Automatic Support and Resistance Zones
- Indicadores
- Versão: 1.0
- Ativações: 5
The indicator analyzes recent price action, local swing highs and lows, and candle wick characteristics to identify areas where the market may have previously shown rejection or reaction.
Key Features
Automatic Support Zone DetectionAutomatic Resistance Zone Detection
Price-action based analysis
Swing High and Swing Low identification
Candle wick analysis
Visual zones displayed directly on the chart
Automatic removal of zones when price reaches them
Optional sound alerts
Adjustable analysis period
Adjustable minimum wick ratio
Adjustable LookBack parameter
Customizable Support and Resistance colors
Clean chart-based visualization
How It Works
The indicator analyzes a configurable number of recent candles and searches for relevant local highs and lows.
Potential Resistance Zones are identified around local highs when the corresponding candle presents characteristics associated with price rejection, including significant upper wicks.
Potential Support Zones are identified around local lows using similar criteria, with emphasis on significant lower wicks and price rejection.
Once detected, the zones are displayed as rectangular areas on the chart, making it easier to visually identify important price regions.
When the current price reaches an identified zone, the indicator can automatically remove that zone and, if enabled, generate a sound alert.
Customization
Users can adjust the main detection parameters according to their preferred trading style:
Max Bars — Defines the maximum number of historical bars analyzed.Minimum Wick — Controls the minimum wick-to-body relationship used during zone detection.
LookBack — Defines the number of candles used to identify local highs and lows.
Resistance Color — Customizes the resistance zone color.
Support Color — Customizes the support zone color.
Sound Alert — Enables or disables alerts when price reaches a detected zone.
Practical Applications
Automatic Support & Resistance Zones can be used as an additional technical reference when analyzing:
Market structure
Potential reaction areas
Price rejection
Support and resistance levels
Breakout and retest scenarios
Pullback areas
Price action
The indicator is designed to help traders quickly visualize relevant price areas without requiring manual drawing of every potential support or resistance zone.
Important Information
The zones identified by the indicator represent potential areas of market interest based on historical price behavior. They are not guaranteed support or resistance levels and should not be interpreted as guaranteed trading signals.
Market conditions can change, and price may break through or react differently to previously identified zones.
This product is intended as a technical analysis and chart visualization tool and should be used together with the trader's own analysis and risk management approach.
Compatibility
Automatic Support & Resistance Zones is designed for MetaTrader 5 (MT5) and can be used across different markets and timeframes supported by the platform.
Turn Price Action Into a Clearer Visual Map
Automatically identify potential Support and Resistance areas and keep your chart organized with clearly defined price zones.
