SUPPORT & RESISTANCE ZONES INDICATOR
This metatrader 4 indicator was created to draw support and resistance zones. These zones are drawn as green/red rectangles between the body of the 9-candle fractal and its extreme. It has a fractal settings and a timeframe settings. For example, setting the left side of a fractal for 2 and its right side for 2 as well you will get a 5-candle fractal which indicates very minor turning points of a market. My experience says that 9-candle fractal is an optimal one. On the one side it is large enough to filter some noise. And on the other hand it is sensitive enough to detect more support/resistance levels.
Timeframe is set in minutes. If your Higher Timeframe is Daily. Then you need to set 1440. 4h=240. 1H=60 and so on. After the indicator has drawn the support resistance zones they stay unchanged on your chart even if you switch the timeframe to a minor one. So, if you see that price is trading at a green rectangle on 1H timeframe, this means that it is at a Daily support zone. Similar software price starts from $200.
- FractalZZ Indicator cost is $82.
- Get your bonus.