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Auto Support & Resistance
Support and Resistance lines are values unique to every ticker/market. These values are identified if the market of interest has "touched" this value multiple times. "Touch" means that the market has either bounced off a value, has had a hard time breaking a certain value/price, or when the market has broken and retested this value. We then use these Support and Resistance lines or "S&R" lines to help us break up the market into channels allowing us to know how much the market can move and when is the optimal time to enter/exit the market. However, this takes a long time to manually identify and draw you S&R lines. The Dynamic Support and Resistance Indicator will automate all of that process for you. It is adaptive which means as the market moves the Indicator will calculate any new lines or change Support and Resistance Lines as they are broken
We have color coded the Lines to quickly show if they are a Support line or a Resistance line.
- Resistance Lines are Red
- Resistance lines are above our candles. Once Candles break our above resistance it turns into a support
- Support Lines are Green
- Support lines are below our current candles. Once Candles break below our Support and the line is then above our Candles it is then classified as a resistance line.