Relative and Absolute Support Resistance Levels (MTF)

hace 3 horas

Relative and Absolute SR Levels

1. Relative SR Levels

This indicator is unique and powerful because it doesn't rely on the traditional method of just finding swing highs and lows. Instead, it uses a more sophisticated approach focused on identifying 'Candle Strength' on a higher timeframe. This method helps pinpoint more reliable and impactful price zones.

Key Features that Make this Indicator Unique:

1. Non - Repainting
2. Zero Lag
3. Higher and Current Time Frame Support
4. Intelligent Algo for Dynamic Line Visibility
5. Very Sophisticated approach than traditional SR Levels

Higher Timeframe (HTF) Analysis:

The indicator calculates S&R levels based on a timeframe larger than your current chart. For example, if you are on a 5-minute chart, you can set the indicator to analyze the 30-minute or 1-hour timeframe.

This is crucial because levels from larger timeframes often hold more significance and are respected more frequently on smaller timeframes.

Focus on Candle Strength:

This feature is highly effective because Candle Strength typically indicate strong market momentum and often leave behind important S&R levels.

Dynamic Line Visibility:

This is one of the most clever features. The indicator draws all identified levels but keeps them invisible by default. On the last bar, it intelligently analyses the current price and makes only a select number of levels visible. This prevents your chart from becoming cluttered.

The number of visible lines is completely customizable using the 'Number of Lines to Display' input. You can set it to show just the 2 or 3 most relevant levels, for example.

Automatic S&R Selection:

The indicator automatically sorts the identified S&R levels based on their distance from the current price. It then picks the closest lines, both above and below the current price, to display. This ensures that the levels shown on the chart are the ones most relevant to the current market situation, helping you focus on the most immediate areas of interest.


2. Absolute Levels:
This indicator is a powerful tool designed to identify and visualize "Absolute Levels", which are essentially significant price zones created by strong market movements.

This works on current timeframe and doesn't use Higher/Multi Time Frame Concept.

hace 2 horas

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