OPEN-SOURCE SCRIPT
Trailing Resistance
What is it?
This is a simple indicator that plots/maps resistance based on the closing price.
How to use it?
Simple. If candle (price) CROSSES UP the red line and stays ABOVE it, we BUY.
If candle (price) CROSSES DOWN the red line and stays BELOW it, we SELL.
* You can RIDE the SHORT UPWARD MOMENTUM as long as the price is ABOVE the red line.
This is a simple indicator that plots/maps resistance based on the closing price.
How to use it?
Simple. If candle (price) CROSSES UP the red line and stays ABOVE it, we BUY.
If candle (price) CROSSES DOWN the red line and stays BELOW it, we SELL.
* You can RIDE the SHORT UPWARD MOMENTUM as long as the price is ABOVE the red line.
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.
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.