It is a very useful and simple price indicator. It shows us the different levels of rebound of the price and allows us to mark it. It consists of two red lines that form the price swing range. A top line for top bounces and a bottom line for bottom bounces. Each line has two blue controls associated with it, with which you can raise or lower the bounce level to the next. Bounce points are detected by the indicator using a simple algorithm. To mark a rebound level, the red controls are used, one for each line, and a yellow line appears marking the level. When the price breaks a marked level, it will notify us with an alert. The same red controls are used for unchecking. The minimum range, the one that shows the bounce levels closest to the price, will be updated with each tick of the chart. The current spread values are displayed at the top left of the chart, as well as their width in pips.
In summary: 2 red lines to look for price bounce points, and 2 yellow lines to mark them and activate breakout alerts; blue controls to change the level of the red lines, and red controls to mark/unmark with yellow lines.
Features:
- Change of levels and marking are done directly on the graph, with the mouse, through the controls.
- When a marked level is broken it notifies us with a breakage alert.
- The minimum spread, formed by the two red bouncing lines closest to the price, will be updated with each tick.
- Works for any time frame.
- The controls can be disabled, and then you only have the minimum fork.
- Easy handling and very intuitive.
- Perfect for scalping.
- Signals the Ask price in the last 4 candles.
Related indicator: Fork 4
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