Description
This indicator automatically finds and plots support and resistance lines on your chart, saving you the time and effort of doing it manually. It works across multiple timeframes and mimics how a skilled trader would identify key price levels. As these levels are tested more often over time, they become stronger and more visible on the chart by getting darker and thicker, making them easy to spot.
- Improves your technical analysis
- Lets you choose which timeframe to use for reading price levels
- Detects major support and resistance without switching charts
- Shows how strong each price level is at a glance
- Saves time by automatically plotting levels for every trade
- Displays how old each level is on the chart
How It Works
The indicator groups nearby price levels using the Average True Range (ATR) to keep charts clean and avoid clutter. As price touches or rejects a level multiple times, the line becomes more noticeable. Weak or unimportant levels are removed over time to reduce noise.
- Price levels get darker and thicker as they are rejected more often
- Unimportant levels are removed automatically
- Alerts are available for breakouts and false breakouts
Input Parameters
- Timeframe – Choose the chart period from which the price levels are read. Can be current or a higher timeframe.
- Period – Zigzag period used to identify highs and lows. If set to zero, the indicator will choose the best value automatically.
- ATR Period – The number of bars used to calculate the ATR for grouping close price levels.
- ATR Multiplier – A larger value groups price levels more strictly, resulting in fewer lines.
- Max History Bars – Number of past bars the indicator will check to find support and resistance levels.
- Color Settings – Choose your own colors for support and resistance lines based on their strength or importance.
- Label Settings – Turn age labels on or off and customize their color and size.
- Alerts – Enable alerts for breakouts and fake breakouts, with options for display, email, push, or sound alerts.
Disclaimer
This indicator is a tool for technical analysis only and is designed to assist in chart interpretation. It does not constitute financial advice, investment recommendation, or any guarantee of results. Trading involves a high risk of loss and can result in the loss of your entire capital. Use this indicator at your own risk and only with money you can afford to lose. For complete details, please read our Terms and Conditions.
