Dynamic RS Indicator
- Indicatori
- Versione: 1.0
- Attivazioni: 20
This indicator automatically identifies and plots key support/resistance (S/R) levels on price charts using a hybrid algorithm combining fractal detection, price touch validation, and dynamic level managemen.
Key Features
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Support and Resistance Levels:
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Support levels and Resistance levels are drawn in red.
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Fractal-Based Detection:
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Levels are identified based on fractal highs and lows.
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Efficient Memory Handling:
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The number of levels is limited to 100 to avoid clutter.
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Cleanup on Deletion:
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All levels are removed when the indicator is deleted from the chart.
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How It Works
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Fractal Detection:
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Fractal highs and lows are identified based on the FractalPeriod .
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Level Validation:
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A level is confirmed if the price touches it at least MinimumTouch times.
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Distance Filtering:
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Levels must be at least MinDistance pips apart.
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Cleanup:
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All levels are removed when the indicator is deleted from the chart.
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Input Parameters
| Parameter | Default Value | Description |
|---|---|---|
| FractalPeriod | 2 | Number of bars to identify fractal highs/lows. |
| MinimumTouch | 2 | Minimum touches to confirm a level. |
| MinDistance | 0.001 | Minimum distance between levels (in pips). |
| BarsToCheck | 100 | Number of historical bars to analyze. |
Advantages Over Existing Indicators
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Precision:
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Levels are drawn only near the current price, avoiding irrelevant zones.
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Flexibility:
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Users can adjust MinDistance and MinimumTouch to suit their trading style.
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Efficiency:
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The indicator is optimized for real-time performance.
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Clean Chart:
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Only valid and active levels are displayed, reducing clutter.
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