Successful trading is impossible without consideration of the support/resistance levels. For a long time I had to draw them manually, as there was no indicator, the data of which would look like human actions, i.e. able to determine the importance of the level relative to the latest price action, take into account the proximity to the consolidation zones, time spent at a certain price level, etc. Besides, many of the existing developments significantly "slow down" the terminal.
I present you the support/resistance level indicator, which has the following advantages:
- displays the "strength" of the level
- displays the broken levels
- the indicator can display the levels from any timeframe
- does not clutter the chart (all lines are in the background)
- relatively fast calculation
- TimeFrame - timeframe (TF) used for the calculation. The price can fluctuate continuously around any level, but in the history of the higher timeframe, perhaps it will not be noticeable. It is also convenient to use a single chart with levels from several TF, instead of switching from one TF to another
- Sensitivity - the sensitivity of the indicator to price fluctuations
- Number of active levels - the number of active levels displayed on the chart
- Number of broken levels - the number of broken levels before filtering. The indicator looks for the specified number of levels from the current price to the last active level
- Filter broken levels (points) - distance in points for filtering broken levels. Active levels are not filtered!
- Slowing (bars) - slowing of redrawing
- Clear weak levels - filter parameter. It applies only to the broken levels. It removes the levels, where the price stopped only once, from the screen
- Show power of levels - stronger levels have a greater thickness. When overlaying the higher timeframe over the lower, you can disable the change in thickness for the higher to see both levels
- Min. width for active levels - Minimum thickness of the active levels. It is mainly important is the value of the previous parameter is set to false
- Max. width for all levels - Sometimes the lines of very "strong" levels become disproportionately thick depending on the scale settings of the chart. This parameter limits their thickness
- Support levels color, Resistance levels color, Broken levels color - selection of color schemes
- Indicator name - names of the objects (levels) start with this prefix
- Refresh on new bar of current TF - 2 recalculation options - by the opening of a new bar of the current chart (true) or by the indicator timeframe (false). Please note this parameter, if there are level from different timeframes on one chart - the first recalculated one may become recalculated below the next one, i.e. it would be invisible.
- Print calculation time - information on the calculation time is output in the log
- Limit bars to count - depth of the considered history in bars. 0 - all history
The indicator displays the current situation, therefore the levels change depending on the current price. Recalculation is performed at the opening of a new bar.
The indicator operates on historical data, so the results may be different on different terminals if there are differences in the history.