Level Pattern of Support and Resistance
This indicator allows to enter the market with optimal prices: from local Highs (resistance) and from local Lows (support).
The indicator finds flat level patterns searching the bar which has formed the level and bars which have confirmed the level. In other words, the indicator finds a price level consisting of several candles having highs and lows on one line. Such levels represent natural levels of support and resistance formed after a major participant has entered the market and placed a large buy or sell order. Particularly this order restrains the price keeping it up or down. And this is displayed as a line, thrust against by candles' highs or lows.
This indicator performs all these operations, so you do not have to waste your time inspecting charts and ferreting for levels and patterns. All you need to do is to wait for a signal (alert) about appearance of a level. The indicator will be useful for those who trade using the system by Alexander Gerchik. But advantages of the indicator are that it can find levels with any number of confirming candles (not only 3, but also 4, 5, 6 candles and more). It can also find hidden and less distinct levels where candles' highs and lows are located not on one line but have some dispersion equal to several points. Dispersion range of the level can be changed.
- TimeFrame - timeframe where the indicator will look for levels. (Default value is "0", which means that levels will be looked for on the current timeframe).
- Search_Period - level search period. (Maximum length of the level).
- Points_Of_Level_Dispersion - maximum width of the level in points. (Allowable difference between the bar which has formed the level and bars which have confirmed the level. Consider the number of decimal placed in quotes). The lower the diversion value, the rarer but more accurate signals.
- Bars_On_The_Level - minimum number of bars to form the level.
- UpLevelColor - color of resistance levels.
- DownLevelColor - color of support levels.
- PeaksWidth - width of contact points of the level and candles.
- LineWidth - level line width.