This indicator measures the strength of support and resistance. Purple bars show SR is increasing. Blue bars show SR strength is decreasing. White bars show the peak of SR strength. The threshold of the white bars can be adjusted in the settings. These extremes happen before a boom. This indicator is also very useful for picking up reversals. Sensitivity can be adjusted to 20 or 50 to find smaller booms and pushed all the way to 1000 or more to find stronger booms.
Nice script but how do I set alerts when the Sr is increasing or decreasing?
DrPantz
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Hey Veryfid. Been a fan for a while. Can you explain a little of the mechanics behind how this indicator works?
I'm backtesting it right now and am thoroughly impressed with how well it indicates a move's exhaustion or reversal in combination with other indicators. It's fantastic at identifying areas for profit taking as purple increases, and entries at retest of levels where the white S/R peak occurs just prior. Fantastic work! Thanks for sharing!
veryfid
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@DrPantz, Hi, this tool uses Oscillator 2 from Boom Hunter XL to measure the amount of resistance price action is facing as it tests its channel. When testing the channel price action will either break it or bounce, either way a big move is likely to follow. To help determine the direction of the move draw trend lines (breakouts) and channels on your chart. Here are a couple examples:
SPACEVOID
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Great. I Love it. I would be incredibly grateful if you would open source the script.
jaywhybee
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Beautiful Indicator as always Veryfid! Can't wait to test it out.
uncle_tony
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thank you for nice indicator could you explain with exapmles..?
veryfid
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@uncle_tony, Hi, this tool will help you find the moment before a big movement. You still need to do analysis or use another indicator to pick the right direction but this should not be difficult because the trade is already setup by this point.
uncle_tony
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@veryfid, thank you for your kind answer here is another question if i can see the white bar, that means a big movement will come soon