Indicator Support Resistance Levels
i-BJF-SupResLines indicator draws support and resistance lines on the chart. Support levels are located below the market. Resistance levels are located above the market. You can use the indicator on 4-digit accounts and 5-digit accounts. Support and resistance levels match significant tops.
Essentially every significant top is extended fractal with 2 periods: amount of bars prior to the top and amount of bars after the top. Indicator has the option (BarsBack) how many bars in the history process for search. You can add vertical offset (SupRes.VShiftPips option) for support and resistance levels.
- Lower Top = 1.3000
- SupRes.VShiftPips = 10 pips
- Support level will be drawn at 1.3000 - 10 pips = 1.2990
- Upper Top = 1.3500
- SupRes.VShiftPips = 20 pips
- Resistance level will be drawn at 1.3500 + 20 pips = 1.3520
When attached to the chart, the indicator checks the current timeframe and higher timeframes to detect and draw support and resistance levels.
- On M30 timeframe, it will draw levels from M30, H1, H4, D1, W1, MN
- On H4 timeframe, it will draw levels from H4, D1, W1, MN
- On W1 timeframe, it will draw levels from W1 and MN
You can set on/off for every timeframe.
- TF.M15 = true;
- TF.M30 = false;
- TF.H1 = false;
- TF.H4 = true;
- TF.D1 = true;
- TF.W1 = false;
- TF.MN = false;
If you attached the indicator to M15 timeframe, then it will draw on the chart only levels from M15, H4, D1.
Every timeframe has a unique color, line style and line width options.
There are 2 versions of the indicator: standard and with alerts. The version with alerts triggers popup, email and sound alerts when there is a crossover of the support or resistance line by the market.