Support and Resistance Settings

Basic Settings - Precision Based Settings - Strength Based Settings - Oscillator Momentum Based Settings

What Does The Support and Resistance Settings Do?

The support and resistance settings allows users to customise the internal detection module used in identifying the key zones. It also allows users to tweak their unique values manually or automatically to display zones in different areas of structure if they wish to tweak the values. Furthermore, users can change the amount of zones to be plotted onto the chart if they wish to do so.

Basic Settings

The basic settings group allows users to customise the calculation method used in detecting support and resistance zones. Users can also hide all the plots in a click of a button too.

Show Plots?

This is a toggle box input that allows users to hide the support and resistance zones if it is unchecked, and show the support and resistance zones if it is checked.

S/R Calculation Method:

This is the second input of the basic settings group that comes in the form of a drop-down menu and it houses 3 different calculation methods for detecting support and resistance zones. The three methods are known as: "Precision-Based", "Strength-Based", "Oscillator-Momentum Based".

Precision Based is our first module and the default module simply because it is the most accurate on all timeframes. Users can use these zones for identifying reversals and using them for break and retests. Here is a screenshot of what precision based looks like.

Strength Based is our second module within the drop-down selection and it utilises two strength indexes and candlestick data to test the reversals of price in a given area before printing a zone. Users can utilise the strength based zones for reversals and major structural points. We recommend that users utilise this mode on higher timeframes. Here is a screenshot of what strength based looks like.

Oscillator Momentum Based is our third module within the drop-down selection and it utilises our NVME Oscillator and the momentum indicator to identify where price has reversed but continued in the direction of the trend. We recommend that traders use this mode on a lower timeframe for re-entries, scalping and continuations. Users could also use this mode for reversal points but it isn't recommended. Here is what oscillator momentum based looks like.

Precision Based Settings

This is the second group of the support and resistance settings section that houses the tweakable settings for the precision based calculation module. In this group, users are able to customise the lookback period, zone testing span, how many zones to plot and whether or not the indicator should use automatic settings.

Lookback Period [1-100] is the first setting in this group and it determines how many candlesticks of data to use within the precision based calculation module. The minimum is 1 (not recommended) and the maximum is 100 (long-term). The default value is 10 to provide users with more recent zones that are extremely precise.

Increasing this value will provide you with better zone placements and more accuracy with each zone as the more bars the indicator can utilise the better results you will get.

Decreasing this value will provide you with less accuracy with each zone and may cause some overlaps between each zone as it utilises less data.

Test Span [1-100] is the second setting in this group and it determines how many times price has to test or reach the identified zone before confirming it as a real zone. The minimum number is 1 (not recommended) and the maximum is 100 (not recommended). We recommend for this number to be anywhere between 10 and 30. The default value is 10 as price will usually range near most zones or reject straight away so 10 is a good number for more zones from both sides.

Increasing this value will provide you with possibly less recent zones so each zone will be more long-term and old.

Decreasing this value will provide with more recent zones that may likely be short-term or mid-term zones.

Precision Zones [1-16] is the third setting in the group and it determines how many zones can be plotted onto the chart. This allows the user to either have clarity and perhaps reduce overlapping zones or users can set it to a high value to get more zones at the cost of having some zones overlap.

Increasing this value will provide you with more support and resistance zones, please note that sometimes one or two zones will overlap.

Decreasing this value will provide you with less support and resistance zones.

Automatic Mode is a toggle box input that gives users a randomly selected setting within the array list.

If enabled, the lookback period and test span will be ignored and the indicator will utilise the settings it has found itself internally.

If disabled, users will need to use the lookback period and test span to customise this calculation mode.

Strength Based Settings

This is the third group of the support and resistance settings that houses the tweakable inputs for the strength based calculation module. In this group users are able to change the strength multiplier, the strength's lookback period and the amount of zones to be plotted on the chart.

Strength Multiplier [0-5] is the first input field in this group and it determines what multiplier for the strength indicators to use and this will impact the calculation profile too.

The minimum value is 0 and the maximum value is 5. The default value is 2 because it provides a balance of support and resistance zones that are spread out from one another to give better areas for reversals or rejections.

Increasing this value will most likely place the support and resistance zones closer together or may place the indicator into a trend-following zone mode.

Decreasing this value will most likely place the support and resistance zones further away from one another.

Strength Period [1-100] is the second input field in this group and it determines how many candles to lookback to for data grabbing. This may or may not massively impact the support and resistance zones generated by this module.

Increasing this value will most likely remove one or more anomalies from the chart as it will require for that zone to have more confirmations and tests.

Decreasing this value will make zone confirmation a lot easier to pass therefore there will be more zones available to see.

Strength Zones [1-20] is the third input field in this group and it determines how many zones can be printed on the chart at a time. This can be useful for users wanting to find more zones or removing zones for clarity.

Increasing this value will print more support and resistance zones at the cost of some overlapping.

Decreasing this value will print less support and resistance zones at the cost of them being spread out.

Oscillator Momentum Based Settings

This is the fourth group of the support and resistance settings area and it houses the tweakable inputs for the oscillator momentum based calculation module. There are 3 settings that users can utilise for adjusting how the support and resistance zones are represented to them. In this group users are able to customise the oscillator lookback period, the maximum zone plots and whether the module should use automatic settings or manual settings.

Oscillator Period [1-100] is the first input in the oscillator momentum based group that determines how many bars to lookback too for grabbing data. The minimum is 1 (not recommended) and maximum is 100. Default value is 25, which provides a balance of mid-term zones and short-term zones.

Increasing this value will provide users with more long-term zones.

Decreasing this value will provide users with more short-term zones.

Maximum Zone Plots [1-30] is the second input in the oscillator momentum based group that determines how many zones can be printed onto the chart. The minimum is 1 and maximum is 30. Default is 10 to provide users with enough zones for decision making and it prevents too much cluttering.

Increasing this value will provide users with more zone plots.

Decreasing this value will provide users with less zone plots.

Automatic Settings is the third input in the oscillator momentum based group that will utilise a random setting in the array list integrated inside of the calculation module. This will not take into account the user's manual settings and inputs.