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!
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.
Release Notes:
Line coloring option updated. no limitation now. (users request)
Release Notes:
Arrays are used instead of lots of individual variables
- "Support Broken" and "Resistance Broken" alert added. in the alert messages you can see the closing price and broken S/R levels.
- a few minor improvements.
- "Label location" option added. you can change location of the labels now.
-- if you set it 0 then labels appears on the last bar
-- if you set it + numbers then labels appears on the future bars
-- if you set it - numbers then labels appears on the historical bars
by default Label location is 20 (+20 => future bars)
for example if you set it -50 then labels shown on last 50. bar
Enjoy!
- "Support Broken" and "Resistance Broken" alert added. in the alert messages you can see the closing price and broken S/R levels.
- a few minor improvements.
- "Label location" option added. you can change location of the labels now.
-- if you set it 0 then labels appears on the last bar
-- if you set it + numbers then labels appears on the future bars
-- if you set it - numbers then labels appears on the historical bars
by default Label location is 20 (+20 => future bars)
for example if you set it -50 then labels shown on last 50. bar
Enjoy!
Release Notes:
Fixed Pivot High/Low labels.