Support Resistance Breakout

This Indicator will draw support and resistance (SR) in chart and give alert whenever there is a Support or Resistance Breakout.

It has a variable to control SR line length (default 100) 500 is recommended.

Support and resistance (SR)

The concepts of support and resistance are undoubtedly two of the most highly discussed attributes of technical analysis and they are often regarded as a subject that is complex by those who are just learning to trade or even the expert traders. As we all know that these terms are used by traders to refer to price levels on charts that tend to act as barriers from preventing the price of an asset from getting pushed in a certain direction.

The Breakout

A price movement through an identified level of support or resistance, which is usually followed by heavy volume and increased volatility. Traders will buy the underlying asset when the price breaks above a level of resistance and sell when it breaks below support.