Support and Resistance Zones
Support and Resistance Zones is a robust indicator that automatically identifies the most important historical support and resistance zones using big data algorithms.
Support and Resistance Zones indicator is formed by two main algorithms:
- Peak detection algorithm – that identify the historical price reversal levels.
- Custom cluster algorithm – that eliminate the outliers and assembles into zones the price levels detected by the peak detection algorithm.
Support and Resistance Zones Indicator parameters:
- Color – is going to determine the color of the support and resistance zones.
- History Bar – controls the numbers of historical prices that the indicator will use to compute the support and resistance zones. You can increase the number of bars to take more advantage of the history, or you can reduce it to only take advantage only of recent data.
- TimeFrame – is controlling the computing timeframe of the indicator.
- Snap To Price State – is a feature that is going to keep the chart relatively clean. By activating this feature, you are going to see on the chart only the support and resistance zones that exist in the neighborhood of the last traded price. You can also control the neighborhood distance by changing the Snap To Price Percentage parameter.
2. Improvements on display side
2. Added the support and resistance zones power - a S & R percentage of power in history for every zone dectected
3. Added a main title with info
2. Added the possibility to control the history interval through the parameter "History Bars".