Multiple Timeframe Trendline and Horizontal Support and Resistance Drawing Indicator

Multiple Timeframe Trendline and Horizontal Support/Resistance Drawing Indicator

Overview:

Requiring an indicator that will draw both trendlines and horizontal support/resistance on multiple timeframes and will display all on current timeframe.

Rules for Trendlines

Trendline drawing will be based on zigzag peaks. 

For resistance trendlines: : the most recent completed zigzag peak (to the left) that is higher than current price will be connected to the next most recent peak (to the left of previous peak) which is also higher than the first identified peak. A ray will join the peaks an project the line forward (to the right)

For support trendlines: : the most recent completed zigzag low (to the left) that is Lower than current price will be connected to the next most recent low (to the left of previous peak) which is also lower than first identified peak. A ray will join the peaks an project the line forward (to the right)

Rules for Horizontal Support and Resistance

Horizontal Support and Resistance will be all Zigzag peaks and troughs (highs/lows) during a “lookback” period.  Lookback period will be 200 bars of the chart the lines are being drawn on. A ray is draw from the origin of each peak/trough and projected forward (to the right)

Similar to trendline rules – horizontal support and resistance will be drawn on each timeframe, coloured different (same colour as trendlines) and visible on the current timeframe (can be changed in inputs settings).

Additional Requirements:

·         Can display all higher trendlines on current chart.(options in inputs to disable or customize)

·         As zoom in and out on a chart, should be able to see all relevant lines.

·         Will use standard zigzag with MT4 package – code must be internalized.  If coder can recommend another version of zigzag that is more efficient/responsive would be happy to hear recommendations.

·         Extensive comments are required in source code. This will be used in another indicator and needs to be easily understood by future coders to be modified later. Every aspect of the Indicator must be documented with comments. 

·         Timeframes to be included are: Monthly, Weekly, Daily, 4Hr, 1Hr, 15min, 5min, 1min

 ·         **If a trendline happens to use the exact same two zigzag peaks which were used on a higher timeframe  trendline, the trendline on the current timeframe will not be drawn.  This is important.  Only the higher timeframe trendline that uses those zigzag peaks or troughs will be included.  Please ask for clarification if this in unclear.  Horizontal Support and Resistance lines don't require this rule. 

Inputs

-          ZigZag Inputs can be set: Depth/Deviation/Backstep

Lines drawn on different timeframes will have different colours.  Ex lines drawn on all monthly will be same colour.  All drawn on weekly are different colour than monthly etc.. – Colours for each can be set in inputs. Colours are the same for trendlines and horizontal lines of same timeframe.

-          Can chose timeframes to display. 

 o   Display Current and all Higher Timeframes (true/false) (DEFAULT)

o   Display Only Higher Timeframes (true/false)

o   Display x timeframes (can customize which timeframes to display ex: Daily, Weekly, Monthly)

-         Horizontal Support and Resistance Lookback Period.  Default will be 200 Bars

  Have options to chose to display Trendlines, Horizontal Support and Resistance, or Both.  Display BOTH is default.