Statistical support Resistance
It is enough for traders to lose due to wrong SL and being hunted by SL hit. There are many type of support/resistance indicators (methods) but most of the time are not work well and representing delusion levels which are not actual or accurate enough. Fibonacci is good but not enough and traders have experienced a lot that price broke out key level of 61.8 % without any reaction or retracement. Pivot points not works always and most of the times those pivot points price action are minor or standing upon that causes SL hit. Round numbers or Moving average acts inconsistent and traders do not know it is probable for price to break out the level or react .
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So what is the solution? This indicator (Statistical Support/Resistance) draws sophistical levels based on statistic and probability with putting in market volatility. It brings traders the choice power to set TP or SL and trailing stops according to proven levels having probability. Having probability helps traders for better money management and partial position close.
- Show four levels for each support and resistance
- Each level has specific break out probability
- Calculation is based on last 24 hourly candles
- In some cases, calculation is based on only today OHLC Candle
- Prevent trader being trapped by SL hunting
- Determine how much is the probability that price may break out the level
- Show spread of symbol and remained time that the candle get close
- Levels are dynamic so new candles results new levels
- Color: the color of text
- Corner: chart corner that information is going to be present
- Font size of information
- Font size of level names
- Time frame of calculating levels [it should be always greater than current time frame]
-Information text for symbol spread, average daily range and time to close of current candle added