once again, I want to show you a different method for detecting support and resistance level. Today's approach is similar to the one I posted recently, but the way the level will be detected is different. I call it the multi-timeframe standard deviation level. How does it work?
The method is similar to the way Bollinger Bands work. First, the indicator calculates the standard deviation, which can be influenced by the "Sensitivity"- and "Length"-setting.
Sensitiitiy - the higher the value, the fewer level will be shown
Length - simply the length for the standard deviation formula
Second, the detected value will be added (for resistance level) or substracted (for support level) from the current close. Once the upper or lower boundaries are crossed, a level will appear and keeps moving until the up- or downward movement finishes. Then the level will settle and stay in place.
Again, as seen in my previous indicator, you can control all the different styles and colors for the levels. The best part is, the whole thing works in a multi-timeframe fashion. In an example, you could select the "Daily" level and plot them on a 4-hour chart.
If you find this indicator useful, please leave a "like" and hit that "follow" button :)
Have fun, happy trading and once again Merry Christmas :)))
Is the line displayed in real time, or is it displayed after a period of time?
shabcom
⋅
Hi, it's a nice indicator but it seems that the lines change for example if the time is set for daily the lines still change for example in time frames 30min, 4hr, and 8hrs. If the time is set for daily for example the lines should not change.? Thank you Ben
tomsatori
⋅
Good stuff, thanks!
allanster
⋅
Looks nice!
spentmysore
⋅
Very Clean and Accurate
can we have this script modified to lower time frames like 15Min,30Mins & 1 hour ?
paaax
⋅
@spentmysore, thank you. You can select the scripts resolution in the input section.