Support & Resistance with Hammer/Hanging Man (Day, Week, Month)

2 days ago

//version=5
indicator("Support & Resistance with Hammer/Hanging Man (Day, Week, Month)", overlay=true)

// Swing High and Low Length
swingLength = 3 // Number of bars to the left and right for confirmation

// Hammer Candle Logic (Swing High / Resistance)
isHammer = (close > open) and ((high - math.max(open, close)) <= (0.4 * (high - low))) and ((math.min(open, close) - low) >= (0.5 * (high - low)))

// Hanging Man Logic (Swing Low / Support)
isHangingMan = (open > close) and ((math.min(open, close) - low) <= (0.4 * (high - low))) and ((high - math.max(open, close)) >= (0.5 * (high - low)))

// Swing High and Swing Low Logic
isSwingHigh = high == ta.highest(high, swingLength)
isSwingLow = low == ta.lowest(low, swingLength)

// Plot Support and Resistance Levels for Current Timeframe
var line resistanceLine = na // Variable for storing resistance line
var line supportLine = na // Variable for storing support line

// Draw Resistance Line (Current Timeframe)
if isSwingHigh and isHammer
if not na(resistanceLine)
line.delete(resistanceLine) // Delete previous line
resistanceLine := line.new(bar_index, high, bar_index + 10, high, color=color.red, width=1, extend=extend.right)

// Draw Support Line (Current Timeframe)
if isSwingLow and isHangingMan
if not na(supportLine)
line.delete(supportLine) // Delete previous line
supportLine := line.new(bar_index, low, bar_index + 10, low, color=color.green, width=1, extend=extend.right)

// Resistance and Support for Daily Timeframe
daily_high = request.security(syminfo.tickerid, "D", high)
daily_low = request.security(syminfo.tickerid, "D", low)

// Resistance and Support for Weekly Timeframe
weekly_high = request.security(syminfo.tickerid, "W", high)
weekly_low = request.security(syminfo.tickerid, "W", low)

// Resistance and Support for Monthly Timeframe
monthly_high = request.security(syminfo.tickerid, "M", high)
monthly_low = request.security(syminfo.tickerid, "M", low)

// Plot Resistance and Support for Daily, Weekly, and Monthly Timeframes
plot(daily_high, color=color.red, linewidth=1, title="Daily Resistance", style=plot.style_line)
plot(daily_low, color=color.green, linewidth=1, title="Daily Support", style=plot.style_line)

plot(weekly_high, color=color.red, linewidth=2, title="Weekly Resistance", style=plot.style_line)
plot(weekly_low, color=color.green, linewidth=2, title="Weekly Support", style=plot.style_line)

plot(monthly_high, color=color.red, linewidth=3, title="Monthly Resistance", style=plot.style_line)
plot(monthly_low, color=color.green, linewidth=3, title="Monthly Support", style=plot.style_line)

// Plot Markers for Swing High and Low (Current Timeframe)
plotshape(isSwingHigh and isHammer, style=shape.triangleup, location=location.abovebar, color=color.red, size=size.small, title="Resistance - Hammer")
plotshape(isSwingLow and isHangingMan, style=shape.triangledown, location=location.belowbar, color=color.green, size=size.small, title="Support - Hanging Man")