This indicator detects large swings/pivots in historical price action to highlight tops and bottoms which might act as future levels of support or resistance. The code by default detects the last 3 significant swing highs and the last 3 swing lows. It then places lines on the chart to highlight those levels.
For a full overview of the indicator and code commentary visit the backtest-rookies (.com) website.
Very good. I was just looking on how to plot infinite horizontal lines for supports and yours is the only one! ;) thx
kurtsmock
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@rtugui, Same here. In case you didn't get it figured, the reason for the horizontal line is the trackprice=true parameter. The limitation it will only extend the line for the current series, as soon as one of the series' data points in invalidated, the extended line goes away and is replaced by the new data point. For my indicator, it will still show the line for during the time period it applied (d/w/m etc), similar to how the historical pivots still show in the pivots indicator. But still working on making those lines permanent.
here is a bug:
under Style in Settings changed from circles to line, but doesnt work, it still displays circles instead of line for s/r levels
raja74sekhar
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@muddy7, yes support nd resistance circles not able to increase thick color. Kindly make settings to visible lines clearly
oyaburep
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please, could you make it highlight them as zones instead of lines only. Thank you, its very useful
darylsnyman
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Nice work find it very useful.
hasmakmur
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Outstanding ! if you could add trendline to show breakout at confluence area + price action like bullish engulf/bearish engulf / hammer inverted hammer . it would be excellent.
Noldo
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Interesting , thanks for your efforts !
MARKTUCKER
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You updated the script and it doesn't work as good on the SPX500 can I get the previous script?