Levels of support or resistance by Gerchik
The indicator for the detection of the local resistance/support levels for the trend breakout/rollback trading.
With the help of this indicator the matches of the Low/High prices are found, which allows to identify a large order placed by a moneymaker. Once the level is found, a signal is generated, the local resistance or support level is underlined. You just need to place order to the breakout/rollback from the trend line.
Suitable for trading using the Gerchik system.
The indicator works on multiple currencies and on any timeframe.
- Color of line - color of the line to underline the resistance/support levels.
- Thickness of line - thickness of the line
- Analyze bars - size of the analyzed candlestick group
- Deviation (in Pips) - allowed deviation in pips during the evaluation of a candlestick group
- Min matching bars - the minimum number of matching candlesticks
- Name file in Sounds - file name in the Sounds folder to play a sound signal when a new level is found.