what is "Support and Resistance"? it is a support and resistance indicator.
what it does? it draw support and resistance zones on the chart.
how it does it? It determines the zones where the price leaves with a big candle after going horizontal for a while as support or resistance zones according to the price movement direction. while doing this, it compares the size of the candles and the elapsed time.
how to use it? Red zones represent resistance and green zones represent support. You can buy in the support zone or sell in the resistance zone. my advice is to make your own interpretation by taking into account the price movement with different indicators. they are considered useful if there is a closure beyond the zones. otherwise, they continue to be shifted to the right.
notice: As new zones are created, old ones may disappear. so it might be wise to draw boxes using drawing tools where the old zones are.
Support and resistance are very important concepts for technical analysis. so I am thinking of updating and improving this indicator many times in the long run. but I couldn't wait long to post it.
examples:
Sürüm Notları
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added input to change transp. added 4 extra zones (2 buy and 2 sell).
The indicator has become more efficient so you will no longer get an error when new bars are added. second important change: you will now be able to see the previous signals by changing the inputs in the settings section
excellent indicator! Would it be an idea to make the indicator work with set timeframes? Like for example having the s/d on the hour while looking at the 5minute chart. Would like to hear from you!
faytterro
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@lenj7, "The 'timeframe' argument is incompatible with functions that have side effects." Unfortunately, box functions cannot be used in different time frames.
AlishaK_
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Great work. Any way to add alerts for support turned resistance and price touch?
ozgurhan
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thanks
faytterro
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@ozgurhan, rica ederim :) herhangi bir sorun ya da tavsiyen olursa seve seve yardımcı olmaya çalışırım.
It says Study Error - 'Pine can't determine the referencing length of a series. Try using max_bars_back in the study or strategy function' . I've already tried using max_bars_back but it didn't fix it
faytterro
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@MChakradhar, it gives this problem when new bar is added. for now i'm overcoming it by refreshing the indicator but i will solve this problem soon
MChakradhar
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@faytterro, Not sure why am I still not getting the max_bars_back error...