support & resistance ( donperfect zones)

[indicator - current version: 2.08]


DonForex PerfectZones is a highly advanced indicator that draws automatically the support/resistance (S/R) zones and trend lines.
A really classic and essential tool.



Description:

  • Works with a completely unique calculation method
  • Automatically draws support/resistance zones
  • Automatically draws trend lines
  • Displays the broken, but still actual trend lines (dotted lines)
  • Calculates and displays the followings:
    • The range of the support/resistance zones (in points)
    • The 'weight' of the S/R zones (the higher value the more significant zone)
    • The distance between two adjacent zones (in points)
    • The length of the trend lines (number of bars)
    • The number of touches of the trend lines (the higher value the more significant line)
    • Indicates whether there is no more S/R zones in the given direction (with an arrow)
  •  
  • Adjustable intervals for S/R zones and trend lines (number of bars)
  • Selectable sensitivity (2 grades)
  • Adjustable trend line style
  • Automatically calculates the colors of S/R zones from the chart's background color (very convenient feature)
  • Color settings for trend lines
  • Error-free operation, high quality coding


  • For developers:
  • One can build his/her own expert advisors or indicators based on PerfectZones
  • Indicator values are easily accessible via global variables


Using tips:

  • Search for charts that are "clear" (ie. nice top/bottom peaks, no choppy, short candle-wicks)
  • These clear charts respect better the S/R levels, so they give more reliable signals
  • Wait until the price's approaching a zone
  • At the S/R zone look for the signs of a possible break out or reversal
  • Two types of typical break-out formation:
    • 1. Big and definite candle with a strong momentum (faster)
    • 2. Approaching the zone the candles are getting smaller and smaller and then breaks through (slower)
  •  
  • (Perhaps) the most reliable case when price breaks through the zone and then makes a retest (support becomes resistance and vice-versa)
  • Reversal signs for example: engulfing, pinbar etc ... there is a lot
  • Additional confirmatory factor, if there is a conjunction with any other level-system (eg. Fibo, pivot etc ...)
  • Of course, the trend lines are also S/R levels that have a slope
  • Higher time frames give more significant S/R zones

Attached Files:

Posted By sedatramartin : 22 July, 2020
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