this indicator detects support and resistance level based on the number of times a level got tested in a certain range.
How does it work?
In the user input settings, you will be able to choose between two modes "Tested Level" and "Untested Level".
"Tested Level" will be detected by the number of times a certain low or high got tested in the "Lookback"-range, while fitting in the "Deviation"-range of the specific high or low. A crossing of the level is allowed. The "Untested Level" work the same way, but crossings of the level will eliminate it.
The indicator is highly dependent on which input you will use. Please play around with the settings and see how it works on different timeframes and symbols.
As always, it comes with styling options for the levels.
If some of you find it useful, please leave a like and hit the follow button :)
hi paaax Hit the like and follow tht you deserve for wonderful work.
advadal2013
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Great
KewlTradez
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@paaax Was wanting to add when it was used by both and make those the valid levels.
KewlTradez
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Interesting. Can it be coded to see what levels were tested as Support and Resistance. So a toggle to show when a price with in a set deviation was used for both Support and Resistance and vice versa. As in it is said that once resistance is broken it will become support...
Alchemist-Forever
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Hi! Dont work, sorry.. "Pine cannot determine the referencing length of a series. Try using max_bars_back'". Pls, hlp. SNKS)