Support and Resistance Zones

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Support and Resistance Zones— Indicator

Overview:
This indicator dynamically detects and visualizes key support and resistance zones by aggregating price data into synthetic candles. It highlights these critical price areas as shaded boxes that adjust in real-time, providing traders with clear visual cues on where price might find support or resistance.

Key Features:

-Dynamic Zone Detection: Automatically identifies zones formed by consecutive grouped candles meeting customizable criteria.

-Aggregation Factor: Combine multiple bars into synthetic candles to reduce noise and emphasize significant price zones.

-Customizable Zone Length: Extend the zone boxes by a user-defined number of bars beyond the current price for enhanced visualization.

-Visual Styling: Fully customizable zone fill and border colors to suit your chart preferences.

-Zone Lifecycle Control: Option to terminate old zones to maintain a clean chart.

-Breakout Alerts: Trigger alerts when price breaks above or below confirmed zones, signaling potential trading opportunities.

Inputs:

-Minimum Candles to Form Zone: Sets how many consecutive synthetic candles must align to form a valid zone.

-Aggregation Factor: Defines how many bars are combined to create a synthetic candle.

-Zone Fill and Border Colors: Customize the appearance of zones on the chart.

-Terminate Old Zones: Enable or disable automatic removal of previous zones.

-Box Extension Bars: Number of bars the zone boxes extend beyond their detected range for better visibility.

How to Use:
1. Apply the Indicator: Add it to your chart on any timeframe or market (Forex, stocks, crypto).

2. Set Input: Adjust the minimum candles, aggregation factor, and box extension bars based on your trading style and timeframe. For example, higher aggregation smooths noise for longer-term zones.

3. Visualize Zones: Watch as the indicator dynamically draws shaded boxes representing areas of support and resistance. Zones will grow as price action confirms their strength.

4. Monitor Breakouts: Use breakout alerts to be notified when price decisively moves beyond a zone, providing signals for possible entries or exits.

5.Customize Appearance: Adjust colors and enable zone termination to keep your chart clear and focused.

This tool simplifies identifying important price levels, reducing manual analysis time and helping you make informed trading decisions.

26 thg 5

Phát hành các Ghi chú

Logic updated for more accurate re-test

26 thg 5

Phát hành các Ghi chú

Chart example updated

5 thg 6

Phát hành các Ghi chú

Updated aggregation and box logic

5 thg 6

Phát hành các Ghi chú

Alert vocab updated