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PZ Support Resistance MT5
Are you tired of drawing support and resistance lines? The support resistor is a multi-timeframe indicator that automatically detects and records support and resistance lines with a very interesting twist: as the price level is tested over time and its importance increases, the lines become thicker and darker.
- Increase your technical analysis overnight
- Recognize important course levels without searching the charts
- Recognize the relative strength of all price levels at a glance
- Save up to half an hour drawing lines for each trade
- The indicator shows the age of all price levels
- The indicator is not repainted
Past and present price levels are collapsed by proximity and adjusted to current market movements. Lines are drawn where the action takes place, not necessarily at the tips.
- The price level gets darker and wider when it is rejected over time
- Unimportant price levels are regularly cleared to avoid noise
- Customizable time frame selection and collapse factor
- It implements email / sound / push warnings for outbreaks
- Indicator Settings: The indicator reads the price from the current timeframe, but you can optionally select another one.
For example, you can view D1 support and resistance lines in H4 diagrams. You can also use the price-level
density parameter to specify how many price levels are displayed in the chart.
- Color Settings: Depending on the importance, enter the desired colors for the support and resistance lines.
- Label settings: Optionally, labels can be displayed in the display to show the age of each support and resistance line.
This is disabled by default. You can choose the font and size of the label.
- Alerts: Enable display / email / push / sound alerts for outbreaks.
Arturo López Pérez, private investor and speculator, software developer and founder of Point Zero Trading Solutions.