Have you ever wished you could easily see the daily magnitude line of a Strat Combo while on a smaller timeframe intraday chart? This indicator allows you to do that and much more!
Description
This indicator does two simple things, but it does them very well. The first thing it does is draw a small horizontal line at the magnitude level of a Strat Setup (a potential Strat Combo before the last candle has formed) on the daily chart. This is intended to help the user easy ascertain how much magnitude distance (distance between trigger line and magnitude line) of a potential Strat Combo the night before when the user is searching for trades to play the next trading day. If the last two candles on a daily chart form the first two bars of a Strat Combo, then this indicator display a horizontal line where the ultimate magnitude would be if the next trading day a Strat Combo was formed. This helps the trader gauge whether there is sufficient magnitude that makes it worth it to even consider trading the next day.
The second and most important thing this indicator does is display the daily magnitude line while the user is in a smaller timeframe managing their trade. This helps the user have an easily identifiable line to show where to take full or partial profit at. There is no need to keep track of manually drawn lines or the hassle of letting your charts get cluttered with lines that the user forgot to delete. This indicator finds potential Strat Combos (aka Strat Setups) and dynamically draws horizontal lines for the user and removes them when they are no longer in use. The user can focus on taking profit and making money and leave the hassle to the indicator.
Inputs & Style
All four lines (two daily lines and two intraday lines) can be independently configured. Each lines color, line style, and width can be adjusted. To turn “off” a line change the opacity to 0%.
Fantastic indicator! is there any way you could make this work on other TF's? Like Q, M, W etc for swing magnitude?
aftrader88
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Hi Infinity Trading. The indicator doesn't appear to be working. I do not see any of the lines on the chart. Can please you take a look. Thank you.
Infinity_Trading_
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@aftrader88, Thanks for the comment! But the magnitude lines won't display on every symbol on every day. They only appear when the two most recent daily candles form the first two-thirds of a Strat Combo WHEN the market is closed before the opening of the next day (to help you find potential trades). Then the next day IF that daily candles is a inside day or it's still possible to form a Strat Combo the daily and intrday lines will appear... It's a complicated problem/setup. I hope that provides more clarity.
aftrader88
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@Infinity_Trading_, Thank you for this detailed explanation. It is much appreciated. Thanks also for your other excellent STRAT scripts and generous contributions in the discord groups I follow. Best.