S-R Zones & SH-SL by YSTC

1 thg 11, 2023

This is a PAID Indicator from Volume Profile and VWAP Pack.
According to payment you will either get a TradingView account with indicators activated or
Have to send an email to [e-mail] with the email you used to sign up with us, and with your TradingView Username.

The script is available (for free) to YSTC's Course members of "Trading with PAV".

Overview (Support and Resistance - Supply and Demand)
The support and resistance indicator is a technical indicator that will plot the support zone and resistance zone on the candlestick chart. It determines the price touches to find the strong support resistance zones.

The support and resistance indicator is the most basic technical analysis in trading. Instead of drawing zones manually, this indicator can save you time by plotting zones automatically.



Working
There are specific characteristics of a valid support and resistance zone. Price always bounces upward from the support zone while it bounces downward from the resistance zone. On the other hand, when a breakout of the support or resistance zone happens, the price trends toward the breakout.

Valid support zone
When the price touches a zone two to three times and bounces in a bullish direction, it is a good support zone.

The main point is that you should always find the bounces in clear price swings. The touches or bounces of the price must not be in the form of a choppy market. Price always moves in the form of swings or waves.



Valid resistance zone
When the price touches a zone two to three times with a bounce in a bearish direction, then a valid resistance zone forms.
Here the price bounces must be in the form of swings or waves. You must avoid a choppy market.
So the support and resistance zone indicator finds these parameters on the chart and draws only valid zones.



Settings of indicator

There are two inputs available in the indicator.

Number Of Bars For Swing High-Low
The number of bars for the swing bars represents the size of the swing for a valid support or resistance touch. This parameter helps to filter the ranging price. the default value is 10.

No of Tests for a Valid S and R Level
In this indicator, the number of pivots represents the support or resistance touches. so if you select the number 3, the indicator will only draw a zone with three touches.

Features
There are the following features that this indicator identifies automatically, so you don’t need to do manual work.

1. Identify the valid support and resistance zones.
   
2. Add the confluence of swings or waves during zone identification.
   
3. Choppy market filter.
   

We are constantly adding new feature to improve S-R zones like how we taught in our course, so expect those in the next update.

Warning!!
This Indicator is work in progress. So TRUST the Swing High/Low and Manual Plotting until we improve this indicator Expect Errors. When this indicator is out of Development phase will removing this warning.

You can add this script to your chart by clicking "Add to favorite indicators" below.

Have Questions ?
[e-mail]

Free Stock Market Introduction Available.
Name: Yogesh Patil (YS Trading Coach).
Contact: [phone].
Time: Monday to Friday (10:00 AM - 07:00 PM).

1 thg 11, 2023

Phát hành các Ghi chú

Minor Update.

4 thg 11, 2023

Phát hành các Ghi chú

Added Alerts For The Detection Of Support And Resistance Zones