The indicator finds all levels of support and resistance.
The search for patterns in the past history helps to predict the price movement in the future. Levels are one of those patterns. Levels are always and on all charts. And if you look closely, it is clear that the price stay frequency on a vertical scale is different. In some areas, the price fluctuates between invisible borders for a long time. And much less often the price is in the zone of these boundaries. These boundaries are levels.
How are the levels created?
A large accumulation of orders in a narrow range is the cause of uneven price movement. Orders of different directions and volumes are accumulated near the levels. Orders that are placed against the price movement, hinder its passage. And orders directed towards the price movement, for example Stoploss, on the contrary, accelerate it. Therefore, there are many reversals near the levels, and the intersection of the levels often occurs instantly. It is worth noting that orders do not stand there all the time. People place orders, then remove or move them. Many open market orders. High activity in one place creates levels.
What are the reasons for the accumulation of many orders in one place?
Very simply, it is survival instinct in the society: do like other people. Initially, the round price, or a price reversal in the past, or important circumstances could attract attention to these places. And then a lot of people are already focused on these places. Here is an area of common interest.
How can this be used?
- Each level intersection weakens directional price movement. For example, if we consider the waves that last no more than a week, this wave crosses an average of 2-4 levels and rarely reaches 5-6. Even with a strong trend then comes the recoil. Although the size of the recoil may have been small, but it is sure to be, and the price will cross back 1-2 levels.
- The price moves between levels without obstacles. If the price has crossed the level and is not in a hurry to return, then there is a high probability to expect it near the next level.
- If the price is testing the old level, which previously it crossed a long time ago, then this is not just happening. Crossing this level is very expensive. Probably, there are serious intentions to continue the movement.
- On the contrary, intersection the level with a small "age" does not cause strong resistance, and the price easily takes away all Stoploss behind this level.
What can help?
Some levels can be found intuitively. However, the search for the exact location of all levels is better to entrust the program.
The indicator detects and visually indicates the levels on the price chart. The search uses a comparison of the price movement density,
about which was written earlier. Therefore, this search is completely objective.
What information is available?
The indicator is configured by two parameters: this is the minimum distance between the levels in points, for two types of levels. Levels are divided into normal and strong. Each type is drawn in a different color.
A separate window displays a table where you can see all information about the nearest levels to the price:
- level price,
- distance between the level and price,
- distance between nearby levels,
- level age, the number of days passed since the last crossing of the level by the price,
- age difference between nearby levels.
In the terminal mode, you can set any time frame for the indicator calculation. The smaller it is, the more time calculation. But in the tester
mode only the current time frame is used.
All settings can be changed directly in the chart. When the indicator is turned off, all settings are saved.
During the first run of the indicator, it may take quite a long time to calculate all levels on a large history. The results of these calculations are written to a file. On subsequent runs, the indicator loads in a few seconds. A t boot time the indicator does not freeze the terminal, and you can continue to work in it.
Test the trial version to see how it works.
Good luck in your life!
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