lmatl

donchain support&resistance levels [LM]

Hello Traders,

I would like to introduce you donchain support&resistance levels. The idea is to look for important levels that are identified by donchain line, where donchain usualy spents a lot of time without any move usualy turns out to be good level for bounces.

Also note that when there is a big spread between first line and second line it usually leads to some pullback.

Here you have an example of big spread:

You are also able to show donchain lines and not only horizontals this you can find in settings:


Enjoy!
Release Notes: Added 2 new donchain settings by default 4h resolution
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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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