This TOS indicator automatically identifies support and resistance zones and draws them on your chart. Support and resistance are important price levels that have recently caused a trend reversal. The concept is that if price reversed off a particular level in the past, it will likely do so again. These levels are shown as zones, rather than an exact price, since price is more likely to reverse in the area around the level, rather than at the exact price level.
This indicator is extremely customizable. You can change the strength and number of zones shown, the width of the zones, and whether or not to hide zones that have been breached.
A scanner is included that searches for symbols that are currently inside a zone, and you can receive audio alerts when price enters one of the zones.
The appearance is fully customizable. You can change the colors of the zones and the lines. This indicator can be used with stocks, ETFs, futures, and forex on any time frame, including tick and range charts.
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