Support and Resistance MTF [Cometreon]

11 Nov

Support and Resistance is an advanced indicator that automatically plots key support and resistance levels on any symbol and timeframe, including higher ones. This innovative tool employs sophisticated algorithms to continuously analyze market data, identifying and drawing levels on the chart in real-time. By offering traders an immediate and clear view of critical market areas, Support and Resistance optimizes the decision-making process and eliminates time spent on manual analysis.

Key Features:

• Automatic Level Identification: The indicator automatically plots all support and resistance levels, providing a clear map of key points on the chart.
  
• Historical Visualization: Shows historical support and resistance levels, providing a comprehensive view of the market over time.
  
• Dynamic Trend Creation: Automatically identifies and updates trends based on levels, simplifying the understanding of market directions.
  
• Automatic Fibonacci: Generates Fibonacci levels based on the last two support and resistance levels, offering additional reference points for potential price retracements or extensions.
  
• Customizable Alerts: Offers a series of configurable alerts to keep you informed about breakouts, new confirmed levels, and price bounces on active levels.
  

Technical Details and Customizable Inputs:
Support and Resistance offers a range of customizable settings that allow adapting the indicator to specific needs:

1. Line Types: Select the type of lines to display: active, broken, both, or none.
   
2. Left Length: Determines the number of candles to calculate the previous high or low point.
   
3. Right Length: Defines the number of candles needed to confirm a level as Support or Resistance.
   
4. Timeframe: You can modify the timeframe of supports and resistances to view levels of a higher timeframe. It's also possible to add additional support and resistance levels using a second timeframe.
   
5. Breakout Source: Change the source needed to break support and resistance levels between Close or High/Low.
   
6. Delete at Timeframe: Allows removing levels based on the current chart resource instead of using that of the higher timeframe.
   
7. Session Range: Choose a period of distance from the last candle to define how far back in the past the indicator should look for Supports or Resistances.
   
8. Style Valid Level: Customize the appearance of active levels, including the color of the level itself, Liquidity fill, text color, line style and thickness, extension, as well as the size, position, and values to display in the level text.
   
9. Liquidity: This option displays the liquidity associated with each support and resistance level, with three modes: "Wick" which goes from the high/low to the upper/lower body, "Body" instead goes from the level to the lower/upper body of the candle and "Full Range" which extends from the high to the low of the candle.
   
   
10. Style Break Level: Allows modifying color, style, and thickness of lines, as well as text width, for two types of breakouts: "MSS" and "BOS".
    "MSS" stands for "Market Structure Switch" and indicates a level breakout opposite to the previous breakout, signaling a trend reversal.
    "BOS", on the other hand, means "Break of Structure" and occurs when a level is broken in the same direction as the previous one, confirming trend continuation.
    
11. Fibonacci Trend Line: Add up to 8 Fibonacci levels based on the last two identified support and resistance levels. Customize the different levels by modifying colors, thickness, style, and extension of lines. You also have the option to add a transparent background between each level.
    
12. Use Only Confirmed Levels: Activate this option if you want the system to use only the last two confirmed levels, excluding potential levels not yet confirmed.
    
13. Reverse: Used to reverse the direction of Fibonacci lines.
    
14. Use Higher / Lower: This option allows using the currently active maximum and minimum levels of Support and Resistance. The indicator will update each Support level until it encounters another active Resistance, and vice versa.
    
    
15. Trend Style: Activate/deactivate two types of indicator Trends: "Bar Color" based on level breakouts and "Background Color" based on the last active unconfirmed level.
    
16. Signal Style: Activate or deactivate the various breakout and bounce signals. Bounces present three options:
    - Total Rejection: occurs when the price exceeds the high or low and closes below the liquidity level.
    - Internal Rejection: the price closes in the liquidity zone.
    - Liquidity Rejection: the price does not exceed the high or low, but only the liquidity level, closing below it.
    
17. Customized Alerts: Set alerts to be notified in case of breakouts, bounces, or formation of new levels.
    

These options allow you to optimize the indicator for different trading styles and market conditions, ensuring accurate and tailored technical analysis.

How to Use Support and Resistance:

• Using Critical Levels: Consider all levels on the chart as "magnetic points" for the price. These represent critical areas where the market tends to react.
  
• Signal Interpretation: Use the indicator's signals to interpret market movements. A level breakout can indicate a trend reversal or continuation. Bounces can suggest the holding of a level or signal a possible breakout.
  
• Strategy Integration: Leverage the trend of support and resistance levels, breakouts, and bounces as key elements to develop and refine your trading strategies.
  

Call To Action:
Support and Resistance simplifies your market analysis, saving you time and improving the accuracy of your decisions. Thanks to clearly visualized and customizable levels, you'll have a clearer and more immediate view of market dynamics.

Don't wait any longer: discover how Support and Resistance can enhance your market analysis, offering you clear indications for faster and more precise trading decisions.