Support Resistance HH HL LH LL
It shows Higher Highs(HH),Higher Lows(HL),Lower Highs(LH),and Lower Lows (LL), the supports and the resistance.
Lets start with the HH, HL, LH and LL.
This points helps a lot who can not identify them yet. They help to identify up trends having HH and HL in sequence, and when the trend is not strong anymore creating LH after.
For down trends, the indicator show LH and LL in sequence and when the trend is not strong anymore showing HL after.
As well this indicator helps to draw trend lines when it shows. For example the LL drawing the line from the low of the first candle (LL) to the low of the second candle showing HL for an uptrend.
It can be done for the down trend, drawing the trend line from the high of the candle showing the HH, to the high of the candle showing LH.
Another use of the HH, HL, LH, LL can be the stop loss this will be explained later in the support and resistance part.
Now let me explain the support and resistance.
The support and resistance can be used as entry when the price break true using the previous HH, HL, LH and LL as stop loss.
For a safer entry I advise to use the retest of the line.
In the settings of the indicator there is the possibility to make the indicators invisible, to change the color, and as well to change how many candles before and after the main candle showing the HH, HL, LH and LL, but I advise to leave it as it is.
Thank you and lets take some pips!
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Author's instructions
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As well you can have access in our website itakepips.com/
youtube.com/channel/UCupP8hWmM9dIZAXtc_ZVCOg
Disclaimer
Invite-only script
Only users authorized by the author have access to this script, and this usually requires payment. You can add the script to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author — learn more here. For more details, follow the author's instructions below or contact Itakepips directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Warning: please read our guide for invite-only scripts before requesting access.
As well you can have access in our website itakepips.com/
youtube.com/channel/UCupP8hWmM9dIZAXtc_ZVCOg