MIDAS Curves

MIDAS (an acronym for Market Interpretation/Data Analysis System) is an approach to technical analysis initiated in 1995 by the physicist and technical analyst Paul Levine, PhD. Development of the original idea was then continued by Andrew Coles, PhD, and David Hawkins. The result of their work was the book "Technical Analysis MIDAS: VWAP Approach to Trade and Investment in Today's Markets".

The MIDAS technical analysis VWAP approach to trading helps to effectively reduce what appears to be market chaos in Forex, stock charts, futures charts and ETF’s. The MIDAS method reveals Support/Resistance levels that are otherwise not visible to the naked eye. The curves are launched from important pivots, and the curves are being generated after taking price action and volume into consideration.

Both, current and higher timeframes are being analyzed. Merging of two lines creates a stronger level, that you can use directly or together with other technical indicators.

Input parameters:

• Show Higher Timeframe Curves — show curves of higher timeframe
• Smoothing of the Higher TF — turn on/off smoothing of the higher TF curves
• Current TF, top — color of resistance lines
• Current TF, bottom — color of support lines
• Higher TF, top — color of resistance lines
• Higher TF, bottom — color of support lines