Automatic Support & Resistance

The indicator attempts at automatic detection of support and resistance levels by identifying large swings/pivots in historical price action. These tops and bottoms in price action show where lots of buyers or sellers came into the market and might act as future levels of support or resistance. By default, the code detects the last 3 significant swing highs and the last 3 swing lows. It then places lines on the chart to highlight those levels.

Once you are comfortable with the code base and how the indicator operates, you may wish to expand upon it. One obvious addition to make would be inputs for the "Left Bars", "Right Bars" and "Quick Right" variables so that you can tune the indicator according to your own taste.

Feel free to tweak the code and let everyone know in the comment section if you are able to improvise it.

Happy trading:-)
Aug 01
Release Notes: This is an updated version of existing "Automatic Support & Resistance"

This version will allow you to draw Automatic S/R levels based on "Close values" or "High/Low values"

I personally find S/R levels with "Close values" to be are more precise and effective while trading breakouts, hence the need for the update.

Please let me know your thoughts in the comments section below.
Aug 01
Release Notes: Publishing version 0.2 with the correct display chart
Aug 02
Release Notes: Correcting some mistakes. Apologies for that :)
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Excellent.. looks promising.. thanks for sharing
This one is one of the best and most accurate support resistance indicators. Unfortunaley I never used it much as I was too impatient to wait for hitting support or resistance, but now realize how crucial and valuable this is. Tried other indicators, but nowhere good as yours is, keep up good work. And it does update when support or resistance levels are broken.
@stanketa, I am glad you liked it, buddy. Thank you for the kind words! :)
hell dear. I am using your automatic S/R SCRIPT
would u please advise which plot option will show the last swing. ? I want to illustrate only the last support and resist in script
great job
@arianmah, Level 1
Nice work man !
+1 Reply
Very nice, can I ask what is the proper doc type. I can not seem to get it formated correctly to function.
@Pitchin1, Hi bro, I am not sure what you mean by doc type?
Nice, much appreciated :)
+2 Reply
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