Support and resistance levels indicator “TLB OC v2”: Review
Each trader, even a little familiar with technical analysis, knows how important the support and resistance levels are. Would you personally like to have at your disposal a high-quality and reliable indicator of support and resistance levels? Then meet - the TLB OC v2 level indicator, which automatically displays both confirmed and unconfirmed support and resistance levels on the price chart! You can download it here. Also included is an interesting indicator that allows you to visually track entry and exit points from the market.
Having this indicator, the trader can easily track the significant levels to which the price is attracted and repelled from. It is worth mentioning that support and resistance levels are displayed simultaneously for all timeframes - even the smallest. That is, when you open the EUR / USD M30 chart, the trader will see the same levels as on H4. By changing the scale of the chart, you can see other levels of support and resistance, which can be located quite far from the current price. Therefore, it is worth comparing different timeframes, for example, open H1 and D1 and compare significant levels.
A bit of theory. Firstly, this indicator of support and resistance levels calculates them by Close, i.e. closing prices. As mentioned above, the latter are taken from all time intervals simultaneously.
Secondly, levels are displayed by the following lines:
1. The blue line is the level of support (Eng. Support, abbreviated Sup.).
2. The red line is the resistance level (Eng. Resistance or Res.)
3. Solid line - this is how the indicator shows a strong, confirmed level.
4. Dashed line - this is how the indicator shows a theoretically weak, unconfirmed level.
Confirmed is a level that has already been tested once or more.
Unconfirmed - a level that has not yet been tested, but may well be tested.
To simplify the identification process, each level is assigned an inscription indicating the type of level (either support or resistance) and the time interval at which this level was calculated.
By the way, the indicator name (TLB OC = Three Lines Break On Chart) translates as “3 lines on the chart”. Why 3? Most likely, this means the price + 1 support level + 1 resistance level.
LB - leave 3. These are exactly the 3 lines that are mentioned in the name.
maxBarsForPeriod - the number of last bars that the indicator will take into account when calculating levels. The default value is 1000.
showM01, M05, ..., MN1 - show the timeframe M1, M5, ..., MN (yes - true, no - false). Thus, it is easy to disable unnecessary time intervals. We strongly recommend leaving all the senior intervals.