introduction to TW Support Resistance Level for Accurate Market Analysis:
Are you looking for an efficient tool for analyzing financial markets?
The TW Support Resistance Level product, with its unique features, will transform your analysis and trading experience, making it a suitable tool for price action analysis and scalpers.
Benefits of Using TW Support Resistance Level for Gold:
1. Increased Accuracy of Analyses: By utilizing powerful and precise tools, your analyses will become significantly more accurate.
2. Reduced Trading Risk: By receiving timely alerts and identifying important levels, your trading risk will decrease.
3. Increased Profitability: By making better decisions based on accurate analyses, you will achieve greater profitability.
4. Time Savings: Save time by automating many analytical processes.
Who Benefits from TW Support Resistance Level for Forex?
• Professional Traders: To improve trading strategies and increase profitability.
• Beginner Traders: To learn technical analysis and acquire necessary skills.
• Market Analysts: For conducting precise analyses and providing professional reports.
Features and Applications of TW Support Resistance Levels Indicator:
1. Custom and Intelligent Levels:
Minor and Major Levels:
From the settings window, you can set two time frames above the current chart time frame for drawing and calculating support and resistance levels according to your strategy. You can also specify their color scheme.
• Note: The first option in the settings relates to the number of candles in which support and resistance levels are analyzed and drawn.
2. Removal of Extra Levels:
Advanced algorithms eliminate additional and duplicate levels, giving you a clearer view of the market. However, the total number of levels is displayed in front of the chart.
3. Determining Level Strength:
By knowing how many times the price has interacted with each level, you can gauge its importance. The TW Support Resistance Level indicator displays all minor and major levels in front of the chart with small lines that do not clutter your chart, along with the number of times they have been touched, allowing you to see the strength of each level at the moment of entering trades.
4. Dynamic Fibonacci Levels:
Automatic Drawing:
The Fibonacci levels of the last wave (between the last support and resistance levels) are drawn automatically, allowing you to check their alignment with static levels.
• Note: Fibonacci levels and static levels are displayed as faint lines at the end of the chart so as not to clutter it, and you can toggle their visibility from the panel next to the chart.
• Note: As the price approaches important levels or where Fibonacci levels align closely with strong support and resistance levels, you can use them for entry and exit decisions.
• Note for Scalpers: You can place Fibonacci levels between two lower time frame levels to be effective for short-term trades.
• Note: When new levels change or are added, Fibonacci updates automatically.
5. Strategy Development Tools:
Programming Buffers:
We have displayed support and resistance level buffers for you to develop your personal strategies, making this product a complement to your strategy or expert advisor.
6. High Flexibility:
All Currencies and Time Frames:
This product is usable for analyzing gold, all currencies, and time frames.
7. User-Friendly Interface:
Complete Customization:
Change the colors of different levels as desired for the best user experience.
Remove Extra Lines:
You can remove Fibonacci lines and levels from the chart using the panel next to the chart or from the indicator settings.
• Note: The panel next to the chart can be minimized.
8. Fibonacci Inversion:
You can use the third button in the panel next to the chart to invert levels to discover more suitable levels
• Note: When the chart passes the 50% Fibonacci level, the levels will automatically reverse.
Instructions for Setting Up TW Support Resistance Levels Indicator:
After installing this product or during testing, adjust the following items in the settings window:
back_candle_limits:
This field specifies how many candles before the last candle on the chart the calculations will be performed. These calculations include determining support and resistance levels, the number of price interactions with each level, and filtering levels that are close to each other. This means that with the creation of a new candle, it is checked how many times price interaction has occurred for each level in the number of back_candle_limits, and the newly created levels are compared with the levels in this range. If they are close to previous levels, they will not be drawn.
LTF_Period:
Here you determine which time frame minor support and resistance will be calculated from. Please note that calculations for a time frame smaller than the time frame in which the indicator is executed will not be performed. Therefore, select time frames in the settings that are larger than the time frame of the chart you have opened.
LTF_Resistance_color:
You can choose your desired color for minor resistances.
LTF_Support_color:
Select your desired color for minor supports.
HTF_Period:
Determine the time frame for calculating major support and resistance.
HTF_Resistance_color:
Specify the color for major resistances.
HTF_Support_color:
Specify the color for major supports.
Filter_Method:
Determine the filter method. Here you can set a method to apply the filter on the specified number in back_candle_limits. The distance method adds a distance that you specify to the levels in this range, and if a new level falls within that distance, it will not be drawn. The ATR method multiplies the ATR indicator value at the existing level by a factor you have set and adds it to the level. If a new level is within that range, it will not be drawn.
ATR_Period:
Settings for the ATR period.
ATR_multiplier:
A multiplier of ATR to be added to the levels during filtering. This multiplier varies for each currency. The greater the volatility, or if you run the indicator on higher time frames, the multiplier should also be larger. For example, a value of 40 may be suitable for gold, while a value of 10 may be more appropriate for GBPUSD.
Filter_distance_pipet:
This field sets the distance when using the Distance method.
Draw_fibo:
You can determine whether Fibonacci should be drawn or not.
fibo_levels:
You can enter your desired levels for Fibonacci. Note that levels should only include numbers and decimal points, and no extra characters should be typed in them. Separate each level with an underscore “_“. Any extra characters other than numbers, decimal points, and “_” are unacceptable, and the program will not run.
Draw_fibo_TimeFrame:
Here you specify whether Fibonacci should be drawn for minor or major levels. Fibonacci is drawn between the last support and last resistance.
Draw_level_counter:
Specifies whether to display a counter on the chart for the number of interactions with each level or not.
With TW Support Resistance Level, become a powerful and professional analyst or make your strategy more dynamic. For more information and to experience a trial version, test it now in MetaTrader for free.
Happy trading
may the pips be ever in your favor!