Support and resistance levels
The indicator displays the probable support and resistance levels.
The indicator settings:
- Trends - the mode for displaying trend lines or horizontal lines of support and resistance
- Yes - display trend lines only
- No - display horizontal lines only
- UseResource - use the resources built into the indicator.
- Yes - use the ZigZag indicator from the resources of the product.
- No - use a custom ZigZag indicator.
- HistoryBar - the number of bars in history for displaying the levels
- CountBar - the number of bars starting from the current to search for the support and resistance levels
- Settings of the ZigZag indicator used in the product:
- Depth — the minimum number of candlestick, for which Zigzag will not draw the second maximum (or minimum), if the last one is Deviation less (or greater) than the previous one;
- Deviation — the minimum number of points between the Highs/Lows of two adjacent candlesticks for the Zigzag to form a local top/bottom;
- Backstep — the minimum number of candlesticks between the local Highs/Lows.
Added the indicator message in the bottom right corner of the chart, to which the indicator is attached.
Added a new "Trends" mode for displaying the support and resistance lines. The standard ZigZag is used for identification of levels in this mode. Parameters of the ZigZap have been moved to settings. The parameters provide the ability to select (UseResource) the ZigZag to be used - the one attached to the indicator as a resource or a custom ZigZag. When UseResource=No, the indicator loads faster.