SONIC R SYSTEM (FOREX FACTORY) TEMPLATE RDH/RDL,RWH/RWL, Pivots lines in Tradeinterceptor!
I have been using SONIC R SYSTEM(forexfactory.com)'s template, this sonic r system is just system of EMAs and S & R lines,
Kindly see the picture, what is it look like
Now, you will see RDH/RDL, RWH/RWL, Pivot line and few other S&R lines,
To put more what are these lines, is here
High/Low Lines for the Day and Week-
You can display two horizontal lines, one for the computed range high target, and one for the computed range low target. The range is based on the averaging period you select (defaults: day=15, week=13).
The special range averaging process for the Day range lines skips any brief Sunday sessions of some brokers, which would drag the average down.
The week range lines use the standard ATR formula since brief Sunday sessions do not much affect the results.
A. Two conditions determine where range lines appear....
- Condition #1 - the Day/Week range has not exceeded the computed average range.
- The RDH/RWH line is the computed average range distance above the session Low.
- The RDL/RWL line is the computed average range distance below the session high.
- The lines will move as new highs/lows are achieved during the session.
This display shows how far price can move in either direction before exceeding the computed average range.
Condition #2 - the Day/Week range has exceeded the computed average range.
If price swings during the day/week TF cause the difference between the high and the low to equal the computed range, the range lines lock into place.
* This display will clearly show any subsequent breakout of the range.
I want to TI team to seriously look into this lines and please create for out app.
Please see, template of the sonic r system ( ver 2014) which has these lines.
This is the Sonic R system first thread