hi can you please describe how to ue it and whe to buy an where to ll because the blue support or resistance easily breaks down or up....very precise indicator but need to learn.....please help
Futuraman
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Sweet. You continue to be a bright spot on TradingView.
MrMister88
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@Futuraman, hey, how do you use it? sell on points above and buy on points below?, because sometimes there are more then one point, for buy/sell
//@version=4 study( title='[RS]Support and Resistance', shorttitle='SR', overlay=true )
use_alt_series = input(defval=false, title='Use alternative source?') alt_src = input(defval=close, title='Alternative source:') h = use_alt_series ? alt_src : high l = use_alt_series ? alt_src : low
window1 = input(defval=8, title='lookback window 1:', type=input.integer) window2 = input(defval=21, title='lookback window 2:', type=input.integer) percent_of_range_for_trade_zone = input(defval=25.0, title='Percent of the range to use for trade zone', type=input.float) * 0.01
// Calculate entry zone: float short_term_resist_trade_limit = na float short_term_suport_trade_limit = na
range = fixnan(short_term_resist) - fixnan(short_term_suport)
if not na(short_term_resist) if not na(short_term_resist_trade_limit[1]) short_term_resist_trade_limit := short_term_resist_trade_limit[1] else short_term_resist_trade_limit := short_term_resist - range * percent_of_range_for_trade_zone
if not na(short_term_suport) if not na(short_term_suport_trade_limit[1]) short_term_suport_trade_limit := short_term_suport_trade_limit[1] else short_term_suport_trade_limit := short_term_suport + range * percent_of_range_for_tr
Charts247TradingAcademy
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Great work RS. I cant trade without your S&R lines. If you could do a MTF of this Indicator it will be awesome. thanks
TheYangGuizi
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Would it be possible to add some sort of marker/barcolor/etc at the first candle where the support/resistance line starts? Really nice work btw.