1. Support and Resistance
We use the density and geometry approach to compute support and resistance levels. Quite often you will observe that detected support and resistance levels predict very accurately where price penetrate hard or where price reverse back hard. According to you preference, some sensible trading strategy can be developed.
2. Decision Candle Detection
Decision candle detection module alerts traders the possible big movement. Decision candle is the typical pattern appearing before onset of the strong reversal or strong continuation of the current trend. Therefore, it is recommended to watch out the appearance of this decision candle in your trading especially if they are around important support and resistance level.
3. Intra-Candle Probability Calculation
Intra-Candle probability is the statistical prediction of future range of close price within candle bar. This tool will display 1%, 5%, 10%, 32%, 50%, 80% levels. The pair of lines will be drawn above and below the open price of the current candle. 50% probability means that the chance of the close price being outside this lines is the 50% from open price of the candle. Instead of doing some guess work, you can precisely estimate when the price will touch support and resistance level or when the price will touch moving average line or when the price will touch Bollinger band lines, etc.
4. Pivot Analysis
We added the standard pivot analysis technique. Pivot analysis can be used in two purpose. Firstly you can use pivot level to double confirm support and resistance levels. Secondly you can use pivot level to confirm rough trend if that is your interest. For example, if price closed below S1 or S2 in yesterday, then you can say that current trend is downmarket. The built in Pivot analysis provide daily pivot only and you can choose how many number of days you want to display the pivot levels.
5. Ladder Analysis
Simply speaking ladder analysis will answer the question like what is the probability of the close price will stay outside the specified level of your interest. For example, you believe that the level 1.2400 is important and you want to find out what is the chance of the close price will actually end above this important level. Then you can use this Ladder Analysis to find the probability.
6. Round Number Detection
Round Number, also called psychological number, is very important support and resistance levels used by many traders. Adding the round number can yield a lot of benefits for your trading. For example, you can use round number to double confirm your reversal entry or price breakout entry. If you don’t want to see the round number levels in your chart, just set Round Number Spacing = Zero in the input setting.