Double Numbered Triangle Chart Progression | RegressionThe Double-Numbered Triangle Progression | Regression Indicator enables forecasting of support and resistance levels by progressing or regressing on the Triangle Chart from a user-selected pivot price. The indicator also plots adjustable pivots on both the chart and the Triangle Price and Time Chart.
How to use to forecast support and resistance levels:
1. Select a Pivot Point: Set the correct price to the pivot by selecting High or Low in the indicator.
2. Set Price Increment: Choose a price increment to adjust the starting price on the Triangle Chart (e.g., 1 or -0.01).
3. Rotate to adjust the number of levels on the Triangle Chart.
4. Plot Levels: Choose the Left Edge, Center, or Right Edge of the Triangle Chart to plot support and resistance levels. These levels automatically expand or decrease depending on the number of levels in step 3. The selected angle's price values are applied to the chart with labels on both sides. The left labels represent the time variable, and the right labels indicate the price. The time variable is used in conjunction with my other indicator "Price and Longitude Angles." The same goes for the Double Numbered Square of Nine indicator.
5. Review Levels: Examine the plotted support and resistance levels with recent market pivots.
6. Identify Correlations: Find the Triangle edge or center that aligns with the most market pivots.
7. The indicator plots user-adjustable pivots on both candles/bars and shows their placement on the Triangle Chart in both Progression and Regression. This visualization helps users identify which angles the highs and lows favor from the selected pivot. Pivot levels' colors can be customized. The close price is plotted on the Triangle Chart in real time with a white background.
Each market has its tendencies, favoring specific angles from the Triangle Chart. The basic idea is to choose between the Left edge, Center, or Right edge of the Triangle to forecast support and resistance levels.
Settings:
Overview:
Example of Forecasting Support and resistance level using this indicator:
In the image above, I am regressing from the significant high at a rate of $-0.008 per cell as shown on the main info label. Based on the plotted pivots, I have chosen the right edge of the triangle as it aligns with these recent pivots. I have drawn a lime green vertical line to indicate that as we add layers to the triangle chart, we introduce support and resistance levels based on the identified angle that aligns with these early pivots from the high.
In the image below, I've moved forward in time to illustrate how the initial angle chosen based on the early pivots forecasted support and resistance levels on $DOGE. Do not expect the price to turn sharply at the levels the indicator generates. As P. Mikula mentions in his work, and I apply the same with the Triangle Chart, " The Square of Nine successfully defines market price swings but does not cause the market to form pivots. "
This indicator is inspired by the methodologies detailed by Patrick Mikula in his book, The Definitive Guide to Forecasting using W.D Gann's Square of Nine. I recommend checking it out. He also mentions another use case as a Triangle Price and Time chart in his book, Gann Scientific Method Unveiled, Volume 2, where you can use my open-source indicator "Price and Longitude Angle" alongside both the Doubled Numbered Square of Nine and this Triangle Chart indicator.
FYI, I am not affiliated with Patrick Mikula in any way.
Planned improvements include adding two more angles: Left Center column and Right Center column as additional options to select.
FYI: Please ensure you select the high when regressing from a high. Also, make sure to add enough layers on the Triangle to see all the pivots. Once you've identified an angle, you can hide the table to gain back space on the chart. Use rounding precision for lower prices.
