Simplertrading – Voodoo Lines Indicator
The Voodoo Lines uncover hidden levels of possible support and resistance which might not otherwise be visible until price starts reacting at the Lines. We call them Voodoo Lines because the underlying techniques are based on Fibonacci analysis and Elliott waves – dark arts to some. But don’t worry, you don’t need to need to know a thing about Elliott waves or Fibonacci levels to incorporate the power of the Voodoo into your trading; The Voodoo Lines do the work for you.
The Voodoo Lines take advantage of these powerful analytical techniques in a way that overcomes one of the most commonly cited problems with Elliott waves: analysts disagree with the current wave count. Instead, we use long-term waves that have already completed; waves that most analysts agree upon. By consistently choosing the appropriate swing points from those waves, and then calculating the Voodoo levels from them, we plot support and resistance levels that stay in the same place, often for years. Yet they can still help identify intraday turns.
Because each symbol needs to be individually analyzed to be included in TTM Voodoo Lines it won’t work on every security. The base product comes with support for a number of Stock Indices, Futures, Index ETFs, and forex pairs. Occasionally we will change the levels when if the long term wave structure changes and users receive perpetual updates whenever we make them. We try to add new symbols whenever we can find levels that meet our analytical standards for things that are commonly traded. On rare occasions we may remove a symbol if reliable levels are no longer available.
Voodoo Line levels for over 150 stocks and sector ETFs are available through a subscription add-on which delivers periodic updates since stock levels tend to change with greater frequency. The subscription will be billed each month for the stocks version of the indicator. The futures version of the indicator requires no subscription.