TrackingLevels

TRACKINGLEVELS (SUPPORTS AND RESISTANCES)

TrackingLevels is a useful indicator that saves considerable time when a trader starts analyzing a chart. This indicator draw on the chart all the resistances and supports that the market is creating.

The resistance and support levels are very important, this levels define areas where there can be a considerable accumulation of sell or buy orders. These are a key areas that every trader must know and keep in mind all the time. This indicator helps the trader to avoid erros when open or close orders to profit taking, adjust stops, etc.

You will also have the levels organized and grouped by colors, size and relevance. These levels can be easily monitored to make better decisions to open and close orders, take profits, place stops, etc. Parameters configuration is very simple.

INPUT PARAMETERS:

GENERAL:

• Activate Resistance Levels: It activates visualization of the resistance levels.
• Activate Support Levels: It activates visualization of the support levels.
• Period: Number of candles that the indicator will consider to perform various intermediate calculations, necessary to correctly define the levels. Recommended value is 15.
• Calculation Range (bars number). Range of candles to perform the calculation. The user can define from which point in the past he wants the indicator to start showing the different levels (supports and resistances). It is not recommended to parameterize a very high value because the graph would be filled with lines that do not allow to clearly visualize the evolution.
• Levels Grouping Factor.

ALERTS:

•     Activate messages (email)
•     Activate notifications (metatrader application)
•     Activate sound

SOUNDS:

Recomend to create the folder "\Files\Sounds\" and copy inside the different sound files.

•     Sound file path (test): If the price test a level.
•     Sound file path (breakout): If the price breakout a level.
•     Sound file path (destroyed): If the price confirm a breakout level.

FEATURES:

Representation of support and resistance levels generated from a specific point in the candlestick history. Identification by color and width of the most relevant levels (number of tests). Identification by means of the object label of the following information:

•     LEVEL TYPE (support and resistance),
•     Date and time of the event,
•     Maximum and minimum value of the confluence zone or level range,
•     Number of times the level has been tested without being passed

       Example:
       SUPPORT
       2023.04.19 14.00.00
       1979.39 - 1969.20
       Tested: 8 times

Different alerts (notifications, sounds, emails). These alerts describe complete information about the level and the event type (test, breakout, breakout confirmated/destroy)