can you use support and resistance levels?

do you want to locate them fast and automatically?

Do you want to define them by their own parameters?

Then this index is what you want!

this Lines indicator is designed to look for support and resistance lines about the chart. It works quickly and automatically.

The main principle of the algorithm is to search for all extremes on the graph (based on the Density parameter). The indicator then tries to discover a minimum of 3 factors (according to the “Minimum count of factors” parameter) which can be used to calculate the support or resistance line. Then, a linear regression algorithm is used to construct the lines.

• Density – the density of the search for extremes. The higher the value, the lower the sensitivity, and vice versa. The base unit is 1 bar of the chart.
• History – depth of history to search for. At -1, the indicator searches for all history bars. The base unit is 1 bar of the chart.
• Range – search range for support and resistance lines from the found extremes. The base unit is 1 bar of the chart.
• Minimum count of points – the minimum number of extremum points for drawing lines.
• Maximum deviation – the maximum allowable deviation. Base units-in %.
• Color, width, style of lines-adjust the color, thickness, and style of lines
• Prolong lines to future – continuation of lines to the future
• Show points of lines-display on the graph of points on which lines are drawn
• Color of points color of points
• Your own prefix for object-prefix for object names when using multiple lines

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The resulting line is plotted as a linear regression from all the points found.

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