TrueSR Multi TF Support Resistance alert and panel
TrueSR indicator is a multi-timeframe panel and alert that finds nested support resistance zones for all timeframes and gives alert when price has interaction with those zones.
TrueSR finds support and resistance zones based on MT5 version of shevd supply and demand indicator that you can download for free from https://www.mql5.com/en/code/29395
MT5 strategy tester doesn't show multi TF functionality of this indicator.
To see how it works please download free DEMO version (works on EURJPY and GBPUSD) from this link.
In addition to multi timeframe alerts, this indicator has a lot of useful features that helps you to optimize alerts:
- Informative panel: check status of support resistance zones in panel from M1 to W1 timeframes (see panel section)
- Select timeframes: you can filter timeframes to get alert only on your chosen timeframes
- Nested zones: Trigger alert when price deals with support resistance zones in more than one timeframe at the same time, you can set minimum number of nested zones to trigger alert
- Different types of alerts: Alert when price Enters, Leaves or Breaks support resistance zones
- Filter small candles: you can filter weak price moves and get alert only when a big candle deals with support resistance zone
If you are using support resistance (or supply demand) zones in your trading strategy, this indicator will be a big time saver for you. You don't need any more checking different timeframes in different symbols to find Support resistance zones, just run TrueSR on your chosen symbols and check chart when an alert happens.
Panel shows if price has interaction with support resistance zones from M1 to W1 timeframes. With panel you can find nested zones at a glance.
- Button text shows type of support resistance zones (with "Sup" and "Res" abbreviations on buttons)
- Button text shows in which timeframes price enters, leaves or breaks a zone (with "In,Out,Br" abbreviations on buttons)
- Button color shows strength of support resistance zone (you can change the color of zones)
- Ability to change frequently used settings directly through the panel
- Panel and zones will update on every 1-minute candle open and when chart time frame changes
Shows the Strength of Support and Resistance Zones:TrueSR uses fractals and ATR indicator to find and draw support and resistance zones on price chart. Zones have different strength that are:
- weak: important high and low points in trend
- untested: major turning points in price chart that price still didn't touch them again
- verified: strong zones, price touched them before but couldn't break them
- proven: verified zone that at least four time price couldn't break it
- broken: zones that price breaks them (not applied for weak zones)
Alert Types:Alert triggers in three different situations:
- when candle moves into a zone and closes inside it
- when price leaves (returns from) a zone and closes outside and also price is higher or lower than previous candle
- when price breaks a zone and closes outside of zone
In panel you can see if price enters or leaves support resistance zones in more than one timeframe at the same time. Also when alert triggers for a timeframe, if there is nested zones in other timeframes indicator writes them in alert message. You can set the number of nested zones that must be found before alert triggers.
Important Parameters:Timeframe Filters:
- Alert for timeframes bigger than selected timeframe
- Alert only for these timeframes
- Exclude these timeframes
- Minimum nested zones required to trigger alert
- Number of neighbor TFs to ignore as nested
- Alert entering zone
- Alert leaving zone
- Alert breaking zone
- Check weak zones
- Check untested zones
- Check broken zones
- Ignore Near Weak & Wide Zones
- Minimum candle height to trigger alert (points)
- Filter candles that are smaller than previous candles
- Number of previous candles to compare
- Ratio of candle height to previous candles height
- Draw support resistance zones on chart
- Show zone info labels
- and zone customization parameters
You can see full description of parameters here.
Check out MT4 version of indicator here.
If you have any question please ask in DEMO version comments section, I'll do my best to answer your questions.
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Now you can change frequently used settings directly through the panel.
Added parameter "Ignore Near Weak & Wide Zones" for hiding weak and broken zones that their distance to next stronger zone is less than their width.