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Omega Support Resistance

Omega Support & Resistance

A unique indicator for buy low, sell high strategies

Reversal type entries, as price rises to the full length line, expect price to turn/swing/reverse

Can trade 1-5min charts with 4hr for interday setups or m15 and higher with daily, 1hr with weekly for long term setups


High precision future price predictor for high or low of any product for Weekly, Daily, 4hr and even 1hr charts

Best to use SonicR color bar indictor or similar to avoid entry at certain levels, watch the videos for how and why

MT4 version is free and so no support will be provided, only mt5 customers will receive support


<< Strategy >>

Buy at lower full length lines, sell at upper full length

Delay entry with opposite color candle


<< Steps >>

Attach indicator change input period_D1, then use 15min chart

(Period_4hr use 5min chart or lower)

Download SonicR PVA Candles from forexfactory or other site

Add to chart, these give color candles. Red and purple are range and volume downside risk.

So if looking to buy at or near full length lower lines (ignore short lines) then observe the red and purple bars, delay entry for 3 or 4 bars after 

Each red or purple, this will help when price is pushing down hard, delay entry is the idea. Also if several bars/candles close over the line such as 5 then consider the 

Full length line exhausted and price may fall lower to the next full length line.



Features


Unique support and resistance price levels
Limit to amount of days in history
Inputs to change lines, colors

Usage

This Indicator can be used solely for trading or in combination with other strategies
Providing high and low price levels for expected target and turning points, unique support and resistance -- see my videos for examples
This Indicator can be used with most asset groups, forex, commodities, indices etc
All time frames, non repaint, fast loading

When testing with MT5 simulator be sure to change input for ATR to less than 500

Color bar indicator is SonicR PVA Candles, I will try add to product list soon for now try find online


Important for trading and testing ***

Select Inputs timeframe: Daily when trading m10, m15, m30 chart
Select Inputs timeframe: 4hr when trading min 1-5

Select Inputs timeframe: 1hr when trading min 1-5

When setting up chart, sometimes changing time frames helps load the data, so change to 5 min then back to your desired time frame, perhaps a few other time frames until all levels can be seen on chart.  


Some advice

Money management and discipline are key, no one strategy or indicator will produce success, understanding losses will occur and how to recover them is key. Some days are all about giving back to the market, making small wins or losses, then some days wins can roll in, its about consistency and patience. Know your trading products as best as possible, their pros and cons; are they volatile or do they produce small moves, lower time frames should be for low spread products. Understand trade size and always trade safe, risk more with a separate account if you have a strategy with that in mind. Practice and back testing makes a great trader. 



Installation

Once downloaded the file will save automatically to indicators/market, drag and drop onto chart, adjust settings

Testing can be done with a demo - mt5 simulator for EA or indicators watch YouTube on how to test in mt5 simulator

*Using a color/volume indicator can show when to pause and not trade, search for SonicR PVA candles online -- be sure to use ATR 500 or less when testing



Updates

12 Mar 2023 - Added ATR value for inputs, change this to 500 or less for testing with simulator


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Leave a Comment after purchase to get 4 high quality indicators as Bonus. The Chart Patterns All-in-One indicator helps traders visualize various chart patterns commonly used in technical analysis. It supports identifying potential market behaviors, but profitability is not guaranteed. Testing in demo mode is recommended before purchasing. Current Offer : 50% discount on the "Chart Patterns All in One" indicator. Included Patterns : Pattern 1-2-3 : Detects market reversals using three key point
Market Reversal Alerts
LEE SAMSON
4.19 (113)
ON SALE - 30% OFF FOR 48 HOURS!!! Profit from market structure changes as price reverses and pulls back. The market structure reversal alert indicator identifies when a trend or price move is approaching exhaustion and ready to reverse. It alerts you to changes in market structure which typically occur when a reversal or major pullback are about to happen. The indicator identifies breakouts and price momentum initially, every time a new high or low is formed near a possible exhaustion point. Th
Blahtech Supply Demand
Blahtech Limited
4.61 (33)
Was: $299  Now: $99   Supply Demand uses previous price action to identify potential imbalances between buyers and sellers. The key is to identify the better odds zones, not just the untouched ones. Blahtech Supply Demand indicator delivers functionality previously unavailable on any trading platform. This 4-in-1 indicator not only highlights the higher probability zones using a multi-criteria strength engine, but also combines it with multi-timeframe trend analysis, previously confirmed swings
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Version 1.4 2023.06.18
Changed ATR lower to 500, so that when testing it can begin immediately.
When trading demo or live change ATR to 1000 and save template.

Be sure to see description for link to color bar indicator and template for best testing and future use of this indicator.