Support and resistance (barry indicator)

hello,
what i have observed in a chart using the support and resistance (barry) is pretty amazing actually. first of all here is my concept of the whole system, and please point out all the wrongs from it that you think are wrong.

1) the barry indicator draws support and resistance of three thicknesses. lets call the thickest level 1, and the lightest level 3. (i dont know what these various thicknesses stand for, if you know it, kindly share)

2) my understanding is that it is fractal based and the dots appear only after three bars.

any how look at the image below, where ever the price touches the level 1 boundary the first time, it bounces off 100% surely. Now i think the problem with this system is that the level line appears only after the third bar closes ? is it so ? is there any solution to this ?

Secondly you can close the trade where the level 2 appears.(off coarse here is the problem, level two will appear after closing of three candles)

is there any way to perfect this finding ? or did i just found out something that is already been a trashed idea ?

the regions you marked are the areas that are used to create the support and resistance area. By definition it must bounce of there. There is no way that it appears after 3 bars since that is the way fractals work and if you would change that you would get many false signals

Yeah i am saying the same thing, after the first touch to the thickest support or resistance, if you short or long, there are few pips to be made, every time, what i am asking is that when does this thickest like appear ?

if you give me the indicator code I can tell you for sure.

Hy Guys

I have support and resistance indicator with alert by Barry. This indicator alert when a support or resistance is formed. Currently this indicator can only alert on trend reversal, higher low and lower high.

I will like someone to add an alert when the market price breaks or equals to a recent support or resistance level (doted levels).

After this modification this indicator should be able to alert when a higher high or lower low is formed. hh and ll shows the start of a trend or trend continuation, hl and lh is for trend confirmation.

Thanks in Advance.

Guys, do you have mt5 version of this indicator. If yes, please share!

Have a look yourself

Oh, look, it's right there in the Codebase

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