Hi Theo and everyone else!

I have just stumbled across this site via the thread in babypips. I really like this approach to trading. I have some limited experience of trading in the past, and always found simple things like price action and candlesticks suit me best.

I am really impressed with the amount of free software etc that you are giving away. I have a few questions about the support/resistance boxes that are drawn though:

1) From my past reading/experience, I thought support resistance levels were at a single price point rather than a range - is this correct?

2) How is the upper and lower parts of each support/resistance bar calculated. What is the meaning of the upper and lower edge (if any), or is the bar just seen as a general region in which support/resistance may occur?

3) I noticed that a key point seemed to be missing - around 1.44466 on EUR/AUD 4H - which seems to have been a strong support and resistance level since Aug 2013, with 2 taps on top and 3 on bottom side, but this wasn't highlighted by the EA - I guess because the support/resistance goes back some way into history? So I guess there is still a need to check levels manually?

See:

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On the converse, some of the levels it highlights don't seem to be particularly significant at all when looking back - I guess these are new (potential) support/resistance levels? Or bottom of pullbacks in trend?

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Despite my only partial understanding of what the indicators are doing, I have still found your approach to be very helpful. I particularly like the conservative TP level idea - and I can see a 1:1 RR is still fine as long as you are getting more than 50% correct.

Best wishes,

James