Support & Resistance Zones

Volume Levels - VL123 & Beyond

The VL123 Support & Resistance is a proprietary volume-based indicator that automatically plot dynamic S/R levels.

VL123 Support & Resistance Zones on a bare AlgoBars chart.

The VL123 Support & Resistance can be loaded onto varying chart sizes to assist in your trading analysis, as the volume data calculated are relative to the chart it's configured on.

Price action is confined to a range by support and resistance zones, where the price was rejected by the red resistance levels, followed by a decline that was then rejected by the blue support levels.

They are intended to be treated as zones for targets and not to be treated as levels for entries. VL123 is dynamic - the levels can and will change as price & volume develops.

After initially finding resistance (VL1 - RED), the price breaks through resistance but quickly rebounds at a higher level (VL2, VL3 - RED), then moves downward and gets rejected off the support level (VL1, VL2, VL3 - BLUE).

The price finds support (VL1 - BLUE), rallies to resistance (VL1 - RED) where it’s rejected, falls through support (VL2, VL3 - BLUE), and reverses course, then breaks through at a new resistance level (VL2, VL3 - RED) where the price gets rejected, resulting in a downward movement again.

Video Tutorial

WATCH: Vinny E. Mini explains the Support & Resistance Zones VL123 in this compilation tutorial.

---

Only available on AlgoBox™ for NinjaTrader 8. Try AlgoBox™ for free today.

Disclaimer