Dynamic Support & Resistance Tracker
The "Dynamic Support & Resistance Tracker" is a powerful Pine Script study designed to identify and visualize key support and resistance levels on a trading chart. This study dynamically adjusts to market conditions, providing traders with valuable insights for making informed trading decisions.
Key Features:
Dynamic Support & Resistance Lines:
The script identifies and plots support and resistance levels using pivot points based on a user-defined number of left and right bars.
Resistance lines are plotted in red, while support lines are plotted in blue, making it easy to distinguish between the two.
Toggle Breaks:
Users can choose to display or hide break signals for support and resistance levels using a simple toggle input.
Volume Threshold:
The study includes daily and weekly high and low calculations to provide a comprehensive view of market ranges.
Previous high and low lines are plotted for both daily and weekly timeframes, aiding in identifying potential breakout or breakdown levels.
Regular Market Hours:
The script defines regular market hours and tracks sessions, ensuring that support and resistance levels are relevant to active trading periods.
Midline and Extension Lines:
The study calculates and plots a midline between the previous high and low, along with extension lines above and below the range. These lines help identify potential target levels and extensions beyond the current range.
Real-time Updates:
The script ensures that all lines are updated in real-time, adjusting to new bars as they form. This dynamic feature keeps the levels relevant and accurate throughout the trading session.
Usage Instructions:
Adjust the number of left and right bars to define the sensitivity of the support and resistance levels.
Toggle the display of break signals to highlight significant breaks in support or resistance.
Monitor the daily and weekly high and low lines to understand the broader market context.
Utilize the midline and extension lines to set potential price targets and manage risk effectively.
This study provides traders with a robust tool for identifying and reacting to key market levels, enhancing their trading strategies with dynamic and real-time insights.
Key Features:
Dynamic Support & Resistance Lines:
The script identifies and plots support and resistance levels using pivot points based on a user-defined number of left and right bars.
Resistance lines are plotted in red, while support lines are plotted in blue, making it easy to distinguish between the two.
Toggle Breaks:
Users can choose to display or hide break signals for support and resistance levels using a simple toggle input.
Volume Threshold:
The study includes daily and weekly high and low calculations to provide a comprehensive view of market ranges.
Previous high and low lines are plotted for both daily and weekly timeframes, aiding in identifying potential breakout or breakdown levels.
Regular Market Hours:
The script defines regular market hours and tracks sessions, ensuring that support and resistance levels are relevant to active trading periods.
Midline and Extension Lines:
The study calculates and plots a midline between the previous high and low, along with extension lines above and below the range. These lines help identify potential target levels and extensions beyond the current range.
Real-time Updates:
The script ensures that all lines are updated in real-time, adjusting to new bars as they form. This dynamic feature keeps the levels relevant and accurate throughout the trading session.
Usage Instructions:
Adjust the number of left and right bars to define the sensitivity of the support and resistance levels.
Toggle the display of break signals to highlight significant breaks in support or resistance.
Monitor the daily and weekly high and low lines to understand the broader market context.
Utilize the midline and extension lines to set potential price targets and manage risk effectively.
This study provides traders with a robust tool for identifying and reacting to key market levels, enhancing their trading strategies with dynamic and real-time insights.
Sürüm Notları:
The "Dynamic Support & Resistance Tracker" is a comprehensive Pine Script study designed to identify and visualize key support and resistance levels on a trading chart. This script dynamically adjusts to market conditions, providing traders with valuable insights for making informed trading decisions.
Key Features:
Dynamic Support & Resistance Lines:
The script identifies and plots support and resistance levels using pivot points based on a user-defined number of left and right bars.
Resistance lines are plotted in red, while support lines are plotted in blue, making it easy to distinguish between the two.
Range Breakout Calculations:
The study includes daily high and low calculations to provide a comprehensive view of market ranges.
Previous high and low lines are plotted for daily timeframes, aiding in identifying potential breakout or breakdown levels.
Midline and Extension Lines:
The script calculates and plots a midline between the previous high and low.
Extension lines are calculated and plotted above the previous high and below the previous low, providing potential target levels for price movements.
Background Highlighting:
The area above the previous high up to the high extension is shaded in green as a indication to potentially go long
The area below the previous low down to the low extension is shaded in red as a indication to possibly short.
The area between the previous high and low is not shaded indicating the Chop Zone
Real-time Updates:
The script ensures that all lines and shaded areas are updated in real-time, adjusting to new bars as they form. This dynamic feature keeps the levels relevant and accurate throughout the trading session.
Usage Instructions:
Adjust the number of left and right bars to define the sensitivity of the support and resistance levels.
Monitor the daily high, low, midline, and extension lines to understand the broader market context.
Utilize the shaded areas to quickly identify key price levels and potential trading opportunities.
This study provides traders with a robust tool for identifying and reacting to key market levels, enhancing their trading strategies with dynamic and real-time insights.
Key Features:
Dynamic Support & Resistance Lines:
The script identifies and plots support and resistance levels using pivot points based on a user-defined number of left and right bars.
Resistance lines are plotted in red, while support lines are plotted in blue, making it easy to distinguish between the two.
Range Breakout Calculations:
The study includes daily high and low calculations to provide a comprehensive view of market ranges.
Previous high and low lines are plotted for daily timeframes, aiding in identifying potential breakout or breakdown levels.
Midline and Extension Lines:
The script calculates and plots a midline between the previous high and low.
Extension lines are calculated and plotted above the previous high and below the previous low, providing potential target levels for price movements.
Background Highlighting:
The area above the previous high up to the high extension is shaded in green as a indication to potentially go long
The area below the previous low down to the low extension is shaded in red as a indication to possibly short.
The area between the previous high and low is not shaded indicating the Chop Zone
Real-time Updates:
The script ensures that all lines and shaded areas are updated in real-time, adjusting to new bars as they form. This dynamic feature keeps the levels relevant and accurate throughout the trading session.
Usage Instructions:
Adjust the number of left and right bars to define the sensitivity of the support and resistance levels.
Monitor the daily high, low, midline, and extension lines to understand the broader market context.
Utilize the shaded areas to quickly identify key price levels and potential trading opportunities.
This study provides traders with a robust tool for identifying and reacting to key market levels, enhancing their trading strategies with dynamic and real-time insights.
Sürüm Notları:
added more extensions to help identify areas of support and resistance of the daily range.
Sürüm Notları:
converted to version 5
Sürüm Notları:
added more extensions for higher range days.