Supports and Resistances is a quick and easy tool for finding support and resistance levels. It was created according to the "run and forget" idea to automate daily routines and speed up the decision-making process.
The indicator analyzes the chart and determines all the zones found with the power assigned to them. Power in this case means the amount of confirmation. The zones are classified into three types: weak, normal and strong - each with a different color. The program implements two types of zones. The first are main zones, which display the closest and strongest zones. If there are none, it will not display any. The second are optional dynamic zones, which always display the nearest zone, but these zones do not have to be confirmed.
In addition to display, the indicator also provides the ability to inform user if the price comes dangerously close to one of the zone. Informing the user can be done with an alert, a pop-up (on mobile devices) or an e-mail. The indicator recognizes three types of events:
- the price touches the zone,
- the closing price crosses the zone,
- the price touches the safe zone. It is an extension of the zone which is designed to inform the user faster than the regular zone (useful in dynamic markets).
How to run it?
To run the indicatior you need to set two main parameters. The first is the number of candles to be analyzed by the program. The second is the value calculated in pips, which is the error threshold of the found zone what in practice means the width of the zone.
If you have any questions or problem contact me via private message. Additionally, if you are a proponent of process automation too or you are interested in price action topics and more, I encourage you to check out my other products. ↓
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