SMTV Indicator

17 août 2023

This indicator uses the ATR set to 2 to indicate Dynamic Support and Resistance levels. It also uses VWAP set to Weekly and a 50 Moving Average to indicate additional trend and support and resistance levels.

ATR x 2

View the Indicator on the 1H to Identify the Daily Support and Resistance levels.
This will be the Green and Red channel lines.
Red Line will indicate the daily Resistance Level.
Green Line will indicate the daily Support Level.

This is where prices are most likely to go to and either reverse or breakthrough, if it breaks either the Support or Resistance level then the next Support and Resistance Level will be marked out.

VWAP

The indicator is set to weekly, and it will indicate a Key Support or Resistance Level.

If price is above the VWAP it will indicate a Bullish Bias.
If price is below VWAP it will indicate a Bearish Bias.

You will often see bounces from this level, depending on if the Market is Bullish or Bearish.
If the VWAP is broken through and a bounce takes places then you can often see Trend reversal

Break of Structure

The indicator will also indicate when a Bullish or Bearish break off structure has occurred, which generally will indicate a trend change.
Green meaning Bullish.
Red meaning Bearish.

There is also an option to check the Buy and Sell signals box in the input, these signals will occur when a Break of Structure has taken place and the next candle after the BOS closes in the same direction as the BOS signal.

You can use this indicator on anytime frame, however you will get more false signals on lower time frames, if you wish in these times, you can set the ATR to 3 or 4 to get less false signals. It is important to view the Daily Support and Resistance levels and the VWAP and 50MA these will be the main levels with highest Risk to Reward entries. You can then use lower time frames like the 5 or 1min to find break of structure indication to indicate the direction around the daily support and resistance, VWAP and 50MA.