PZ Support Resistance MT5
Tired of plotting support and resistance lines? The PZ Support Resistance is a multi-timeframe indicator that auto-detects and plots support and resistance lines while analyzing its importance. Past and present price levels are collapsed by proximity and adjusted to the current market action.
- Detect important price levels without browsing through charts
- Recognize the relative strength of all price levels at a glance
- Price levels are drawn where the action is (not only at the peaks)
- Price levels get darker and wider as they get rejected over time
- Unimportant price levels are cleared regularly to avoid noise
- It implements email/sound/push alerts for breakouts and false breakouts
- It works for every timeframe!
When loading the indicator to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks. This is what each block of parameters does.
The indicator is constantly looking for rejected tops and bottoms. The period is the minimal amount of bars where there will not be two tops or two bottoms. For an ideal performance, lower timeframes should have bigger periods.
Different support and resistance lines are collapsed by proximity and moved to the price level which displays most activity and connects more past tops and bottoms. Increase the SmootFactor to collapse more price levels into one, or decrease it to display more levels with more price accuracy.
- Line Settings
The line settings include line widths and colors. You can choose the minimum and maximum width for every line plotted on the chart, as well as the different colors used to highlight the relative importance of support and resistance lines.
Enable display/email/push/sound alerts for breakouts.
Arturo López Pérez, private investor and speculator, software engineer and founder of Point Zero Trading Solutions.