PB Support Resistance

Indicator uses ZigZag theory for 2 time periods on each sellected timeframe. 1st is CURRENT_PERIOD, 2nd is next higher timeframe.

It has powerfull algorithms to draw true Support and Sesistance lines and implemented many other useful features for any user to control by Input Parameters.  

• Easy to use
• The indicator draws lines in smoothest way
• It is non-repainting

Input Parameters

• ZigZag depth: can be changed to higher numbers to see bigger picture, default depth=8;
• Current and Higher timeframe both can be made true/false, default both enabled.
• Customize color for each Support and Resistance lines and its  timeframe.
• Styling Lines

Example of timeframe:

On M1 timeframe will be drawn levels from M1, M5

On M5 timeframe will be drawn levels from M5, M15

On M15 timeframe will be drawn levels from M15, M30

On M30 timeframe will be drawn levels from M30, H1

On H1 timeframe will be drawn levels from H1, H4

On H4 timeframe will be drawn levels from H4, D1

On D1 timeframe will be drawn levels from D1, W1

On W1 timeframe will be drawn levels from W1, MN1

On MN1 timeframe will be drawn levels from MN1

User can attached this indicator to any desire timeframe.

Author

Sanat Safo, technical analyst and speculator, software engineer and founder of Pink&Blue-Algorithms.