NightCrawler Indicator depicts support and resistance levels, entry points, as well as the recommended Take Profit and Stop Loss for each period.
The Yellow line represents the support region. As for the Blue line, it represents the resistance region. As prices come closer of these lines, entry opportunities arise. These entry points are represented by white lines. Take Profit levels for Buy and Sell are represented on Orange and Turquoise respectively. Stop Loss levels are represented by red lines. If you have any doubts, just hover with the mouse on the line of your interest that the description will be shown.
Regions where the Take Profit Levels exceed the Support and Resistance levels should be avoided once it means that price volatility is not strong enough and that strong regions of Support/Resistance will be on the way of your movement (Take Profit).
- Indicator Period - the number of bars used for the indicator to look for support and resistance. Default = 100. Range (20 - 140)
- Past Bars - Lagged period used to identify support and resistance. Default = 5. Range (5 - 30)
- Threshold Points - Distance from support and resistance to generate entry levels. Default = 50. Range (50 - 150)
- Stop Loss - proportion used to calculate Stop Loss value. Default = 1.2. Range (0.3 - 1.5)
- Take Profit - proportion used to calculate Take Profit value. Default = 0.9. Range (0.5 - 1.5)
- Price Type - type of price used to identify Support and Resistance.
- MODE_CLOSE_CLOSE: Uses only close to identify support and resistance.
- MODE_HIGH_LOW: uses both High and Low prices to identify support and resistance.