OPEN-SOURCE SCRIPT
Dynamic Support & Resistance V6
The Dynamic Support & Resistance V6 is a lightweight, high-performance indicator designed to automatically identify and plot key market levels based on pivot price action. Instead of static lines, this script uses a dynamic array-based system. It tracks the most recent significant levels where price is likely to react.
The script utilizes the ta.pivothigh and ta.pivotlow functions to detect structural turning points. Once a pivot is confirmed (based on your chosen lookback period).
Key Features
How to Use
The script utilizes the ta.pivothigh and ta.pivotlow functions to detect structural turning points. Once a pivot is confirmed (based on your chosen lookback period).
- Draws an Extended Level: A line is projected from the pivot point to the current bar.
- Dynamic Management: It uses a FIFO (First-In-First-Out) logic to ensure only the most relevant maxLevels are displayed on your chart, keeping your workspace clean.
- Real-time Updates: Lines and labels automatically shift with each new bar to maintain a constant "right-edge" perspective.
Key Features
- Customizable Pivot Lookback: Adjust the sensitivity to find minor intraday levels or major swing levels.
- Visual Price Labels: Optional price tags for quick reference on key zones.
- Support/Resistance Differentiation: Color-coded levels (defaulting to Green for Support and Red for Resistance).
- Optimized for Version 6: Built using the latest Pine Script™ v6 standards for better performance.
How to Use
- Look for candles closing beyond the Resistance (Red) or Support (Green) lines.
- Use these levels as potential zones for "fakeouts" or rejections in confluence with your other entry triggers.
- Excellent for identifying logical Take Profit (TP) or Stop Loss (SL) zones based on recent market structure.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Join my Telegram for real-time XAUUSD alerts and daily market breakdowns: t.me/gradsgold
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Join my Telegram for real-time XAUUSD alerts and daily market breakdowns: t.me/gradsgold
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.