Support and Resistance levels based on statistical methods
This is an autonomous Support and Resistance (S&R) indicator that locates levels where the price of an asset is likely to meet resistance or support. It works on all timeframes, and on any asset. It is more advanced than many other indicators that purport to do the same thing.
How to use Pinks Statistical Support and Resistance It is recommended to turn off Indicator Values when using this indicator. Do do this, perform the following:
Right click somewhere on your chart window background
Click Properties
Click on the "Background" tab
Uncheck "Indicator Values*
Parameters Length: How many candles in the past the algorithm will use for calculating S&R levels. Cleanup parameter: How strongly the algorithm will discard certain datapoints it does not consider important in its calculations. Acceptance: This parameter sets the limit for what the algorithm considers a S&R level. Lower values will display more (and weaker) levels, higher values will show fewer (and stronger) levels.