Thursday, March 23, 2023

Automatic Parabolic Support and Resistance Levels Indicator

This indicator will draw the Parabolic Support and Resistance levels and then delete if older than your selected bars. The turn is calculated on above/below opens not closes as that seems to get most of the turns and this makes it slightly different than just the dots from a programming point of view.

For those who wish to see a video showing this indicator in use with Bollinger bands. You can watch the video here>>. Parabolic S&R Levels Video.

Very basically, the more previous crosses in bars past that are close together show the strength of the resistance/support level. I have noticed that price tends to want to break into clear ground which is easy to see as a clear chart area.