MT Support/Resistance (SR) Study. The MTSR study has 4 components:
- Bull/Bear Spread: Measures and identifies bullish/bearish sentiment in an easy to read scoreboard
- Support/Resistance Band Algorithm; Dynamically paints SR1 an SR2 levels (support/resistance zones) on M10 charts. Also identifies trends on a “flip” (SR1 above SR2 = bullish; SR1 below SR2 = bearish)
- Quick view Buy/Sell Signal: +1 = BUY Signal, 0 = Neutral, -1 = SELL Signal
- Arrows confirms and identifies the establishment of potential new trends
MT Oscillator: MTOSC measures buying and selling activity (money flowing into and out of the market) in real-time on any time frame.
Uses a real-time data algorithm (no smoothing or lag) and a 7 and 21 period MA of the real-time algorithm to create a crossover system to identify trends and over-bought and over-sold conditions.
MT Synth Volume: MTSYNTH is a momentum indicator but uses real-time internal market data without smoothing.
Uses a type of ‘bar analysis’ to determine if that bar is bullish or bearish, we assign a value to that, and then do a cumulative (not average) score to determine if the price action is bullish or bearish.
It gives us a real-time indication of what volume would look like if it was ‘honest’.
MT Renko Cloud: MTRENKO is a variation of a Renko chart, but painted as a cloud. We use it to determine ‘fair value’ areas as shown in the videos below.
The goal of this study to eliminate the ‘noise’ around market moves and assess when prices are trending too far above or too far below ‘fair value’ areas.
The study has an automatic Brick-Size with desired number of bars ATR.
The ATR Average Type is defaulted to WILDERS, but you can change the script to anything you wish… EMA or SMA etc. WILDERS is the traditional.
In other words it takes the last 120 bars average of the ATR. No adjustment is necessary unless you want to use a shorter average number of bars of the ATR.