Multi Level Support and Ressistance
- Indicators
- Version: 1.25
- Activations: 5
Support and Resistance is the most basic science known to traders.
However, many people don't expect that the indicators used by big traders do not use indicators that have complex and complicated data, but rather return to using the most basic, namely Support and Resistance.
Here is the Support and Resistance Indicator that I made as simple as possible. Here you can determine the limits of strong Support and Resistance based on several provisions that you need.
In this indicator, you can find where the strong Support and Resistance levels are. The indicator will show where these levels are.
Its use is very flexible, because it can be used in any time frame and any pair in your MetaTrader, as long as you know a little about the character of the pair you are analyzing in terms of the size of the market pair movement.
Some important parameters to fill in are:
1. The start and end date/month/year to be analyzed
2. The maximum number of S/R lines you want to get
3. The minimum range of distance between S/R, related to the pair you want to analyze, in Pips
4. Number of touches. (This affects the number of lines or S/R levels formed. The more touches, the fewer lines formed, meaning the stronger the level)
5. Pivot Strength. (This has the same effect as no. 4)
Other parameters are part of the display, such as line shape, thickness, color, and others.
Initially I created this indicator for swing traders, because it is facilitated with a small time frame, it can also be used for intraday traders and scalper traders.
Disadvantages: I have not accommodated the market that is at an all time high or all time low, so, to form a new price there is no new Support or Resistance line that will be analyzed next.
