OPEN-SOURCE SCRIPT
Multi ZZ - Support/Resistence
Updated
Experimental and probably can be improved further.
Method of deriving support/resistence is as follows:
And that's all we got the full list of support and resistence points.
Now, to filter insignificant pivots, chose only those points which has been merged by more than Min Pivots input. Width of the support/resistence lines also will be thicker for the pivots which has more count. Hence thicker line imply strong support and resistence whereas the thinner ones are minor ones.
Method of deriving support/resistence is as follows:
- Calculate Zigzags and start pushing them to SR array as and when they form
- If any of the existing item is within the small distance - merge them. ATR is used to find if the prices are close by.
- Whenever we merge two pivots, strength of support keeps increasing. This means, price has bounced off this point more time. Hence, keep track of number of pivots merged together.
- Keep removing old pivots which are far away based on Loopback input
And that's all we got the full list of support and resistence points.
Now, to filter insignificant pivots, chose only those points which has been merged by more than Min Pivots input. Width of the support/resistence lines also will be thicker for the pivots which has more count. Hence thicker line imply strong support and resistence whereas the thinner ones are minor ones.
Release Notes
Convert to Pine 5Open-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.
Want to use this script on a chart?
Trial - trendoscope.io/trial
Subscribe - trendoscope.io/pricing
Telegram: p.trendoscope.io/telegram
Rate us : trustpilot.com/review/trendoscope.io
Subscribe - trendoscope.io/pricing
Telegram: p.trendoscope.io/telegram
Rate us : trustpilot.com/review/trendoscope.io
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.