The indicator displays two nearest levels in real time. The one above the current BID price is a resistance level. The one below the current BID price is a support level.
The levels are calculated by the standard ZigZag indicator.
Application
The indicator can be used as an assistant in manual trading to obtain data on the nearest support/resistance levels.
The indicator can be used on any timeframe.
When a displayed level is touched or broken through, an audio alert is triggered (specified in the settings).
Settings
- The period of history to calculate = 500 – history period, within which the levels (in bars) are searched for
- Depth – the setting indicator zigzag = 12 – ZigZag indicator parameter
- Deviation – the setting indicator zigzag = 5 – ZigZag indicator parameter
- Backstep – the setting indicator zigzag = 3 – ZigZag indicator parameter
- The color of the line Up = SteelBlue – Up line color
- The color of the line Dn = SteelBlue – Dn line color
- The thickness for lines of the levels
- The thickness for points of the levels
- An audible signal to the level crossing = false – enable the level crossing audio alert
- Sound File = “alert.wav” – select a sound file for the audio alert
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