Elektra Look Left

An indicator that marks support and resistance areas by counting how many separate times price has returned to them. Every counted return is marked on the chart, so the count can be checked against the chart history.

What it draws

Elektra Look Left draws two zones. One below price, for buys. One above price, for

sells. Nothing else is added to the chart.

Each zone is drawn as a rectangle rather than a single line. The height of the

rectangle is the measured spread of the swings that formed the level, so the

area the level occupies is visible on the chart.

If no level on a side meets the qualifying conditions, that side is left empty.

If neither side qualifies, the indicator draws nothing and states this on the

chart.

How a level is selected

The indicator examines the price history to the left of the current bar and

counts visits to each price area. A visit is recorded when price leaves an area

by a set distance and later returns to it. A period of consolidation inside an

area is counted as one visit rather than as many.

The number of visits required to qualify is set by the Minimum visits input.

The default is eight. This value can be changed.