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CongestionRS

Support and resistance lines are very important in trading. When the lines are drawn for the High and Low price on a low timeframe, it is good, but when they are drawn for an upper timeframe, it is not true. Why? Because the distance between High and Low and Open and Close prices can be tens and hundreds of pips, and at this points, the resistance and support areas and support/resistance lines for these areas are pointless.

This indicator simply shows these areas and helps you to detect this Congestion areas.


Parameters

  • CandleTimeFrame - you can select a Timeframe, and the indicator draws RS lines for High, Low, Open and Close prices of this candle.
  • UpLineColor - color of Resistance line.
  • DownLineColor - color of Support line.
  • LineWidth - thickness of lines.
  • LineStyle - style of lines.
  • DrawOnlyLastRS - if true, only draw a pair of lines (resistance and support) for the last candle. Otherwise, the lines are drawn for all candles.
  • ShowFromBasePoint - if true, the lines are drawn starting from the candle, at which the important level has been reached. Otherwise, the lines are drawn on the current candle.
  • DrawCongestionArea - if true, draw the box (suitable for the upper timeframe), and if false, draw the line (suitable for the lower timeframe).
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