Three-Line Break Levels for Higher-Timeframe Support and Resistance
Summary
This indicator interprets the Three Line Break method as a way to display support and resistance levels. It derives levels from closing prices: blue lines mark support, red lines mark resistance, and dotted lines show candidate levels. The chart displays levels from a higher timeframe, so the view can emphasize broader price structure while a trader watches a lower-timeframe chart.
A parameter sets how many levels must be crossed for a breakout, and the levels trail after price moves a specified number of points. The description explains the indicator’s visual conventions and adjustable behavior, but does not define the underlying Three Line Break calculation in detail or provide performance evidence. It is an indicator description, not a complete trading system: it gives no entry, exit, position-sizing, or risk rules, and it does not establish that displayed breaks predict profitable trades.
Key ideas
- The indicator derives support and resistance levels from closing prices.
- Blue marks support, red marks resistance, and dotted lines identify candidate levels.
- A parameter controls how many levels price must break through.
- Levels trail after price moves a specified number of points.
- The chart displays levels from a higher timeframe.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.