Support and Resistance Pro Indicator
Accurate Support and Resistance Levels distinguish winning traders from the losers. For trades to be profitable, traders have to draw correct support and resistance lines. Traders often use their emotions to draw the lines. Many traders miss key support and resistance lines, thus potentially losing their trades. This indicator helps the trader to find professional and accurate support and resistance lines without any doubts and problems like the big banks and institutions do.
This is a fully dynamic indicator which means that the old and irrelevant support and resistance will be removed and new and important once will appear over time. The thicker and darker lines are more important than the thin and lighter support and resistance levels. The dotted lines are new and potential relevant price levels which can be taken into consideration for position management. This indicator will save the trader many time and effort.
It is advisable to take the trade with a bullish or Bearish engulfing candle close to the support and resistance lines. I recommend using the H4, Daily and Weekly chart for a profitable trade.
- 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
- Detect important price levels without browsing through charts
- Recognize the relative strength of all price levels at a glance
- Save up time of plotting lines for every trade
- The indicator is non-repainting
- Clearance - Increase the Clearance to collapse more price levels into one, or decrease it to display more levels with more price accuracy.
- Width and Color - Custom Line Widths and Colors
- NotifyAlert - Alerts for Breakouts
- NoriftyMail - Mail alert for Breakouts
- NotifyPush - push alerts for breakouts
- NortifySound - Sound Alerts for breakouts
- ShowH4Period - if true, this will show the support and resistance lines for the H4 period
- ShowD1period - if true, this will show the support and resistance lines for the D1 period
- Showweeklyperiod - if true, this will show the support and resistance lines for the W1 period
- Showmonthlyperiod - if true, this will show the support and resistance lines for the MN period