Extraction of Wealth Indicator - Comprehensive Guide

🏆 Motto:

"Unlock the market's hidden treasures - extract wealth with precision!"

📌 Overview

The Extraction of Wealth indicator is an advanced volume-price distribution analysis tool that visualizes market structure through histogram patterns and dynamic support/resistance levels. It identifies key price concentrations (modes) to reveal potential reversal zones and trend continuation areas.

🔧 Indicator Settings

Core Parameters:

RangeMode (Default: 0) - Determines analysis range:

0 = Between vertical lines

1 = Last RangeMinutes minutes

RangeMinutes (Default: 1440) - Minutes range for analysis

ModeStep (Default: 1) - Price step for mode detection

Smooth (Default: 0) - Smoothing factor for histogram

PriceStep (Default: 1) - Price granularity (0=auto)

Visual Customization:

Histogram Colors - Shows price distribution density

Mode Lines - Identifies key price concentrations:

Gold - Primary support/resistance

Orange/Goldenrod - Secondary levels

Magenta - Strongest concentration

Alert Options:

SoundON - Enable audio alerts

EmailON - Enable email notifications

📊 How It Works

Core Algorithm:

Price Distribution Analysis:

Builds histogram of price occurrences within selected range

Applies smoothing for cleaner visualization

Mode Detection:

Identifies price levels with highest trading activity

Marks them as dynamic support/resistance zones

Visual Presentation:

Rectangular histogram shows price distribution

Colored lines highlight significant price concentrations

Customizable width/color for different importance levels

🎯 Trading Strategy Suggestions

Optimal Usage:

Best for swing trading on H4/D1 timeframes

Works exceptionally well in ranging markets

Can identify breakout points in trending markets

Entry Points:

Long Positions: When price approaches lower mode with bullish confirmation

Short Positions: When price tests upper mode with bearish rejection

Risk Management:

Use adjacent modes as natural stop-loss levels

Take profits at next significant mode level

🔍 Advanced Features

Multi-Timeframe Analysis - Adapts to any chart period

Dynamic Range Adjustment - Automatically scales to visible chart area

Smart Volume Weighting - Considers trade activity in calculations

📜 Developer & Source

Developer: R.KH 1001

Source: RoboMQL

🚀 Transform market chaos into organized opportunity - trade with the power of distribution analysis! 🚀