This indicator spot potential reversal of the market while identifying Accumulation/Distribution zones. It is compatible with any instrument and timeframe, parameters should be adapted at will. Each levels can act like support and resistance.

The blue dots appear when the oscillator is piercing the +200 overbought level of the -200 oversold level.

This indicator is only compatible for Prorealtime version 10.3

//--External parameters
//Smoother=5
//SupResPeriod = 50
//SupResPercentage = 100
//PricePeriod = 16
//ob = 200
//os = -200

nn = Smoother

ys1 = ( high + low + close * 2 ) / 4
rk3 = exponentialaverage[nn](ys1)
rk4 = std[nn](ys1)
rk5 = (ys1 - rk3 ) * 200 / rk4
rk6 = exponentialaverage[nn](rk5)
up = exponentialaverage[nn](rk6)
down = exponentialaverage[nn](up)

if up<down then 
 Oo = up 
else
 oO = down
endif

if up<down then 
 Ll = down
else
 Ll = up
endif
Cc = Ll

if up<down then 
 DRAWCANDLE(Oo,Cc,Oo,Cc)COLOURED(200,0,0)
else
 DRAWCANDLE(Oo,Oo,Cc,Cc)COLOURED(0,200,0)
endif

//-------S/R Zones------
Lookback = SupResPeriod
PerCent = SupResPercentage
Pds = PricePeriod

C3 = cci[Pds](close)

Osc = C3
Value1 = Osc
Value2 = highest[Lookback](Value1)
Value3 = lowest[Lookback](Value1)
Value4 = Value2 - Value3
Value5 = Value4 * ( PerCent / 100 )
ResistanceLine = Value3 + Value5
SupportLine = Value2 - Value5

//--Overbought/Oversold/Warning Detail
UPshape = up > 200 and up>down 
DOWNshape = down < -200 and up>down 

if UPshape then 
 DRAWTEXT("+",barindex,highest[1](up)+20,Dialog,Bold,20) coloured(102,255,255)
endif
if DOWNshape then 
 DRAWTEXT("+",barindex,lowest[1](down)-20,Dialog,Bold,20) coloured(102,255,255)
endif

RETURN ResistanceLine COLOURED(0,200,0) STYLE(dottedline,1) as "Resistance line", SupportLine COLOURED(200,0,0) STYLE(dottedline,1) as "Support line"