Support Resistance MTF Level Trading Indicator detects so-called “pristine” price levels of support and resistance, which almost always cause a sharp reversal when the pristine price level is reached.
With this indicator, you will be able to identify high probability reversal setups.
How to use the Support Resistance MTF level indicator
The author recommends placing the Support Resistance MTF indicator on the price chart 2-3 times with different timeframe and candlesLeftRight parameter settings.
The candlesLeftRight parameter determines which recent highs / lows are detected:
- the default value of the candlesLeftRight parameter is 3.
- if you add the indicator a second time to the price chart, for example, candlesLeftRight = 6, then you will see additional support / resistance levels.
- if you wish, you can add the indicator for the third time, for example, candlesLeftRight = 9.
Support Resistance MTF Level Trading Indicator It will be effective in trading strategies for breakout and bounce, as well as for placing take profit and stop loss orders.
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