The indicator determines the levels of support and resistance on a chart range specified in AllBars parameter. The width of the line changes depending on the importance of the level and the number of fractals used for forming it (3, 5, 7, 10 on default, can be changed via Width2Level parameter).
The main purpose is reducing the amount of work done manually and simplifying the market analysis. It considers last bars. The number of last bars is specified in BarsActuality. If there are no fractals worth of attention within the specified distance, it stops drawing the line. If the price moves in a narrow range for a long time or the indicator is used on a small timeframe (M5, M15), this value should be increased.
For the convenience, a trader can adjust displaying using three parameters:
- Shift=0 - full screen width.
- Shift=value - distance in bars from the zero bar.
- Autolevel - for those who don't like a lot of objects on the screen. It draws only levels located within the specified Distance from price (should be adjusted according to the volatility of the currency pair). When the market situation changes, some objects disappear and other objects appear.
- BarsForFract - number of bars in a fractal.
- LevelMaxGap - distance between the line and fractals used for forming it.
- LevelColor - color of the lines.