It finds Pivot Points and creates channels for each Pivot Point. Channel size is calculated by (Highest - Lowest) * %Channel_size in Loopback Period. After creating channels it calculates that how many Pivot Points in the channels. more Pivot Points in channel means stronger Support/Resistance. in the option menu there is S/R Strength, this is the minimum number of Pivot Points that each channel must contain to be S/R. calculation starts from last pivot point and go back for "loopback period" which is 300 by default. so last Pivot Points have more priority. Finally after calculating Support/Resistance it draws lines.
Number of Support/Resistance line is Dynamic and up to 20 lines, that means number of lines changes dynamically. you can see how the script puts Suppport/Resistance lines dynamically by "Replay" button.(if I have time I will try to put a video)
Currently the scripts checks up to 40 pivot points in loopback period. it shows up to 20 S/Rs only for visible area in the chart.
There is option to Show S/R lines as Solid, Dotted or Dashed.
Enjoy!
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Add LineColor option. Blue, Red, Lime, White, Black color can be selected as line color.
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Default value of "Loopback Period" was changed to 284 to show lines automatically (visible area). Thanks to @mikhail7447
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minor update.
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Line coloring option updated. no limitation now. (users request)
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Arrays are used instead of lots of individual variables - "Support Broken" and "Resistance Broken" alert added. in the alert messages you can see the closing price and broken S/R levels. - a few minor improvements. - "Label location" option added. you can change location of the labels now. -- if you set it 0 then labels appears on the last bar -- if you set it + numbers then labels appears on the future bars -- if you set it - numbers then labels appears on the historical bars by default Label location is 20 (+20 => future bars)
for example if you set it -50 then labels shown on last 50. bar
Another gold script, thank you yet again for the contribution! Is there any way to trigger alerts for the PL and PH labels? Thanks again
SonJohn21
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I am also wondering about the possibility for setting alerts for PL & PH? Thanks man
loveguru
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I tried to test the script add em on my chart but it won't show any support/resistance lines on chart? If you please let me know how it works? tried on 1H and 1D
loveguru
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Sorry My bad figure it out :) thankyou
Genesis718
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@loveguru, having same issue what did you do to fix it?