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SteveF

Administrator

Supply Demand V2 indicator for MT4

Hi Traders,

I'd like to share an MT4 supply and demand indicator I'm developing. If you like it (or not) please let me know. It is multi-timeframe and can be used multiple times on same chart.

The inputs are as shown in the screenshot below. They should be self-explanatory except for:

-- The fractal pattern (Left Strength and Right Strength) is used to form the spply/demand block. Default is 2 (candles before and after) but can be adjusted.
-- Maximum levels to Use - It uses six fractals back by default to look for supply and demand areas. This can be adjusted to use less than 6, but 6 is max.

Operation:
-- It is based on fractals, however Supply will use only higher fractals than price. Demand will be lower fractals than price.
-- Supply/demand areas will not be drawn if they are inside another S/D area. (see lower areas 2-3 on screenshot below, notice 2 is a fractal but it is inside #3
-- S/D areas will be cleared(invalidated) when CLOSE of a candle gets above or below the high/low.

Supply_and_Demand_V2.zip