Kay_Dynamic SR (Fractals) — Indicator by trading.kay27

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supportandresistance levels bill_williams billwilliams fractal

This is an updated version of my previous Kay_SRLevels - Support and Resistance (Barry) indicator.
If this indicator have helped you in your trading or you plan to use the code in one of your script,
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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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Comments

What the orange and blue dots indicates ?

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Code for changing color SMA. Copy and paste the code in Pine Editor and add it to your chart.

study(title="Kay_MA", shorttitle="Colored MA", overlay=true)
len = input(5, minval=1, title="MA")
src = input(hl2, title="Source")
cc = input(true, title="Change Color")
out = sma(src, len)
col = cc ? (change(out) > 0 ? green : red) : red
plot(out, title="MA", color=col, transp=0, linewidth=2)

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Use It with 5 Period SMA (hl2) for some better results.

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Updated script is here. Much better in finding support and resistance levels. Can be used in breakout trading.

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I felt previous indicator was a bit miscalculated as the indicators cant draw on previous candles and levels was not accurate.
This version will help visualize levels in more clear way and also can act as SL levels for trades itself.

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