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.
study("[RS]Support and Resistance V0", overlay=true) window1 = input(title='lookback window 1:', type=integer, defval=8) window2 = input(title='lookback window 2:', type=integer, defval=21) top1 = valuewhen(high >= highest(high, window1), high, 0) bot1 = valuewhen(low <= lowest(low, window1), low, 0) top2 = valuewhen(high >= highest(high, window2), high, 0) bot2 = valuewhen(low <= lowest(low, window2), low, 0) t1 = plot(top1, color=top1 != top1 ? na : black) b1 = plot(bot1, color=bot1 != bot1 ? na : black) t2 = plot(top2, color=top2 != top2 ? na : black) b2 = plot(bot2, color=bot2 != bot2 ? na : black) fill(t1, t2, color=orange, transp=80) fill(b1, b2, color=olive, transp=80)