informanerd

Classical Supports & Resistances

This indicator shows classical resistance and support levels which retraced the chart lately. Notice that the condensed lines laying close together are showing an area of support and/or resistance.
But after all, it was a tedious work creating this indicator because like I've already said, pine script is a very odd and weak language which does not have many ordinary features like useful loops, simple line drawing and even reasonable variable casting!
So I was forced to use its built-in pivothigh() and pivotlow() functions without any handy documentation. I assume that even these functions don't work as expected, and because of that, I embedded "Sensitivity" and "Lookback Time" options in the indicator as a workaround.
Feel free to use it and send me your comments/solutions.
Release Notes: A little change
Added an option to use bars for looking back instead of time
Remove from Favorite Scripts Add to Favorite Scripts

Comments

Great work! I agree with you as I've tried to create something similar and pine makes this so difficult.
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informanerd pauls0101
@pauls0101, Your welcome.
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