OPEN-SOURCE SCRIPT
Support & Ressistance by @kaleboraciy [REUPLOAD]
█ OVERVIEW
Support & Resistance levels are important in trading as we all know.
█ WARNING
This version is beta, maybe sometimes it will plot wrong levels, but i will try to to eliminate these issues. And please note, that you should find your own ideal settings for every ticker you use.
█ FEATURES
This is the first script in Pine Community which plots levels using the last two points/ pivots /fractals.
It also stops plotting levels when there is a breakout on the particular level.
█ SETTINGS
1. Pivot Points Length - defines pivot points length. Using to find points where market is reversed. If you set lower value, there will be more points but less useful. As I said you should find your optimal parameters.
2. Inaccuracy in % - defines maximal possible inaccuracy between 2 pivot points .
3. Linewidth - width of line(level)
4. Start Calculations from - if you use low timeframe (1m - 30m) there are a lot of calculations, and PineScript can't process it. This parameter defines start date of calculations and now there are less data and Pine can process it better.
█ HOW IT WORKS
When a new pivot appears, it draws invisible line starting in this pivot . when the second pivots gets created, it checks all lines in array. When inaccuracy is smaller than defined, the line becomes visible.
If price breaks trough the pivots , the lines stop and a new cycle begins.
I hope that this script will be helpful in your trading🙂
Support & Resistance levels are important in trading as we all know.
█ WARNING
This version is beta, maybe sometimes it will plot wrong levels, but i will try to to eliminate these issues. And please note, that you should find your own ideal settings for every ticker you use.
█ FEATURES
This is the first script in Pine Community which plots levels using the last two points/ pivots /fractals.
It also stops plotting levels when there is a breakout on the particular level.
█ SETTINGS
1. Pivot Points Length - defines pivot points length. Using to find points where market is reversed. If you set lower value, there will be more points but less useful. As I said you should find your optimal parameters.
2. Inaccuracy in % - defines maximal possible inaccuracy between 2 pivot points .
3. Linewidth - width of line(level)
4. Start Calculations from - if you use low timeframe (1m - 30m) there are a lot of calculations, and PineScript can't process it. This parameter defines start date of calculations and now there are less data and Pine can process it better.
█ HOW IT WORKS
When a new pivot appears, it draws invisible line starting in this pivot . when the second pivots gets created, it checks all lines in array. When inaccuracy is smaller than defined, the line becomes visible.
If price breaks trough the pivots , the lines stop and a new cycle begins.
I hope that this script will be helpful in your trading🙂
Open-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.
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Disclaimer
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