KFX Support and Resistance modified
The indicator will help you find support and resistance levels, increase the number of confirmations for stronger levels.
This is not a multi-timeframe indicator that refers to the information from other timeframes.
But it allows to show strong levels of support and resistance where the price respects a mark two or more times.
How to trade:
- For smaller timeframes up to M30 I recommend at least 3 confirmations. This filters stronger levels with subsequent strong movements.
- For larger timeframes of H1 I recommend 2 confirmations. In these timeframes, subsequent strong movements are often seen after 2 confirmations.
- range - range is a lookback window, number of bars. within those 10 bars must be at least 3 with low below the level, high above the level and close below the level.
- confirmations - number of confirmations
- res line color - adjustable color for the resistance line
- sup line color - adjustable colcor for the support line