Support and Resistance Multiperiod (Zig Zag Based)
What is the indicator? • The indicator is a multi period (up to 5 lengths) Support and Resistance indicator calculated based on Zig Zag.
Who can use? Scalpers to Long term investors
What timeframe to use? • Any timeframe
What are the lines? • Green lines are Support levels. • Orange lines are Resistance levels.
How to use? • Buy Low and Sell High. • Brighter zones means strong Support or Resistance. • Weaker zones appear lighter. • Brighter zones are formed by overlapping of lines from multiple levels of support or resistance.
Indicator Menu • The indicator can input 5 different Lengths. • The default settings uses 13, 21, 52, 100 & 200. • Every option are customizable.
Release Notes
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Updated on 25 June 2022
Updated line width and color transparency.
Release Notes
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Updated on 4 September 2022
Corrected Pinescript error which effect the color.
Release Notes
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Updated on 10 September 2022
Corrected some Pinescript color overlap bugs. But some still exists.
thank you for this excellent indicator I noticed that max_labels_count= was set to very low value - this probably causes disappearance of labels when settings with additional labels are enabled
I noticed that max_labels_count= was set to very low value - this probably causes disappearance of labels when settings with additional labels are enabled