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Strong Retracement Points

SRP (Strong Retracement/Reversal Points) is a powerful and unique support and resistance indicator.

It displays the closest important levels which we expect the price retracement/reversal!

If all level are broken from one side, it recalculates and draws new support and resistance levels, so the levels might be valid for several days depending on the market!


Key Features

  • You can use it in all time-frames smaller than daily!
  • Displays closest significant support and resistance levels
  • Update the levels if all levels are clearly broken
  • The levels are time independent means that these levels are valid in all time-frames which make this indicator very unique!
  • It can be very helpful as a complementary tool for your own trading system to adjust the stop-loss or take-profit, and can also be a helpful stand-alone tool for scalpers!
RiaanHarmonic
44
2017.08.04 20:27 
 

The SRP indicator is very effective with the identification of potential reversal levels on the charts, thereby assisting with identifying support and resistance levels that can be used as stop loss and take profit levels. It will be great if the "blue block" indicator as shown in the comment section, can be added to the SRP indicator.

Version 1.1 - 2017.06.28
• In this version it keeps the levels even if you restart the MetaTrader or change the symbol of the same chart.
• So unless all the levels are broken from one side the levels are valid and will not be updated.
• If you want to update them manually (before all the levels are broken) you should close the chart and load the indicator again.