Introduction
The Support and Resistance Levels is a tool created to aid traders in identifying fundamental support and resistance levels within the market. Its distinctive feature is the identification of structured levels of support and resistance. This indicator incorporates a blend of pivotal points and analysis of price action. This combination supplies valuable observation for support and resistance trading strategies.
Key Features & Settings
- Confirmation of Support and Resistance: This indicator recognizes and visually displays identifies support and resistance levels, offering a clear representation of these critical zones.
- Support and resistance zones: Once established, will vanish in the event of a decisive breakout.
- Users also have control over how support or resistance levels are managed on the chart. They can adjust the length of the pivot high/low.
- Users have the option to customize and activate support and resistance using a method derived from the measurement of higher highs and lower lows.
- Users can adjust the parameters for the number of bars examined and the confirmation time when measuring a level of support or resistance.
This indicator may be useful for traders to incorporate into their support and resistance strategies. Support and resistance is an important aspect of technical analysis, visually employing where historical price reversals/pivots occurred.
The rationale behind this indicator involves the formation of support or resistance levels, determined by the frequency of price pivots from a designated range. Once the price ceases to pivot, the previously identified support or resistance level becomes invalid. It is essential to view these levels as integral components of an analysis process and not adhere to them indiscriminately.
