Better Support Resistance
Better Support & Resistance shows the best support and resistance lines and zones. It is based on Fractals with the factor of your choice. All fractals are assembled, weighted, extended and merged into a clear set of support and resistance lines. The immediate nearby lines are shown as zones when price is in that zone.
Better Support & Resistance gives you the best overview of the important price levels.
Better Support & Resistance's default settings are good enough most of the time. Nearly all of them are fairly standard. Here are the ones that need some explanation.
- Fractal factor (2..10) - set this to the factor for the Fractals, minimum is 2, maximum is 10. The higher the number, the deeper the Fractal. Play with this.
- Timeframe - you know what this is. Set to the timeframe for which to show the Support & Resistance.
- Color Palette - set to 'Dark' or 'Light', whatever your preference is. 'Come to the Dark Side, Luke'.
- Colors - you know what to do.
- The Fractals are shown as a circle with the Factor number in it.
- Support and Resistance are shown by lines starting at or near the defining Fractal. A line can be the result of extending and merging several other lines.
- The high and low of the nearest Support and Resistance zones are shown as a dotted horizontal line.
- A colored zone is displayed if price is in that zone. This signals a possible reversal.
Better Support & Resistance is an invaluable tool to shine a light on possible reversal zones.
Do not hesitate to contact me. Let me know what you think of Better Support & Resistance. Only with your help, I can create better tools for MT4.