The author gives his/her secret away. Understand the points below and you will understand how the horizontal lines are calculated. As a starting point the text between the brackets is a hint, you just need to workout the calculations for all the horizontal lines yourself. If you know your MQL4/MQL5 you can create your own indicator. Example attached.
1: Scalper-1Minute-5Minute Charts. This Indicator Updates Once Per Day. (The indicator bases its theory on the previous day high/low)
2: Short Term-15M-1hr Charts. This Indicator Updates Once Per Week. (The indicator bases its theory on the previous week high/low)
3: Long Term-4HR Charts. This Indicator Updates Once Per Month. (The indicator bases its theory on the previous month high/low)
Hey Lurch, it seem you have a great grasp on the situation. Can you estimate, to the best of your knowledge, how is it specifically made?
- does the scalping works on a system where the author separately, daily makes and marks on each high and each low or is it an average located in between these two chart territories?
I would love a detailed explanation on how to make each one of the three you have mentioned in your post.
Ive tried to retrace and mark the highs and the lows of the previous days on M15, trying to mimic your process for the scalping version of RedKnight.
Please let me know what do you think about the attachment below.