Thread: Support and Resistance (Barry) – VertexFX Indicator

The Support and Resistance (Barry) indicator is based on the Fractal candles. A Fractal High candle is a candle whose High has two lower Highs preceeding it, and two lower Highs following it. Similarly a Fractal Low candle is a candle whose Low has two higher Lows preceeding it, and two higher Lows following it.
The Support level is a Fractal Low, whereas a Resistance level is Fractal High. The current Support level remains in place until a new Fractal Low is encountered. Likewise, the current Resistance level remains in place until a new Fractal High is encountered.
The Support levels are displayed in BLUE dots, whereas Resistance levels are displayed in RED dots.
For Placing Stop-Losses :
BUY POSITION - For BUY positions, place stop loss just below the Support level.
SELL POSITION - For SELL positions, place stop loss just above the Resistance level.
For Trading :
BUY - Enter BUY trade when price crosses above Resistance.
SELL - Enter SELL trade when price crosses below Support