MATHR3E RETRACEMENTS█ OVERVIEW
MATHR3E Retracements automatically draws upward and downward price projection levels based on Fibonacci ratios and a retracement methodology.
█ CONCEPTS
Disclaimer
MATHR3E RETRACEMENTS indicator is intended for advanced traders and may fit your profile, whether you are a day trader or a long-term investor.
It was originally developed by a renowned market analyst and documented in numerous books. Among them is the author Jason Perl.
It is recommended to have read the trading techniques mentioned in the books covering this indicator beforehand.
How to use:
Two kinds of retracement are available:
Regular retracement:
Once a price thrust is identified and a recent exhaustion is formed, Regular retracements can be applied.
The indicator will automatically draw price projection levels based on these Fibonacci ratios: 38.2%, 61.8% and so on.
These levels then help to identify areas of support and resistance in response to the initial price thrust.
Antipodal retracement:
After an all-time record high / low is located, Price projections are applied by the indicator:
• From an ATH the figure is multiplied by both 0.618 and 0.382 to arrive at downside price projection levels.
• From an ATL the figure is multiplied by both 1.382 and 1.618 to arrive at upside price projection levels.
█ FEATURES & BENEFITS
Versatile
The indicator is designed to work with other indicators by the same author, including the identification of exhaustion points.
It will then make it easier to identify scaled profit taking levels that are based on Fibonacci levels.
This indicator can be applied to any market or time frame.
Retracement methodology
It differs slightly from the original in the process of identifying the reference low/high points referred as Magnet Price.
While the original determines when the market last traded above the reference low/high, this indicator instead relies on a process of selecting the last confirmed Magnet.
The qualification combines a reference price with the last requirement for wave A, i.e. an eight-bar-high (customizable) reference price, from the Waves indicator by the same author.
Since the process of selecting magnet points is different, this leads to retracement lines that remain closer to the price as trends unfold.
Similar to LINES indicator, this indicator automatically analyzes the price action around these levels to Confirm/Invalid breakouts and deliver signals for trend following.
Qualifiers
Qualifiers/Disqualifiers will then be used to assess whether a trend reversal is coming or whether the previous trend is likely to resume.
Fully Customizable
Especially when selecting magnet levels.
Customizable Fibonacci levels for Regular and Antipodal retracements
Alerts
Alerts format can be adapted to be received on Discord servers.
Set up your alerts and get notified on:
• Confirmed Break signal
• Invalidated signal
Qualifiers
MATHR3E LINES█ OVERVIEW
MATHR3E LINES automatically draws Demand lines and Supply lines with their associated targets
█ CONCEPTS
Disclaimer:
MATHR3E LINES indicator is intended for advanced traders and may fit your profile, whether you are a day trader or a long-term investor.
It was originally developed by a renowned market analyst and documented in numerous books. Among them is the author Jason Perl.
It is recommended to have read the trading techniques mentioned in the books covering this indicator beforehand.
How to use:
The indicator draws Demand lines and Supply lines with their associated targets.
These lines connect pivot points which are:
- Lows surrounded on either side by higher lows
- Highs surrounded on either side by lower highs.
The key to drawing trend lines objectively is to select the right pivot points. Their significance is determined by the number of surrounding highs and lows.
By default, these are set to 1 since they are more sensitive to price action than higher level pivot points, and therefore provide an earlier breakout signal.
Another approach suggests that the most significant points to connect are those whose levels coincide with trend reversals.
Once you have chosen a demand line, there are 3 conditions that must be met for the trend line to be used.
As far as one or more of the conditions is met, a break of the intrabar trendline is expected, and a closing violation above the breakout level is likely.
Qualifiers
• Qualifier #1: Reverse Break
• Qualifier #2: Gap Break
• Qualifier #3: Pressure Break
In turn, a confirmed breakout entry may be invalidated the following bar, if any of the disqualifying conditions occur:
Disqualifiers
• Open Failure
• Close Failure
• H/L Failure
█ FEATURES & BENEFITS
Versatile:
This indicator can be applied to any market or time frame.
The methodology is equally relevant whether you are day trading or position trading.
Breakout confirmation:
• If a breakout is confirmed, its associated lines will turn solid.
• Otherwise, for invalidated breakouts or broken trendlines , they will remain dashed
Alerts
Get notified on:
•Demand/Supply Line Confirmed Breaks
•Demand/Supply Invalidated Breaks
•Demand/Supply Target Reached
Minervini QualifierThe Minervini Qualifier indicator calculates the qualifying conditions from Mark Minervini’s book “Trade like a Stock Market Wizard”.
The condition matching is been shown as fill color inside an SMA 20day envelope curve.
If the envelope color is red, current close price is below the SMA20 and when blue, current close price is above the SMA20. The fill color can be transparent (not matching qualifying conditions), yellow (matching all conditions except close is still below SMA50), green (all conditions match, SMA200 trending for at least one month up) or blue (all conditions match, SMA200 trending up for at least 5 months)
As I wanted also to see which of the qualifying conditions match over time, I’ve added add. lines, each representing one conditions. If it matches, line color is blue, or red if not. Use the data windows (right side), so you know what line represents which condition. Can be turned on/off (default:on)
In addition, a relative strength is been calculated, to compare the stock to a reference index. It is just one possible way to calculate it, might be different to what Mark Minervini is using. If the shown value (top right) is above 100, stock performs better compared to reference index (can be set in settings), when below 100, stock performs worse compared to reference index. Can be turned on/off (default:on)
How to use it:
For more details, read Mark’s book and watch his videos.
Limitations:
It gives only useful information on daily timeframe
(No financial advise, for testing purposes only)