Lighthouse is a precise and reliable support and resistance indicator.
It displays the most important trading levels and draws them according to their relevance.
If a level is clearly broken, it changes its role and color. Support becomes resistance and vice versa.
- Displays only significant support and resistance levels
- Immediate graphical response if a level is clearly broken
- Thicker drawn SR levels are more important than thinner ones
- Based on pure price movement - > we'll NEVER use fractals, zig-zag or other questionable indicators
- Works on every symbol / time frame and on all kinds of offline charts like renko and range bar charts
- Several alert options like E-Mail, Terminal Message and Notification Service for mobile devices
- Accessible buffers for EA developers
- ShowLevels: This parameter is responsible for all drawn support and resistance levels. If false, the drawn lines are hidden.
- SensitiveMode: Sensitive Mode identifies more support and resistance levels. We recommend using it if you are an intraday trader. Set it to false if you are trading on higher timeframes.
- SR Distance in Pips: This changeable value is the basis for the built-in support and resistance level distance check. It measures the distance between the current price and the next Lighthouse levels.
The default and recommended minimum value is 5 pips. If the current price is closer than 5 pips to the next support or resistance level, you will see the state „WAIT“.
If the distance between the current price and the next support or resistance level is bigger than 5 pips, you will see „GO“. The value for SR Distance in pips is fully customizable.
So please fill it with the value that suits your strategy best.
- SetBufferFlag: This option is especially for developers. According to your requirements, you can use the Lighthouse calculation and buffers in two ways.
By default, Lighthouse fills all eight accessible buffers with the values of the most important support and resistance levels.
If true, buffer 0 is filled with the SR check results. Buffer 0 = 0 if the SRCheck result is „WAIT“, Buffer0 = 1 if the SRCheck result is „GO“.
- Enable extended level scan: This mode was designed for higher timeframes like H1 and above. Set to true to increase the SR level scan period.
- Enable SR distance warning: Set to true and you will get an alert if the price comes close to the next SR level.
- Enable SR switch notification: Set to true and you will get an alert if a SR Level changes its role from support to resistance or vice versa.
- Display SR check box: Displays the result of the built-in SR level distance check at the left side of your chart. Set to false if you like to hide this check box.
- Display levels in the background: Displays all SR levels behind the price candles. Set to true if you like to draw them in the foreground.
- Color and Font settings: You are able to change the defaults of the text blocks and set your own colors for the drawn support and resistance levels. Create it as you like it best.
- AlertsOn: You will benefit from several alert and notification options like audio, e-mail or mobile notifications. False disables all alerts.
- AlertsMessage: You will get an alert message in your MetaTrader 4 platform.
- AlertsSound: You will get an audio notification in your MetaTrader 4 platform.
- AlertsEMail: You will get an e-mail if you set up the correct e-mail settings for your e-mail provider at your MetaTrader 4 platform.
- AlertsNotification: You will get a notification on your mobile device if you set up the mobile notification settings of your MetaTrader 4 platform.
- Soundfile: Enter the name of a sound file to hear an individual audio notification. The selected sound file must be installed in the “Sounds” directory of your MetaTrader 4 platform.
Added new alert if price comes close to an SR level
Added new buffers with detailed information about MinSRLevel, MaxSRLevel, NextAbove and NextBelow
- Added automatic detection of sunday candle
- Added built-in fully automated SR level distance calculation.
- Added Lighthouse SR Check display.
- Added sensitive calculation mode option.