Determine support / resistance levels on the machine
Good day, comrades traders. Not so long ago, we met in a separate video tutorial with support / resistance levels. However, for beginners it is sometimes not always easy to determine their location and degree of importance, because many weak levels should not be taken into account. Beginners will help forex indicator PowerDynamiteAreas.
The indicator’s name is pathetic, but it performs its task. Installation is not difficult (see How to install forex indicator), open the chart with the desired currency and timeframe, attach PowerDynamiteAreas to it and get the picture as on the screen:
Red lines indicate resistance levels, and blue lines indicate support. The number of displayed levels, as well as the degree of their importance, are easily adjusted in the indicator parameters. We go into the settings of PowerDynamiteAreas and see this list:
pivotStrength - the degree of importance of the displayed levels, you can set values from 1 to 7
maxLookBackBars - how many last candles (bars) to take into account
pivotPipDiff - minimum distance between levels (in points)
zonePipSize - line thickness (in points)
Maxlevels - the maximum number of displayed levels (if it is 3, then the indicator will show 3 support lines and 3 resistance lines)
Values, as usual, are indicated in the old paragraphs (4 digits).