Indicator Description
This script, provided by Redblack Officials, offers basic pivot point Support and Resistance Levels to the user while displaying Break signal tags. It also grants users the ability to display more significant breaks by filtering using the Volume Oscillator.
Only more significant breaks of these basic levels are displayed to the user when optimised, which avoids noise and messy signals.
Additionally, it will highlight breaks with candles it deems to be bullish (e.g. having a longer upper or lower wick).
Notation
The notation of ‘B’ denotes a break of either a Support or Resistance level with a volume greater than the threshold.
The notation of ‘Bull or Bear Wick’ denotes a bullish or bearish candle on the break.
Settings
- Left Bars – the number of bars left-hand side of the pivot.
- Right Bars – the number of bars right-hand side of the pivot.
- Volume Threshold – the threshold value (%) for the Volume Oscillator.
Uage & Details
Knowing when a pivot S/R level is broken with significance can be of great help to a trader. Many times significant levels may not be broken with significant force and the move is therefore weaker and possibly not worth trading
Best TimeFrame For Use
15 mint chart or 30 mint for daily scalp trading intra day most this indicator use for Support & Resistance in all timeframe use 1h/2h/4h/1d…
