Justin

Support/Resistance Indicator

This is my first attempted at Support and resistance zones. If you have ever put 3 random horizontal lines on your chart it often happens that those lines do become support or resistance. Since support and resistance has a very broad definition I have made this indicator to quantify levels that way it's always consistent.

These support and resistance levels are pulled from the 1-hour chart and meant to be used on the 5 minute of 15-minute charts. Once a level appears it will continue to print until another level of equal or greater statistical relevance appears.

Since this is stats based some instruments will work better than others and you can easily tell by quickly looking at the chart. These levels are not designed to be taken blindly they should have supporting price action context, I find false breaks and breakout pullbacks work well with this. If you see a level you like and the indicator doesn't highlight it then add your own line or find instruments this works well on and only trade the blue lines.
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Can you post code as well? thx
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