Major Support and Resistance Indicator

This indicator filters the Zigzag indicator to calculate the main support and resistance
levels.
Variables
● minimum gap between peaks : is the distance (GAP) between the peaks of
the Zigzag
● peaks sensitivity : Minimum number of nearby peaks
● look back: it means that it has to test the last 50 peaks in the Zigzag
● object name perfix: a prefix for level’s line name on chart


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This indicator integrates the Bollinger Band strategy in calculation with a volume-over-MA calculation to further narrow down "Areas of Interest" levels for a potential re-test zone to the right of the chart. We added a Moving Average calculation for a multi-level cloud and further broke down more conditions to highlight both volume flow crossover on the High and Extreme High MA's and also high and extreme high volume spikes on set period average without bull\bear conditions. Original Bull/Bear
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[Deleted] 2024.05.31 02:51 
 

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