AlgoPro Support & Resistance
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The AlgoPro Support & Resistance Tool is a comprehensive indicator for identifying key support and resistance levels based on historical price swings. This tool is enhanced with additional features such as volume order blocks, trendline analysis, and a market dashboard for real-time tracking.
Key Features:
Swing High / Low Length: Defines the period for calculating the swing high and low. A value between 1 and 50 is allowed.
Support & Resistance History: Controls how many past support and resistance zones are retained (1–50).
Box Width: Sets the width of the support and resistance boxes from 1 to 10 (in step sizes of 0.5).
How it Works:
The tool calculates swing highs and lows, marking them as potential support and resistance zones.
Boxes are drawn around these levels and extend rightward as long as price stays within the zone. The tool checks for overlaps before drawing new zones.
Key Features:
Order Block Sensitivity: Adjusts the sensitivity of volume order blocks.
Bullish/Bearish Color: Customizes the colors for bullish and bearish order blocks.
How it Works:
The tool detects significant volume spikes that could indicate order block formations.
It plots bullish and bearish order blocks with a color distinction (green for bullish, red for bearish).
Volume levels are monitored to help identify the strength of each block.
Key Features:
Main Trend Line: A primary trendline based on the high and low pivots.
Mid and Short Trend Lines: Additional trendlines are drawn for medium and short-term trends.
Line Style: Choose between solid, dashed, or dotted for trendlines.
Enable Previous Trendlines: Optionally displays previous trendlines for reference.
How it Works:
Main Trendline: Drawn when two pivots (highs or lows) are identified. The trendline is extended as price moves.
Mid/Short Trendlines: Additional trendlines are used to detect smaller, more granular trends.
Key Features:
Displays various metrics like Moving Averages, Directional Movement Index (DMI), RSI, MACD, and more.
Volume Metrics: Tracks volume against average volume to gauge strength.
How it Works:
Moving Averages: Shows the current trend and crossovers of fast and slow moving averages.
DMI: Indicates whether the market is in a strong bullish or bearish trend.
RSI: Displays overbought or oversold conditions.
MACD: Provides momentum signals based on the difference between two moving averages.
Key Features:
Customizable Colors: Modify the appearance of support and resistance zones, trendlines, and labels.
Alerts: Receive real-time notifications when key events occur, such as a trendline break or an overbought/oversold condition.
How it Works:
Alerts can be set for major price movements, trendline breaks, or volume spikes. Notifications can be sent based on your defined criteria.
Key Features:
Volume Analysis: Tracks the volume of price movements to identify stronger trends.
Real-time Updates: The dashboard updates in real-time, showing the latest trends and market conditions.
How it Works:
The tool dynamically updates to reflect the current market status, providing a holistic view of price action, trend strength, and volume activity.
The AlgoPro Support & Resistance Tool provides a robust, flexible solution for traders seeking to identify key levels, track trends, and analyze market momentum. With features like volume order blocks, trendline analysis, and a detailed market dashboard, it equips traders with the necessary tools to make informed decisions. Customize your settings, set alerts, and keep track of real-time market conditions—all from a single, comprehensive interface.
