lmatl

Ultimate Moving Average support&resistance [CC+RedK+LM]

Hey traders,

I would like to introduce you my new script that is based on amazing script Ultimate Moving Average from @cheatcountry and @RedKTrader so shout out to them

The idea is the same like in my other S/R script to look for areas of potencial reversals


You can either use it as moving average as cheatcountry intended or you can add S/R lines. If you want to look at more detailed, please visit cheatcountry's script where explains idea behind his moving average.

Thank you and I hope you will enjoy it.
Release Notes: fixing problem with max_bar_count
Release Notes: adding another fix
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

Comments

I also just tried this on AXSUSDTPERP on multiple timeframes, and support lines did not show even with the option ticked
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@vynxevainglory, Update: I got this to work by changing the time frame several times between charts and the indicator both. It seems that many combinations don't work, but some do.

It looks like the MA needs and extended flat period (gray line) to generate the S/R, as well. So make sure your MA settings aren't too smooth.
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lmatl vynxevainglory
@vynxevainglory, indeed the S/R lines are generated after some time MA spends on some level this behavior is controled by Candle Count setting and default value is 40 candles which means that after MA spends 40 candles on the level line is generated
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its great many thanks
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i think something is wrong with the script, i could not see any support/resistance lines
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lmatl bunulu
@bunulu, Check the setting by default they are not showing
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bunulu lmatl
@lmatl, i checked
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lmatl bunulu
@bunulu, and have you changed also timeframe because the lines are created when the indicator spends some amount of candles at the level, which means lower timeframe on chart and higher timeframe on indicator
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bunulu lmatl
@lmatl, yes, i even tried same tf from you screenshot here
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lmatl bunulu
@bunulu, can you dm me on which market have you tried?
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