Hi, as the name implies, you instantly get the support and resistance lines automatically drawn for you. Traditionally, you would grab a line tool and draw by yourself, which is time consuming.
I suggest you play around the indicator with different settings; human learns faster that way. My intraday setup is on 30M chart with Step = 15, Precision = 5, Shift = 1. Bars is just the number of bars you want the indicator to cover.
Normally we use this in two ways. First, if the price breaks below support (blue), we go short. If price breaks above resistance (red), we go long. Second way, if price touches the support and bounces back up, we go long. If price touches the resistance and bounces back down, we go short. Of course, it's best used with divergence signal from RSI or MACD.
See attached screen shots.
Happy trading!
