The KL Truncated Support Resistance Lines is an indicator that can be found and purchased from the MQL5 marketplace, to avoid any confusion with any other indicators with a similar name, we have provided a link to it below. The indicator was first uploaded to the MQL5 marketplace on the 12th of July 2016, it was last updated on the 11th of November 2016 and is on version 1.14.
This indicator is designed to work with the MetaTrader 4 trading platform, it works by adding fresh and valid lines of support and resistance to the charts. If price hits the resistance or support levels then the line is no longer drawn, they can be used to help determine breakout levels. The tool works well for scalpers and day traders and can work on any chart time or time frame.
The following inputs are available for the indicator:
The period in minutes which according to its lines are plotted. Value 0 means the current period.
Delete lines if the chart period is changed? If you want to see truncated S/R lines for a fixed indicator period, then set false value.
Colors of resistance lines.
Colors of support lines.
Style of short-range lines of support and resistance.
Width of short-range lines of support and resistance.
Style of long-range lines of support and resistance.
Width of long-range lines of support and resistance.
Amount of bars in a short time range. If the amount of bars on the chart is lower than double the amount of bars of short-range, then this value is automatically divided by two.
Total amount of bars for long time range.
Are the lines of support and resistance will be selectable.
Delete old insignificant lines reached by price.
ZigZag depth – according to it lines of support and resistance are plotted.
ZigZag deviation – according to it lines of support and resistance are plotted.
ZigZag step – according to it lines of support and resistance are plotted.
Scale fix and set price level in the middle of the chart.
The KL Truncated Support Resistance Lines indicator can be purchase for $12.50, this is an outright purchase and there is no option to rent it for a shorter period of time. There is a free version available, but we do not know what the limitations of it are, the free version is a good way to test out the indicator.
There are no written reviews or ratings for this indicator, there ar4e however a number of different comments, the creator seems to be replying to them in a prompt manner which is a good thing to see and shows that the creator is prepared to support its users. We would always suggest trying out the free version, especially when there aren’t any actual reviews, this way you can make sure that it works properly before putting any money down.
This Forex service is currently available in the MQL5 marketplace: https://www.mql5.com/en/market/product/17332