jonico

Cycle Trend SR

Overview:
This indicator draws resistance and support lines calculated by market cycles.
By default, blue dots are resistance and red dots are support.

How to calculate market cycle?:
It use sine wave indicator by John Ehlers to calculate the market cycle.

How to determine support and resistance levels?:
There are two conditions for the depiction of a resistance and support lines.

The sine wave indicator has two lines(sine and lead sine).
The first condition is the crossing of these two lines.

The second condition is a new high or low.
- In the case of a resistance, it is a move below the low of the previous candle.
- In the case of a support, it is a move above the high of the previous candle.

When the two conditions are fulfilled, the highest or lowest price of the past few candles is used.
The default setting is three, but this can be changed in parameter settings.

Cycle changes and market reversals do not always occur at the same time.
This is because price movements are not created by cycles, but by the results of trades.

This allows us to understand the true support or resistance line, not the theoretical one.

How to use?:
This indicator assumes that price movements are formed by cycles and trends.
The first step is to determine whether the cycle or the trend is stronger.
- When the price is above support or below resistance, the Cycle dominates the market.
- When the price is below support or above resistance, the Trend dominates the market.

In a cycle-dominated situation, enter the market at the time when support or resistance lines is depicted.
It is better to target only those cycles that match the upper time frame.

In a trend-dominated situation, think about riding the trend.
The timing to go outside of support and resistance is a trigger.

PB(pullback) will be drawn only in case of a strong trend.
A strong uptrend is when the price goes above a resistance line and the next support line depicted is above the resistance line.
There is a threshold for this, which is twice as high as the price of ATR for period 14.
A strong downtrend is the opposite of this.

At the end of the cycle after the PB, the END is described.
This can be used as a sign of a market reversal.

If PB and END are not needed, hide them in the settings.

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