Major - The Major support line where the day low, high or close can occur at that level
Minor - The second level of the Support/Resistance line , where we can expect some rejections or breakouts/breakdowns
Mild - The mid level between the Major and minor levels. The market may consolidate around that area.
The script will automatically get the previous day close value of the current scrip and the India vix.
India vix is calculated based on the annual percentage and hence the previous day close value of the scrip is divided by 19.1 ( square root of 365 )
The PDC values can be manually overridden for backtesting purposes.
Please note, there will be some slippages involved on the trend lines.
Use Manual Close Value
The previous Day close of the scrip is automatically calculated , when this option is unchecked. If checked, you can manually enter the value. This option is useful during the backtest.
Use Manual VIX Value
The previous Day close of the India VIX is automatically calculated , when this option is unchecked. If checked, you can manually enter the value. This option is useful during the backtest.
PDC - Scrip
The Previous close of the Scrip. Used along with 'Use Manual Close Value' option
PDC - India VIX
The Previous close of the India VIX. Used along with 'Use Manual Close Value' option
Levels Above PDC
The number of main lines to be drawn above the Previous Day Close
Levels Below PDC
The number of main lines to be drawn below the Previous Day Close.
Line Left Offset
The line length from the current bar to the left
Line Right Offset
The line length from the current bar to the right
Option to extend the lines on both side. Useful during the back test.
Show Minor Support Level
It shows the minor Support and resistance lines
Show Mild Support Level
It shows the mild Support and resistance lines
Show Price on Lines
The labels on the lines will show the price value
Release Notes v0.6
* Added a new option Show Price On Lines
* Changed CMP to PDC
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.