/*********************************************************************************************** Title: Midas SR Lines Script for eSignal By: Divergence Software, Inc. Web: http://www.sr-analyst.com ================================================================================================ Project Description: Uses eSignal mouse interface. Allows you to plot up to 5 Midas support/resistance lines from any location on the chart. Disclaimer: For educational purposes only! Obviously, no guarantees whatsoever and use at your own risk. ********************************************************************* Project Description: =================== This indicator allows you to plot up to 5 Midas support/resistance lines on a chart. Midas S/R lines are Volume Weighted Average Price plots that are anchored to a specific price bar (i.e., the calculation begins as of that particular bar). Typically you would anchor Midas support lines on a bar that represents a significant swing-low trend reversal in the past. The reverse would be true for a Midas resistance line (i.e., you would anchor it on a bar that represents a significant swing-high trend reversal). The Midas method of technical analysis was introduced by Paul Levine. You can find more information on Midas by doing a quick search on Google. To create a new Midas S/R level, you first click on the "M" button (known as the activator button) that appears at the bottom-left of your chart once the indicator has been loaded. Then you single click on a trend reversal bar (i.e., a swing high or a swing low) and the Midas line will be calculated and plotted on the chart. If you click near the low of a bar (i.e., near the low of a bar that creates a swing-low trend reversal) then the Midas formula will anchor the line at the low. In this scenario the low price will be used in the VWAP calculation to construct a Midas support line if "high/low" is selected as the source in the indicator menu. If you click near the high of a bar (i.e., near the high of a bar that creates a swing-high trend reversal) then the Midas formula will anchor the line at the high. In this scenario the high price will be used in the VWAP calculation to construct a Midas resistance line if "high/low" is selected as the source in the indicator menu. Once a total of 5 S/R lines have been created, the activator button will be disabled (it will turn grey) and no new S/R lines can be drawn. In order to create a new S/R line you will have to delete one of the existing S/R lines. Steps to Draw a Midas S/R Line: ============================== 1. Load the Midas_SR_Lines_1.efs indicator into your chart. When loaded, you will see a small button at the lower-left of your chart labelled "M" (i.e., "M" for Midas). This is the activator button. 2. Click once on the "M" button. The "M" button will be replaced by a prompt "Single-Click near bar High/Low to set Midas Anchor...". Move your mouse cursor near the high or low of any bar on your chart and click once. A triangle will appear above or below the point where you clicked and the Midas S/R line will be calculated and plotted. 3. Once the new S/R Line has been plotted, the activator button will reappear. You can repeat this process to create up to 5 Midas S/R lines, each based on a different trend reversal point. Note: If using eSignal 12.x you must hold down your SHIFT key before clicking on the activator button. This is not required under eSignal 10.x Steps to Delete an Existing Midas S/R Line: ========================================== 1. Each Midas S/R Line drawn by this indicator will have a "Delete Tag" drawn just to the right of the end of the line. Just double-click your mouse on this Delete Tag and the associated Midas S/R will be removed from the chart. Note: If using eSignal 12.x you must hold down your SHIFT key before clicking on the "Delete Tag". This is not required under eSignal 10.x Operational Notes: ================= The Midas S/R Lines are always displayed based on chronological order. Assuming that you created 5 Midas lines, the line with the oldest anchor point would be Midas SR #1 and the line with the most recent anchor point would be Midas SR #5. Keep in mind that when you add new S/R lines or delete existing S/R lines, the lines that remain on the chart will be ordered and displayed in chronological order. For example, if the first S/R line that you create is anchored 20 bars back it will be labelled as Midas SR #1 and it will be colored based on the Midas SR Line #1 Color defined in the menu. If you now add a second Midas line but the anchor for this line is 50 bars back, then this second line will now become Midas SR #1 and the original line will become Midas SR #2. This is because the second Midas line that was created actually has an older anchor point than the first line. Indicator Parameters: ==================== Midas SR Line #1 Color: The color to use for drawing the first Midas S/R Line. Line Thickness: The line thickness to use when drawing the first Midas S/R Line. Line Type: The line type to use when drawing the first Midas S/R Line. Midas SR Line #2 Color: The color to use for drawing the second Midas S/R Line. Line Thickness: The line thickness to use when drawing the second Midas S/R Line. Line Type: The line type to use when drawing the second Midas S/R Line. Midas SR Line #3 Color: The color to use for drawing the third Midas S/R Line. Line Thickness: The line thickness to use when drawing the third Midas S/R Line. Line Type: The line type to use when drawing the third Midas S/R Line. Midas SR Line #4 Color: The color to use for drawing the fourth Midas S/R Line. Line Thickness: The line thickness to use when drawing the fourth Midas S/R Line. Line Type: The line type to use when drawing the fourth Midas S/R Line. Midas SR Line #5 Color: The color to use for drawing the fifth Midas S/R Line. Line Thickness: The line thickness to use when drawing the fifth Midas S/R Line. Line Type: The line type to use when drawing the fifht Midas S/R Line. Price Source: The price source to use when performing the VWAP calculation. If "high/low" (the default) is selected then the indicator will use the low price when calculating the VWAP for a support line and will use the high price when calculating the VWAP for a resistance line. When hl2 is selected, the indicator will use the median price in the VWAP calculation for both support and resistance lines. Delete Tag Extension: Number of bars past the most current price bar to draw the Delete Tag. The default value is 2 bars. Color: The color to use for the Delete Tags. Default is red. Button FG Color: The color to use as foreground color for the activator button. The default is white. BG Color: The color to use as background color for the activator button. The default is dark-green. Vert Offset: Used to adjust the location of the activator button on the the chart. Vert Offset represents the number of pixels up from the bottom of the chart where the button should be drawn. Horz Offset: Used to adjust the location of the activator button on the the chart. Horz Offset represents the number of pixels from the left-hand side of the chart where the button should be drawn. Disclaimer: For educational purposes only! Obviously, no guarantees whatsoever and use at your own risk. *******************************************************************************************************/