Support and Resistance

2021년 12월 29일

This is a multi-timeframe indicator that lets you draw support and resistance lines based on the timeframe you choose.  This means you can place daily support and resistance levels on lower timeframes such as the 1 minute timeframe.  The cool thing about this indicator is that it uses the atr value, which is different from traditional support and resistance indicators that look at pivot points or zig zags to figure out where support and resistance lines should be placed. This one looks at pivot points to figure out where the atr should be first, then places lines in the upward and downward direction based on the atr value.

This means that you are able to see all future levels of support and resistance even if the price has never been at that  level

Features:

1. MTF (Multi-timeframe) plotting. Allows you to plot resistance and support lines based on the daily timeframe you select. This means you can see major daily support and resistance levels on minor timeframes such as the 1 minute. These levels tend to act as stronger support and resistance levels compared to micro timeframe levels

2. Tells you future price levels. Since this indicator uses ATR indicator it shows you all future support and resistance levels where a ticker has never been

Inputs:

1. Timeframe: Select the timeframe you wish the indicator to be used on. My personal preference is the daily timeframe

2. Pivot Period: Changes the lines based on the pivot period you choose, I personally like the 5 pivot period

3. Lookback Period: How many bars should be taken into account, to determine ATR value and other calculations. Personally like the 150 bar lookback period, but if your trading extremely volatile tickers I suggest changing it to 50.

4. Line Closeness: This determines how far apart the lines are from each other. If it it set to 1 it means it will place each line 1 ATR value apart from each other. Lower the number closer the lines are to each other and vice versa

5. Number of lines plotted: This will change how many lines are plotted onto your chart. Default is 150, but if you want a lower amount 50 works as well

6. Show label: This just adds the number at which each line appears at

Errors:

1. Sometimes the lines won't show up, this is because there is not enough history for the indicator to take in. The standard amount of bars needed is 150, you can change it to 50 which sometimes works better for more violatile tickers.