A great indicator with tons of usages for technical analysis
Act as:
* Support and Resistance (It can be used as breakouts only if you drag the line manualy, it will never break it by itself) * Swing points * Reversal point (The candle will reverse in 90% in cases) * Tops and Bottoms (It finds highest and lowest points)
... and many more TA for strategies
Combined with RSI will give even better overview of the chart
Play with values till you find what your needs are The bigger value is, the more accurate points will be
(There is no such as magic indicators, you need to do your job, you need to know what are you doing before enter in real life!)