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upport and resistance
How will support and resistance be calculated?
With the High and Low of D1,H4,H1,M15,M5, and a variable that we are going to use to define how many candles to use
Example:
SandR_= 5
For the indicator to create the support and resistance zone of D1 it will use the last 5 candles and will define the zone at the High and Low of the 5 candles of D1
and will do this on all timeframes...
d1, h4, h1, m15, m5
That is, it will take the 5 candles of each Timeframe and create a support and a resistance for each Timeframe.
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Function to recalculate support and resistance after 10 candles, that is
the lines will remain there for 10 candles and will be updated every 10 candles, erasing the last signals
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I need a function to put the size of each support and resistance zone, that is, make the zone bigger or smaller
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Pre-alert: Alert warning when a sell or buy signal may occur (when the price enters the zone and when it breaks out of the zone)
When the candle enters the support and resistance zone, it displays a possible reversal alert
When the candle breaks the support and resistance zone, it displays a possible breakout alert
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Reversal strategy:
Distance Reversal = 10;
Sale:
If the candle opens below the resistance zone and closes inside the resistance zone, and the distance of the candle Close <= Distance Reversal , execute a sell on the next candle
Purchase:
If the candle opens above the support zone and closes inside the support zone , and the distance of the candle Close <= Distance Reversal , execute a buy on the next candle
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Breakout strategy:
Distance in pips_Breakout = 10;
Purchase:
If the candle opens below the resistance zone and closes above the resistance zone, and this distance is >= pips_Breakout, execute a buy on the next candle
Sale:
If the candle opens above the support zone and closes below the support zone, and this distance is >= pips_Breakout , execute a sell on the next candle
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resistance = line red
support = line green
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