Market Boss
This indicator uses dynamic support and resistant channels which are very useful measure for technical and quantitative analysis in financial markets that help identifying trends and trend direction. The use of standard deviation gives traders ideas as to when prices are becoming overbought or oversold relative to the long term trend
The basis of a support and resistance channel
Central Line – is a line drawn according to the least-squares statistical technique which produces a best-fit line that cuts through the middle of price action, a line that best fits all the data points of interest. The resulting fitted model can be used to summarize the data, to predict unobserved values from the same system. Central Line then present basis for the channel calculations..it work as main support and resistance.. price above central line means bullish indication and price bellow it means bearish indication.. some times price reverse by touching central line so its very use full for scalper for short trades
The support and resistance channel
2. Upper support line – A line that runs parallel to the central line and is usually one to two standard deviations above the central Line.it work as resistance.. price mostly fall down touching this upper support line
3. Lower resistance line – This line runs parallel to the central line and is usually one to two standard deviations below central Line. It works as support.. price mostly goes up by touching this line
Direction of trend : When channel is upward facing means bullish trend so traders may only look for buy entry and when channel is downward facing means bearish trend so trader may look for short entry...and when channel is parallel means side way market so traders may away from market
█ Volume / Volatility Add-Ons
High Volatile Bar Indication
Volume Spike Bar Indication
Volume Weighted Colored Bars
You can use it any finical markets.. like stocks, forex ,crypto and commodity
Also added function of ATR and volume change to show buy and sell signal...so it helps trade to make decision for entry and exit
Use it with other indicator for better entry and exits....
The basis of a support and resistance channel
Central Line – is a line drawn according to the least-squares statistical technique which produces a best-fit line that cuts through the middle of price action, a line that best fits all the data points of interest. The resulting fitted model can be used to summarize the data, to predict unobserved values from the same system. Central Line then present basis for the channel calculations..it work as main support and resistance.. price above central line means bullish indication and price bellow it means bearish indication.. some times price reverse by touching central line so its very use full for scalper for short trades
The support and resistance channel
2. Upper support line – A line that runs parallel to the central line and is usually one to two standard deviations above the central Line.it work as resistance.. price mostly fall down touching this upper support line
3. Lower resistance line – This line runs parallel to the central line and is usually one to two standard deviations below central Line. It works as support.. price mostly goes up by touching this line
Direction of trend : When channel is upward facing means bullish trend so traders may only look for buy entry and when channel is downward facing means bearish trend so trader may look for short entry...and when channel is parallel means side way market so traders may away from market
█ Volume / Volatility Add-Ons
High Volatile Bar Indication
Volume Spike Bar Indication
Volume Weighted Colored Bars
You can use it any finical markets.. like stocks, forex ,crypto and commodity
Also added function of ATR and volume change to show buy and sell signal...so it helps trade to make decision for entry and exit
Use it with other indicator for better entry and exits....
Versionsinformation:
remove some volume bugs
Versionsinformation:
added label for better trend following indication