OPEN-SOURCE SCRIPT
Buy/Sell Signals with Support & Resistance (15m) - M
Support and Resistance Calculation:
Pivot Points: The script calculates support and resistance based on pivot points within a lookback window (pivotLookback).
Resistance: It takes the recent pivot high and adjusts it upward using a sensitivity factor to identify potential resistance.
Support: It takes the recent pivot low and adjusts it downward using the same sensitivity factor to identify potential support.
Buy and Sell Conditions:
MACD: Generates buy signals when the MACD line crosses above the signal line and sell signals when the MACD line crosses below the signal line.
RSI: Ensures buy signals occur when RSI is below the overbought level and sell signals occur when RSI is above the oversold level.
SuperTrend: Confirms the prevailing trend (uptrend for buy signals and downtrend for sell signals).
Plotting:
Support and Resistance Levels: These levels are plotted on the chart as horizontal lines, with resistance in red and support in green.
Buy and Sell Signals: Labels ("BUY" or "SELL") are plotted on the chart based on the conditions.
Bar Color: Bars are colored green for buy signals and red for sell signals.
Pivot Points: The script calculates support and resistance based on pivot points within a lookback window (pivotLookback).
Resistance: It takes the recent pivot high and adjusts it upward using a sensitivity factor to identify potential resistance.
Support: It takes the recent pivot low and adjusts it downward using the same sensitivity factor to identify potential support.
Buy and Sell Conditions:
MACD: Generates buy signals when the MACD line crosses above the signal line and sell signals when the MACD line crosses below the signal line.
RSI: Ensures buy signals occur when RSI is below the overbought level and sell signals occur when RSI is above the oversold level.
SuperTrend: Confirms the prevailing trend (uptrend for buy signals and downtrend for sell signals).
Plotting:
Support and Resistance Levels: These levels are plotted on the chart as horizontal lines, with resistance in red and support in green.
Buy and Sell Signals: Labels ("BUY" or "SELL") are plotted on the chart based on the conditions.
Bar Color: Bars are colored green for buy signals and red for sell signals.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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