KCP Support & Resistance [Dr.K.C.PRAKASH]

ChatGPT said:

This indicator “KCP Support & Resistance [Dr.K.C.PRAKASH]” (Pine Script v5) is a multi-featured support & resistance tool that combines pivots, slope-based channels, Fibonacci options, and SMA200 trend reference.


🔎 Core Concept

The script identifies pivot highs and lows and uses them to draw support and resistance levels on the chart.
It allows you to visualize them in two ways:

Horizontal lines (flat support/resistance at pivot values).

Parallel slope-based lines (trend-adjusted, drawn with slope factor).

⚙️ Settings & Options
Theme

useDark: Switches to a dark-color palette with bright neon-style lines for better visibility on dark charts.

Basic Settings

length: Pivot length (bars used to detect swing high/low).

lookback: How many past pivot points to use for plotting lines.

Slope: Multiplier applied to slope calculations (for slanted trendline-style S/R).

Extend Horizontal Lines Left?: Option to extend horizontal lines to both sides.

Extend Parallel Lines Left?: Same for slope-based lines.

Show/Hide Controls

Show Parallel Lines?: Toggle diagonal support/resistance.

Show Horizontal Lines?: Toggle flat levels.

Show SMA 200 Line?: Toggle long-term SMA(200) reference.

Hide Fibonacci Lines? / Show Fib Trend Line? / Show All Fibonacci Lines?: (reserved for Fib functionality).

Line Colors

Customizable line colors for parallel & horizontal high/low lines.

If Dark Theme is enabled → Uses preset colors:

Electric Blue (Resistance - Parallel Highs)

Neon Green (Support - Parallel Lows)

Deep Red/Pink (Horizontal Highs)

Warm Yellow (Horizontal Lows)

📐 Logic & Calculations

Pivot Detection

Uses ta.pivothigh & ta.pivotlow with length to mark swing points.

Stores them in arrays for drawing multiple levels.

Slope Calculation

Uses covariance/variance of price vs. time (bar_index) to estimate slope.

Multiplied by Slope factor.

Makes trend-following parallel support/resistance lines possible.

Line Drawing

Parallel lines: Slanted, based on pivot highs/lows + slope.

Horizontal lines: Flat support & resistance levels extended across the chart.

SMA200 Plot

Plots SMA(200) for long-term trend direction.

Colored white if EMA(200) > SMA(200), else yellow (trend bias visual).

📊 What You See on Chart

Support & Resistance drawn dynamically from pivots.

Choice of horizontal (classic S/R) or sloped (trend-following) lines.

Dark theme colors → Electric blue, neon green, deep pink, warm yellow (if enabled).

SMA200 reference line → Helps identify bullish/bearish long-term bias.

Optional Fibonacci lines (future expansion).