After months of studying, and lots of coding I figured out support & resistance levels are much more complicated than what we thought. After hundreds of failed trials using price(close) as the main source of information for my S/R indicators, after modifying certain values, and creating an effective method to define S/R levels, which does not include price a huge advanced was made. Today I introduce, and make public "Support & Resistance | Emiliano Mesa" by Emiliano Mesa. This indicator uses my method to find support and resistance levels, which again isn't based in price, but other factors.
Furthermore it creates areas rather than simple lines. As they are more precise. When price enters an area a range movement can be expected.
Key: Blue Fill --> Support/Resistance Areas Yellow Background --> New S/R Area Created
This indicator works extremely well in 2H, I suggest length value as 314, however you can play with it.
Business Inquiries: emilianomesauribe2000@Live.com
Dear Emiliano,
First of all, thanks for this indicator!
Would it be too simplistic of me to think that, to use it on 1H timeframe, I change 314 input to 157?
Thanks!
EmilianoMesa
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@jurxalt, Hello how are you. Jurxalt, try to play with the values as you wish, you can see how effective the input is by simply noticing how respected the support and resistance areas are with the new input. Please do share your results!
Best regards.