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To draw Trend Factors, click
, or choose Trend Factor from the Trend
Lines Menu.
The Trend Factors Indicator is designed to project upside resistance levels and downside support levels by multiplying qualified highs, lows, or closes by a series of prescribed ratios.
Once the market has moved up approximately 1.0556 in price from a low, a reference high is identified. Place the study cross-reference on that high or high day's close. The Trend Factor Indicator projects down to the support area of .9444, as well as secondary levels. Conversely, once a market has moved down to approximately .9444 in price from a high, a reference low is identified. Place the study cross-reference on that low or low day's close. The Trend Factor Indicator will project up to the resistance area of 1.0556, as well as secondary levels.
Parameters
The Trend Factors study also has Date and Time parameters, which identify the date and time of the reference bar. As with any trend line drawing function, the process of drawing a Trend Factors study involves selecting a reference bar, and selection specifies the Date and Time parameters.