paaax

[PX] Lookback Level

Hey guys,

this indicator detects support and resistance level based on the number of times a level got tested in a certain range.

How does it work?

In the user input settings, you will be able to choose between two modes "Tested Level" and "Untested Level".

"Tested Level" will be detected by the number of times a certain low or high got tested in the "Lookback"-range, while fitting in the "Deviation"-range of the specific high or low. A crossing of the level is allowed. The "Untested Level" work the same way, but crossings of the level will eliminate it.

The indicator is highly dependent on which input you will use. Please play around with the settings and see how it works on different timeframes and symbols.

As always, it comes with styling options for the levels.

If some of you find it useful, please leave a like and hit the follow button :)

Happy trading,
paaax

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.

Want to use this script on a chart?
http://www.pascal-simon.de - Custom indicator development