Support Resistance Screener is an indicator that plots for you the direct support and resistance lines finding them by the fractal method. It can display as many supports and resistances as you want and it can plot these lines directly (meaning there is no interference from the fractal until the actual moment) and indirectly (lines that have been interfered by the price previously).
This indicator can plot the supports and resistances in the actual timeframe, or you can choose another one by selecting it in the properties window. So, you can add several instances of this indicator to plot supports and resistances for the actual, lower and higher timeframes.
The settings are as follows (listed as they appear in the indicator properties window):
- Set to true broken support / resistance detection just at close to wait until the candle is closed and a new one is opened to re-scan the support and resistance levels, or set it to false to do it each time the price crosses a support or resistance level.
- Define how many bars (or candles) to look back for support and resistance scanning.
- Define how many supports and resistances to plot.
- Define how many pips should be in distance to plot the next support or resistance.
- Set true to plot direct supports and resistances.
- Set true to plot indirect supports and resistances.
- Set the name for the lines that identifies the resistances.
- Set the name for the lines that identifies the supports and resistances.
- Set the prefix to identify the indirect supports and resistances.
- Set the color for resistances.
- Set the color for supports.
- Set the timeframe used to look for the supports and resistances.
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