Retracement Levels 1.1This indicator automatically draws the 50% retracement of large moves on a chart. The default setting is 200 bars.
Out of all the Fibonacci levels the simplest and the one I find most profitable is the 50% level. Very often price will respect this level and when combined with key Support/Resistance levels, other indicators, and/or price action study it can be a powerful tool for high probability trades.
The default blue dots follow price with a rolling median based on the major high and major low of the bar setting. The multiplier extends this evaluation even higher with grey and red levels that form on much higher timeframe 50% levels.
Look back on a chart to see how often price respects this key level! You'll never trade without knowledge of it once you've seen it!
