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Support and resistance at zigzag

This indicator displays support and resistance levels according to highs and lows of the HZZ indicator described in "How to Write Fast Non-Redrawing ZigZags" by CANDID. The indicator's performance is based on the assumption that completion of the previous trend and beginning of a new one are the best points to enter the market. The indicator forms support lines indicated by a color of the support variable and resistance lines indicated by a color of the resistance variable.

The last swing in the calculation area is also indicated by a color of the last_swing variable. A candle close above the resistance level and after receiving a confirming signal from other market indicators (for example CCI and MACD oscillators) can be considered as a Buy signal. Similarly a candle close below the resistance level can be considered as a Sell signal.

You can enter again in the market movement direction when the last swing level is crossed. Price breakout from the stated levels can also indicate a signal of the trend continuation in the same direction. You can set the indicator changing H variable in the main menu.

sunnychow
7942
sunnychow 2019.10.17 17:36 
 

El usuario no ha dejado ningún comentario para su valoración

Patso
41
Patso 2019.10.10 14:55 
 

Just loaded it, looks good on chart.

Versión 2.2 2015.10.26
An icon has been added.
Versión 2.1 2015.06.23
Support and resistance levels have been unified.
Versión 2.0 2015.03.31
Added moving channels allowing you to define a trade direction with more accuracy.