Support and Resistance

2 Jan 2023

what is "Support and Resistance"?
it is a support and resistance indicator.

what it does?
it draw support and resistance zones on the chart.

how it does it?
It determines the zones where the price leaves with a big candle after going horizontal for a while as support or resistance zones according to the price movement direction. while doing this, it compares the size of the candles and the elapsed time.

how to use it?
Red zones represent resistance and green zones represent support. You can buy in the support zone or sell in the resistance zone. my advice is to make your own interpretation by taking into account the price movement with different indicators. they are considered useful if there is a closure beyond the zones. otherwise, they continue to be shifted to the right.

notice: As new zones are created, old ones may disappear. so it might be wise to draw boxes using drawing tools where the old zones are.

Support and resistance are very important concepts for technical analysis. so I am thinking of updating and improving this indicator many times in the long run. but I couldn't wait long to post it.

examples:

2 Jan 2023

Nota Keluaran

added input to change transp.
added 4 extra zones (2 buy and 2 sell).

4 Jan 2023

Nota Keluaran

breaker blocks added.

https://ghosttraders1203.b-cdn.net/wp-content/uploads/2022/04/breaker.png

12 Jan 2023

Nota Keluaran

The indicator has become more efficient so you will no longer get an error when new bars are added.
second important change: you will now be able to see the previous signals by changing the inputs in the settings section

13 Jan 2023

Nota Keluaran

Minor changes.

19 Mac 2023

Nota Keluaran

color option added.