Support and Resistance is a concept that price will tend to stop and reverse at certain predetermined price levels denoted by multiple price touches without breaking those levels.
This indicator plots those lines of resistance and support which helps identify points of possible reversal by confirming and marking previous and current price levels. Also, it warns when price approaches latest marked levels.
Input Parameters
- range - the price period back to check for confirmation.
- confirmations - the number of times price was rejected at a level; the higher the better.
- linewidth - used to adjust line thickness on chart.
- EnableAlert - activates a pop-up alert when price comes close to last level.
- Alertpips - pip distance from last levels to activate alert.
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