The Traders Support & Resistance Levels

12 May

This script automatically detects pivot-based support and resistance levels and draws dynamic trendlines based on recent price action.

🔹 Support & Resistance Levels
Pivot points are calculated using customizable left/right bar logic. A pivot high (or low) is confirmed when leftBars candles to the left and rightBars candles to the right are lower (or higher).

Triangles are plotted when a level is confirmed:

🔻 🟡 Yellow Down Triangle = Confirmed Resistance

🔺 🟣 Purple Up Triangle = Confirmed Support

Lines are drawn at confirmed levels.

If enough lines are confirmed, the oldest one is converted into a zone using a thick, semi-transparent line.

🔹 Trendline Logic
Trendlines are drawn between the last two support points (for uptrend) and last two resistance points (for downtrend).

The slope and price relationship determine trend strength, visualized by color:

Condition Color Meaning
Uptrend + Price Above + Steep 🟨 Yellow Strong Uptrend
Uptrend + Price Above 🔷 Blue Weak Uptrend
Downtrend + Price Below + Steep 💗 Fuchsia Strong Downtrend
Downtrend + Price Below 🟣 Purple Weak Downtrend
Otherwise ⚪️ Gray Neutral / No Trend

⚙️ Customizable Inputs
leftBars, rightBars: Adjust sensitivity of pivot detection

previewBars: Show early "draft" lines before confirmation

volumeThresh: Reserved for future enhancements

12 May

Sürüm Notları

changed slope threshold