LonesomeTheBlue

Support Resistance - Dynamic

This is Dynamic Support / Resistance script.

How it Works?

It finds Pivot Points and creates channels for each Pivot Point . Channel size is calculated by (Highest - Lowest) * %Channel_size in Loopback Period. After creating channels it calculates that how many Pivot Points in the channels. more Pivot Points in channel means stronger Support/Resistance . in the option menu there is S/R Strength, this is the minimum number of Pivot Points that each channel must contain to be S/R. calculation starts from last pivot point and go back for "loopback period" which is 300 by default. so last Pivot Points have more priority. Finally after calculating Support/Resistance it draws lines.

Number of Support/Resistance line is Dynamic and up to 20 lines, that means number of lines changes dynamically. you can see how the script puts Suppport/Resistance lines dynamically by "Replay" button. (if I have time I will try to put a video)

Currently the scripts checks up to 40 pivot points in loopback period. it shows up to 20 S/ Rs only for visible area in the chart.

There is option to Show S/R lines as Solid, Dotted or Dashed.



Enjoy!
Release Notes: Add LineColor option. Blue, Red, Lime, White, Black color can be selected as line color.
Release Notes: Default value of "Loopback Period" was changed to 284 to show lines automatically (visible area). Thanks to @mikhail7447
Release Notes: minor update.
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Comments

Awesome man! Thanks!
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Can I use this indicator in MT4, If Yes then how?
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Thank you very much!
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A few requests:
1. Whenever I set the PP shape to cross,triangle,circle, it always defaults back to Label, even if I set the new default to circle. The label is too intrusive for my charts. Can you please fix this bug?
2. Can we please customize the lines? They are too thick!
Everything else is awesome about this! Thank you so much for taking the time to build this.
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how do i upload this script on TOS?
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Thanks for sharing! How do i make it everytime the price cross a resistance/ support
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Do you have any link for this idea - where this comes from?
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@TomBully, it comes from me. I wrote about it in the explanation part
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Capt-Ravi LonesomeTheBlue
@LonesomeTheBlue, This is amazing work !! Hats off to you for sharing such a wonderful script with us !! Will surely backtest this along with your multi indicator divergence script !! Thank you once again !!
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It is awesome but there is a problem with it . The lines are not showing in 5 Minute Chart .
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