The indicator’s fundamental concept is to identify rebounds between support and resistance levels. The indicator has two input parameters: Period and Bars. A support level is the lowest low in the last period bars if this value is equal to the lowest low of the last Period+Bars. A resistance level is the highest high in the last period bars if it is equal to the highest high of the last Period+Bars. If both support and resistance levels exist and a rebound occurs (price is between these levels), then the chart will display both support and resistance levels.
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Jonathan (verified owner) –
If you’re looking for a reliable support and resistance indicator for Forex trading, I would highly recommend giving this a try