Absorbing System Support and Resistance

Hello Traders :)
I am Only Fibonacci.

My purpose in coding this indicator was to detect support and resistance more easily.

What is the working principle of this indicator?
This tool detects pivot points.
If the length of the sell pin is higher than the length of the buy pin, it is considered as resistance.
It detects the formation according to the length of the pivot point and draws a line until this level is broken.

The main purpose is to add a new perspective to support and resistance detection and to prepare an educational code sequence.

The codes are open to everyone, you can develop as you wish.
In the settings you can choose whether you want to see the breakdowns, you can also choose whether the breakdowns will be with the wicks or the body.

It is written in a functional way.
If you call "RES" inside the func method, it draws the resistors. If you throw a call other than "RES" it draws the supports.
The main concept here;
"RES" = Resistance
"SUP" = Support

Release Notes:
Box added.
If the box option is active, lines are removed.
Boxes and lines cannot be drawn at the same time.

AlgoTrade sevdası.
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.


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.

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