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Support Resistance Breakout Indicator

Indicator Overview

This indicator utilizes the Zigzag indicator to identify potential support and resistance levels. When the price action breaks through one of these levels, a trading signal is generated.

How it Works

  1. The Zigzag indicator is employed to pinpoint significant price highs and lows, forming potential support and resistance areas.
  2. A signal is triggered when the current candle closes beyond a previously established support or resistance level.
  3. Traders can consider entering a position at the open of the subsequent candle after the signal is generated.

Important Considerations

  • Signals are based on the closing price of the current candle.
  • Always adhere to a strict money management plan when trading.

Indicator Key Features

  • No repainting
  • No delays
  • No lag
  • Easy to use
  • Low-risk entries
  • No other indicators needed
  • Pop-up, push, and email alerts
  • Works on all symbols and timeframes
  • Can be used in Expert Advisors


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    Indicators
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    Indicators
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    Version 2.0 2024.08.10
    sl and tp modification