Dynamic Support and Resistance Dashboard with Ichimoku and ZLEMA
Summary
This indicator compresses the relationship between price and dynamic support and resistance levels into a dot display and an optional histogram. It compares price with four Ichimoku components and two moving averages, using ZLEMA by default; EMA, SMA, and Hull alternatives are also available for the averages. A dot appears in the support or resistance band according to whether price is above or below its reference level.
The accompanying explanation proposes using clusters of resistance dots and their disappearance, or the reverse pattern in the support band, to spot possible market-cycle shifts. The histogram summarizes how many reference levels price is above or below, and optional bar coloring reflects that count. The document gives a visual rationale and describes the indicator’s components, but provides no systematic backtest or performance evidence. Its signals are threshold comparisons, so they may change with settings and market conditions; the dashboard is a visualization aid rather than proof of a trading edge.
Key ideas
- The dashboard compares price with four Ichimoku references and two moving averages.
- Each dot marks whether its reference level is acting as support or resistance relative to price.
- Dot clusters and changes in their density are suggested as possible clues to shifts in market regime.
- An optional histogram aggregates the number of references above and below price.
- The description offers a visual interpretation but no measured evidence of profitability.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.