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Truncated Support Resistance Lines - truncated because obsolete, invalid lines are no longer drawn.

Truncated Support and Resistance Lines

The indicator is plotting only "fresh", valid lines of support and resistance levels. Lines can be drawn according to short and long time range. Long time range S/R ca be calculated from all bars on the chart, it means even from 250 000 candles. If price hits support or resistance line, then line is no longer drawn. Truncated support and resistance lines clearly indicate you price range or breakout levels and old, insignificant lines do not cause mess on your chart. Great tool for Scalpers and Day Traders. Works with any chart type, on any time frame!



Inputs:

  • Specified period in minutes, which according to it lines are plotted. Value 0 means current chart period.
  • Delete lines if chart period is changed? If you want to see truncated S/R lines for specified indicator period, then set false value.
  • Colours of resistance lines.
  • Colours of support lines.
  • Style of short range lines.
  • Width of short range lines.
  • Style of long range lines.
  • Width of long range lines.
  • Amount of bars in short time range. If amount of bars on chart is lower than double amount of bars of short range, then this value is automatically divided by two.
  • Total amount of bars for long time range. Value 250000 (maximal history bars on current chart) means even the oldest S/R are calculated.
  • Can the S/R lines be selectable?
  • Delete old insignificant lines breached by price?
  • ZigZag depth – according to it lines of support and resistance are plotted - indicator sensitivity.
  • ZigZag deviation – according to it lines of support and resistance are plotted - indicator sensitivity.
  • ZigZag step – according to it lines of support and resistance are plotted - indicator sensitivity.
  • Set scale fix and set price level on middle of the chart if chart period was changed?
  • If set as true, then key F alternately switches scale fix.

Buy KL Truncated Support Resistance Lines customer indicator in the store selling algo trading systems

Current version 1.14 - 2016.11.11 - Blinking S/R line and sound alert will inform you if price is in short range. Alternately by keystroke F (on/off) chart "autofocus" allows you keep price in middle of the chart. Checked and compiled: 2017.08.21

If you identify any bugs or if you have any questions or suggestions feel free to let me know. Feedback are most welcome.