Support & Ressistance by @kaleboraciy [REUPLOAD]

5 ก.พ. 2022

█ OVERVIEW

Support & Resistance levels are important in trading as we all know.

█ WARNING

This version is beta, maybe sometimes it will plot wrong levels, but i will try to to eliminate these issues. And please note, that you should find your own ideal settings for every ticker you use.

█ FEATURES

This is the first script in Pine Community which plots levels using the last two points/ pivots /fractals.
It also stops plotting levels when there is a breakout on the particular level.

█ SETTINGS

1. Pivot Points Length - defines pivot points length. Using to find points where market is reversed. If you set lower value, there will be more points but less useful. As I said you should find your optimal parameters.

2. Inaccuracy in % - defines maximal possible inaccuracy between 2 pivot points .

3. Linewidth - width of line(level)

4. Start Calculations from - if you use low timeframe (1m - 30m) there are a lot of calculations, and PineScript can't process it. This parameter defines start date of calculations and now there are less data and Pine can process it better.

█ HOW IT WORKS

When a new pivot appears, it draws invisible line starting in this pivot . when the second pivots gets created, it checks all lines in array. When inaccuracy is smaller than defined, the line becomes visible.

If price breaks trough the pivots , the lines stop and a new cycle begins.

I hope that this script will be helpful in your trading🙂