, especially as it nears completion. The price action within the triangle often builds momentum, leading to a breakout beyond its limits. The triangles are drawn using various colored lines, while the channels typically use a single color.
To get a deeper understanding, check out the link below:
Input Parameters:
string str="Madlen v5";externstring __="Signal delivery";externbool cfg_Signal=false;externstring _="Parameters of drawing";externint cfg_Period=0;//D1externint cfg_MaxBars=5;//number of candlesticks to be drawnexternbool cfg_Ray=true;//drawing by rays or notexternbool cfg_DrawLast=true;//drawing of next to the last candlestick.externbool cfg_DrawFibo=true;//drawing of Fiboexternstring _Session="Settings of sessions drawing";externbool cfg_DrawSession=true;externcolor cfg_SessionColor1=MediumTurquoise;//Europeanexterncolor cfg_SessionColor2=Gainsboro;//Americanexternstring _Risks="Risks";double cfg_RiskLots=0.1;extern double cfg_Risk=0.01;extern int cfg_RiskLevelPoint=25;
Madlen 5.0
Comments 0