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jadeja_rajdeep
Apr 21, 2023 4:27 AM

Patrick Walker Flat Base 

NSE:GREENPANEL1D
GREENPANEL INDUSTRIES LTDNSE

Description

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This pine script is provide recent support and resistance.

Script will use ema8, ema21, sma50 and sma200 to generate the support and resistance line.

Inspired from Patrick Walker style of trading. This is my personal logic i build studying the charts.

There is 3 types of resistance generated by this script.

1) top resistance 1

when ema8 > ema21 and low > ema8 and gap between ema21 and sma50 is less than 10% and in last 3 days previous 4th days highs is not crossed by close.

2) top resistance 2

when close/open below ema21 and ema8 > ema21 and high >= ema8 and ema21 > sma50 and gap between ema21 and sma50 is less than 10%

3) bottom resistance

when ema8 < ema21 and close/open cross above ema8 but high < ema21

Release Notes

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changed condition for top resistance 1

now its only generate when ema8 or ema21 above sma50

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Added Relative Strength Line and Relative Strength 21 and 50 into the table

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added rsline 200 and rs 200

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bug fix in color code

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Added input value for gap between 21 & 50. so user can set as per their need.
Default value is 10

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updated condition for top resistance 1 and 2

minimum 3 days required ema8 > ema21

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Updated bottom resistance condition

added close need to be below sma50

removed high need be below ema21

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updated top resistance code condition to check ema8 > ema21 for at least 3 days

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updated bottom resistance code condition

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Added one more resistance code

i called it downdays resistance

when close < open but close > (high+low)/2 then its generate the resistance.

Release Notes

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bug fix in down days resistance condition

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Added volume condition for down days resistance

Release Notes

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updated bottom resistance condition

now it will check for close < ema21 and high >= ema21

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removed open/close above ema8 condition for bottom resistance code

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removed open < sma50 for bottom resistance code.

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Added 5 & 10 Days Pivot Points

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Added 20 days pivot point

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Added Hide / Show input for all the lines.

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changed bottom resistance condition to high > sma50 and close < sma50

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changed bottom resistance condition

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Added 252 days high resistance if next 15 days highest close is not crossed that high.

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Added option to draw recent latest 252 days high resistance or multiple in last 5 years
speed improvements in 252 days high resistance code.

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bug fix in 252 days recent high code

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Added option to hide/show Relative strength table

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bug fix in 10 days pivot point code

Release Notes

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bug fix in 10 days pivot points code

Release Notes

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code improvements in 252 days high resistance line.
Support and Resistancesupportresistence
Comments
Anastalal93
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Amazing script, keep up the good work
inter_good
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interesting concept using moving averages to create s/r! thanks for sharing
jadeja_rajdeep
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3) Top Resistance Condition
-> ema8 > ema21 > sma50
jadeja_rajdeep
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2) Top Resistance Condition
-> sma50 >= previous days sma50
jadeja_rajdeep
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1) Bottom Resistance Condition
-> bottom resistance line should be above ema21 when breakout happen. otherwise dont take the trade.
or
-> ema21 >= sma50
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