This scanner uses Quarter’s Theory. It finds the nearest quarters to current price. And when price gets close within a few points, then it highlights and sends alerts.
- Define Major Quarters Distance for every timeframe
- Option to use:
- Half Point between majors
- Quarters between half point and majors
- Search for nearest quarter point and price
- Show Highlight and send Alerts
- Show/Hide Quarter Lines
- Show/Hide Price and QP Distance
Quarter’s Indicator for individual charts:
Compact Showing only Nearest QP:
All QP Distances ON:
MU = Upper Major, ML = Lower Major
H = HalfPoint
QU = Quarter Upper, QL = Quarter Lower
How Calculations Work:
QP = Quarter Points. This scanner will look for 5 Quarter Points:
2 Majors (Upper/Lower), One HalfPoint between Majors. And 2 Quarter Points (Upper/Lower) between halfpoint and majors.
You can also choose different distances between Majors based on timeframe:
Suppose M30 distance is 1000. And for pair EURUSD price is 1.12406. Then it will keep Major distance at 1000 points. Upper Major will be 1.13000 and lower will be 1.12000.
The Halfpoint will be 1.12500. Upper quarter will be 1.12750 and lower quarter will be 1.12250. Now price is nearest to Halfpoint. So that will be highlighted SkyBlue.
And scanner will show:
And for H4, since distance is 10000. The Upper Major will be 1.20000 and Lower Major will be 1.30000 and so on.
All distances are in points. Please note that 10 points = 10 pipettes = 1 pip.
How to Use:
Price uses Quarter points as Support/Resistance levels. And if it breaks a point with a high volume bar, then it will most likely keep moving in direction of the breakout.
And if bar is not high volume, then it might reverse. You can use these levels for validation. Price will usually move in the direction of the overall higher timeframe trend.
v1.0 Base Version