A Chart Tool for Creating and Monitoring Support and Resistance Lines
Summary
This document describes a charting indicator for manually marking horizontal support and resistance levels. A trader places the cursor at a price and presses a configurable key to add a line; the tool assigns support or resistance styling according to whether the level is below or above the current market price. A second line style can distinguish primary levels from secondary alert levels. Lines can be removed with a keypress, moved, and displayed separately for different symbols.
The indicator can alert when price crosses a line, show the distance from the current price, and report how often a level acted as support or resistance or was crossed over a selected candle history. The document explains configurable colors, line styles, history length, and deviation settings, and illustrates alerts and labels. It offers practical chart annotation and monitoring features, but no trading rules for choosing levels, performance testing, or evidence that line interactions predict future prices.
Key ideas
- The tool creates horizontal chart levels at the cursor price using configurable keyboard shortcuts.
- Line color identifies whether a marked level is currently support or resistance.
- Crossing alerts, price distance labels, and historical interaction counts help monitor marked levels.
- The document describes chart functionality rather than a tested trading strategy.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.