Dynamic RS Indicator

Key Features

1. Support and Resistance Levels:

   • Support levels and Resistance levels are drawn in red.

2. Fractal-Based Detection:

   • Levels are identified based on fractal highs and lows.

3. Efficient Memory Handling:

   • The number of levels is limited to 100 to avoid clutter.

4. Cleanup on Deletion:

   • All levels are removed when the indicator is deleted from the chart.

How It Works

1. Fractal Detection:

   • Fractal highs and lows are identified based on the FractalPeriod .

2. Level Validation:

   • A level is confirmed if the price touches it at least MinimumTouch times.

3. Distance Filtering:

   • Levels must be at least MinDistance pips apart.

4. Cleanup:

   • All levels are removed when the indicator is deleted from the chart.

Input Parameters

Advantages Over Existing Indicators

1. Precision:

   • Levels are drawn only near the current price, avoiding irrelevant zones.

2. Flexibility:

   • Users can adjust MinDistance and MinimumTouch to suit their trading style.

3. Efficiency:

   • The indicator is optimized for real-time performance.

4. Clean Chart:

   • Only valid and active levels are displayed, reducing clutter.