Best Support And Resistance Indicator V1 [ForexBee]

This Indicator Identifies and draws the support and resistance Zones On the Chart

🔶Overview
The support and resistance indicator is a technical indicator that will plot the support zone and resistance zone on the candlestick chart. It determines the price touches to find the strong support resistance zones.

The support and resistance indicator is the most basic technical analysis in trading. Instead of drawing zones manually, this indicator can save you time by plotting zones automatically.

🔶Working
There are specific characteristics of a valid support and resistance zone. Price always bounces upward from the support zone while it bounces downward from the resistance zone. On the other hand, when a breakout of the support or resistance zone happens, the price trends toward the breakout.

🔶Valid support zone
When the price touches a zone two to three times and bounces in a bullish direction, it is a good support zone.

The main point is that you should always find the bounces in clear price swings. The touches or bounces of the price must not be in the form of a choppy market. Price always moves in the form of swings or waves.

🔶Valid resistance zone
When the price touches a zone two to three times with a bounce in a bearish direction, then a valid resistance zone forms.
Here the price bounces must be in the form of swings or waves. You must avoid a choppy market.
So the support and resistance zone indicator finds these parameters on the chart and draws only valid zones.

🔶Settings of indicator

There are two inputs available in the indicator.

Number of bars for swing
The number of bars for the swing bars represents the size of the swing for a valid support or resistance touch. This parameter helps to filter the ranging price. the default value is 10.
Number of Tests for valid support and resistance
In this indicator, the number of pivots represents the support or resistance touches. so if you select the number 3, the indicator will only draw a zone with three touches.

🔶Features
There are the following features that this indicator identifies automatically, so you don’t need to do manual work.

Identify the valid support and resistance zones
Add the confluence of swings or waves during zone identification
Choppy market filter

We are also adding the feature of a candlestick pattern at the zone, which will be added in the next update.

Phát hành các Ghi chú

Added Alerts For The Detection Of Support And Resistance Zones

Phát hành các Ghi chú

Now The indicator Also Shows Candlestick Patterns at support and resistance levels.

Phát hành các Ghi chú

Updated The Confluences

Phát hành các Ghi chú

Best S&R Indicator With Candlestick Patterns

An advanced Support & Resistance zone detector combined with candlestick pattern recognition, built to give traders high-probability trade setups on any market and timeframe.

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HOW ZONES ARE IDENTIFIED
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Zones are built from pivot highs and lows confirmed by multiple touches of the same price area. Each zone spans from the candle wick to its body, creating a meaningful supply or demand area.

Resistance zones drawn in red
Support zones drawn in green
Require 2, 3 or 4 confirmed pivot tests before drawing (configurable)

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ZONE MANAGEMENT
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Multi-zone tracking — All valid zones are drawn independently. A new zone does not overwrite a previous one
Zone expiry — Zones auto-remove after a configurable number of candles (default: 200)
Broken zones — When price closes through a zone, lines turn gray and freeze at the breakout candle for historical context

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ZONE RETEST DETECTION
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When price leaves a zone and later re-enters it, the candle is labeled:

⟳ R Retest — price re-enters a resistance zone from below
⟳ S Retest — price re-enters a support zone from above

Retests are the highest-probability entries in S&R trading.

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CANDLESTICK PATTERNS (AT ZONE ONLY)
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Patterns are only labeled when they form inside an active zone and are checked against all active zones, not just the most recent one.

Bearish — at Resistance:

Evening Star
Inside Bar
Tweezer Top

Bullish — at Support:

Morning Star
Inside Bar
Tweezer Bottom

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ALERTS
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Three built-in alert conditions:

New S/R Zone Detected — fires when a new zone is confirmed
Price Near Resistance — fires when price is within X% of a resistance zone
Price Near Support — fires when price is within X% of a support zone

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SETTINGS
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Swing Lookback — Bars used to identify pivot highs/lows
Pivot Tests — Touches required to confirm a zone (2, 3 or 4)
Zone Expiry — Auto-remove zones after N candles (0 = never)
Zone Colors — Customize resistance, support and broken zone colors
Fill Transparency — Control zone fill opacity
Show Broken Zones — Toggle gray broken zone display
Show Patterns — Toggle candlestick pattern labels
Show Retest Labels — Toggle retest detection labels
Proximity % — Buffer % around zones for proximity alerts

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