GT Primelines Indicator
This proprietary indicator is included as a free bonus to those who subscribe to the GT Energy Points indicator(s).
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11/22/2023: We released an update to GT Primelines today. It is now at v1.6. Here is a summary of the changes/improvements:
A) Now, when you first insert the indicator on your chart, it prompts you to click on the 3 pivots you want to use. Be sure to pick them from oldest pivot to newest. You will see this prompt on the bottom of your chart.
Once you have selected 3 pivots the indicator will draw 4 ‘primelines’ on your chart. They are the lines closest to current price, support and resistance. As price changes, the lines will adjust automatically as necessary. Here is an example of the output you will see:
As you can see, the primelines caught the recent high and low on this 30m ES chart.
Should you desire to change the selected pivots, you have 2 options. The first is to simply click on the pivot(s) you wish to change and drop them on the new location. The second is to go to settings and type in the date/time and price of the pivots you want. Of course, most people will simply drag and drop the pivots, but the settings works also.
We removed the ability to switch between eighths and Fibonacci, as it was suggested to us that it was a bit too cumbersome.
You may add additional copies of the indicator to your chart if you want more than one on the chart at the same time.
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Essentially, it can be thought of as a modified pitchfork. I have attempted to automate the whole process. It works in it’s current state of development, but there is room for coding improvements. It will get better over time.
Essentially, the user can choose between selecting their own (3) pivots for the indicator to work with, or they can have the indicator select the 3 most recent pivots, which can be changed by changing the lookback. While the auto feature is easy, there are times when you want to enter your own 3 pivots.
You can also chose between using fibonacci multipliers, or use ‘eighths’. They both work, but not necessarily at the same time, so it is a good idea to ‘un-check eighths’ from time to time.
Above, we can see an example of a user-selected set of pivots, using Fibonacci multipliers. Excellent results. (By checking ‘show pivots’ we can see the bar numbers associated with each pivot.)
Here is the same chart (ES), but this time we are seeing an auto-generated pivot set, using ‘eighths’. Also EXCELLENT results. But in this case, the top was forecast a bit better.
Happy Trading all!