Support and Resistance
Last updated
Last updated
This powerful tool is designed to identify key price levels in the market, providing traders with a clear visual representation of potential support and resistance areas. It goes beyond simple level identification by incorporating a ranking system and adjustable sensitivity.
This support and resistance tool helps traders identify key price levels where the market might react. It highlights important zones where price could reverse, pause, or break through, making it easier to spot potential trading opportunities.
Reversal Points: It marks areas where price might change direction, ideal for setting entry and exit points.
Breakouts: When price moves beyond a major level, it may signal a strong move, helping you catch breakouts.
This support and resistance tool has customizable settings that allow you to fine-tune how levels are displayed on the chart:
Enable S/R: Turns the support and resistance indicator on or off.
Sensitivity: Controls how many levels are displayed. Higher sensitivity will show more levels, which can be useful in volatile markets or on shorter timeframes, while lower sensitivity focuses on the strongest levels.
Strength: Adjusts the strength of levels based on past price reactions. Higher values highlight more established, stronger levels, while lower values allow weaker levels to be shown.
Level Buffer: Adds a small buffer around each level, creating a “zone” instead of a single line. This can be helpful to avoid exact price points and account for slight overshoots at support/resistance levels.
Label: Toggles on/off labels for each level, giving a clearer view of what each level represents, such as "support" or "resistance."
Overall, this tool offers a clear map of important price levels, helping you plan entries, exits, and manage risk.
