PZ Support Resistance
Tired of plotting support and resistance lines? The Support Resistance is a multi-timeframe indicator that auto-detects and plots supports and resistance lines in the chart with a very interesting twist: as price levels are tested over time and its importance raises, the lines become thicker and darker.
- Boost your technical analysis overnight
- Detect important price levels without browsing through charts
- Recognize the relative strength of all price levels at a glance
- Save up to half an hour of plotting lines for every trade
- The indicator displays the age of all price levels
- The indicator is non-repainting
Past and present price levels are collapsed by proximity and adjusted to the current market action. Lines are drawn where the action is and not necessarily at the peaks.
- Price levels get darker and wider as they get rejected over time
- Unimportant price levels are cleared regularly to avoid noise
- Customizable timeframe selection and collapse factor
- It implements email/sound/push alerts for breakouts
- Indicator Settings: The indicator will read price from the current timeframe, but you can optionally select another one. For
instance, you can display D1 support and resistance lines in H4 charts. You can also choose what amount of price levels to
display on the chart, using the
price level density parameter.
- Color Settings: Enter your desired colors for support and resistance lines based on importance.
- Label Settings: Optionally, labels that display the age of each support and resistance line can be displayed in the indicator.
This is disabled by default. You can choose label font and size.
- Alerts: Enable display/email/push/sound alerts for breakouts.
Arturo López Pérez, private investor and speculator, software engineer and founder of Point Zero Trading Solutions.
- Changed to horizontal lines instead of trend lines
- Added a free collapse factor value
- Added peak to valley ratio
Now you can see SR lines from higher timeframes in lower ones.
The indicator crashed on W1 and MN1 charts.