A Zigzag-Based Indicator for Plotting Support and Resistance Levels
Summary
The document describes a chart indicator that plots ten support levels and ten resistance levels, using yellow for support and white for resistance. The levels are numbered from the newest to the oldest, so the labels help distinguish how recently each line was identified. The author says the indicator works across chart intervals and is intended to show price compression around support and resistance, which may help a trader judge the price’s current stage.
The instructions require two companion indicator files, while only one is to be attached to the chart; its properties should be left unchanged. The document offers no chart example, formula, test results, or guidance for turning the lines into entry, exit, or risk rules. It therefore describes a visual aid rather than evidence of a profitable strategy, and its performance claims are not substantiated in the text.
Key ideas
- The indicator plots ten support levels and ten resistance levels.
- Support lines are yellow, while resistance lines are white.
- Labels distinguish the levels by recency, with the first-numbered levels described as oldest.
- The tool is presented as a way to observe price compression around these areas across chart intervals.
- The document gives no validation or specific trading rules based on the plotted lines.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.