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Support Resistance Breakthrough
The Support Resistance Breakthrough (SRB) is a comprehensive technical indicator that aims to evaluate market strength and detect potential breakout opportunities. It integrates the following elements:
ADX (Average Directional Index):Helps measure the overall trend strength. You can adjust both the ADX length and smoothing length.
ATR (Average True Range): Provides a measure of market volatility.
RSI (Relative Strength Index): Measures the momentum and helps identify overbought or oversold conditions.
Weighting Scheme: The weighting scheme adds or subtracts a fraction of the ROC of RSI, modulated by ATR and ADX. The weighting percentage can be customized.
Normalization Option: Allows the user to plot normalized values, scaling them between 0 and 100.
Horizontal Lines: Useful reference lines at 0, 50, and 100, displayed when normalization is used.
Interpretation: When the indicator is above the 0 line (or 50 when normalized), there's a high chance of breaking through resistance. Conversely, when it's below the 0 line, there's a high chance of breaking through support. Together with a momentum indicator, such as RSI and/or Stochastic RSI, this indicator functions excellently.
The combination of these elements makes the SRB an adaptable tool for various trading strategies. It can help identify potential breakout or breakdown areas and gauge the underlying strength of the market.
Compatibility with Adjustable Fibonacci Retracement Indicator: Together with the SRB indicator, the AFIBR can make it easier to determine the likelihood of breaking through support or resistance.
ADX (Average Directional Index):Helps measure the overall trend strength. You can adjust both the ADX length and smoothing length.
ATR (Average True Range): Provides a measure of market volatility.
RSI (Relative Strength Index): Measures the momentum and helps identify overbought or oversold conditions.
Weighting Scheme: The weighting scheme adds or subtracts a fraction of the ROC of RSI, modulated by ATR and ADX. The weighting percentage can be customized.
Normalization Option: Allows the user to plot normalized values, scaling them between 0 and 100.
Horizontal Lines: Useful reference lines at 0, 50, and 100, displayed when normalization is used.
Interpretation: When the indicator is above the 0 line (or 50 when normalized), there's a high chance of breaking through resistance. Conversely, when it's below the 0 line, there's a high chance of breaking through support. Together with a momentum indicator, such as RSI and/or Stochastic RSI, this indicator functions excellently.
The combination of these elements makes the SRB an adaptable tool for various trading strategies. It can help identify potential breakout or breakdown areas and gauge the underlying strength of the market.
Compatibility with Adjustable Fibonacci Retracement Indicator: Together with the SRB indicator, the AFIBR can make it easier to determine the likelihood of breaking through support or resistance.
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